Amid Surging Oil Prices Biden Cancels Plans To Refill The Strategic Petroleum Reserve

This was interesting and informative similar to when you posted it last. However note that the reduction in Colorado is prefaced with “climate conscious Colorado”. That implies that any reduction of output is not because of Joe Biden but because of actions of Colorado.

Also, the increase in production in TX could be partially a result of decreased production elsewhere. If production was more in ND, CO etc, leading to more supply and lower prices it is not unreasonable to think that TX production may be somewhat lower.

So yes statements asserting that Diamond Joe is increasing production are hyperbolic, and in many instances I think there are made tongue in cheek, as a reaction to the equally hyperbolic statements on the right that Biden is killing oil production with his policies.

To the extent Biden is pushing electric cars, and their use has increased, that also puts downward pressure on oil prices at the margins. So he is accused of slowing supply but gets no credit for reduced demand.

As oil prices rise, and if they stick, I fully expect US production to increase even more. It’s supply and demand. The impact of what a president does is pretty marginal.

 

as I usually state. I don’t post to change anyone’s mind. People are free to believe whatever they wish. Usually just bring attention to absurdly misleading things like “thank God for Biden with oil production all time highs”. I’m just thankful the author of the article referred to the Alaska oil production as ‘in a free fall’ Had they said Alaska oil market was ‘a bloodbath’ this place may have overwhelmed the GC servers with all the feigned outrage from the obvious call to violence.

 

Joe Biden was brought to us by Jesus to bring higher energy production. He is Jesus' vehicle.



Seriously though; if you are offended by claims of Biden's energy greatness by halfway tongue-in-cheek posters on a message board.......then you must be multiples more offended by an orange buffoon who publicly makes such asinine claims, but crediting himself.

 

No sir. No remotely offended. I just know these trolls better than they know themselves. It’s a consistent circle Jerk of gaslighting , projecting and obfuscating, with an occasional reach around for nuance

 

Biden (Buy Dum) as I prefer to call him, sold the oil in the SPR when it was $25.00 a barrel. Now the price is over $90.00 per barrel! If you think he made the decision on his own, then I have a bridge I need to sell you! Buy Dum may be the worst excuse for a leader in the history of the planet!! Never listen to what a politican says, watch what he does!

 

You could have a point.

Man, I greatly prefer gaslighting anonymous trolls on a political message board to a gaslighting troll in the White House. You?



President Trump's State of the Union speech included a celebration of the recent boom of production and employment in the U.S. oil and natural gas sector. Since taking office in 2017, the president claimed, "we are doing numbers that no one would have thought possible just three years ago."


The problem with that statement: The energy surge Trump is touting started well before he took office. And it did not come about due to any major regulatory change. Rather, it stemmed from a technological shift.

 

The price of oil was never $25.00 a barrel while Biden was in office. It was around $53.00 a barrel when he took office. That being said the Dems were a-holes. One of the few times Trump was right was when he proposed purchasing oil for the SPR in April 2020 when it actually was around $25.00 a barrel (even less) as the result of overproduction by OPEC+ and the Covid lockdown. The Democrats blocked the proposal calling it a bailout for the petroleum industry. Trump was right and they were wrong.
Oil purchase to fill strategic reserve dropped from stimulus - Roll Call (2020)
The Biden Administration did cancel plans to buy oil for the SPR when the price went above $79 a barrel.

 

Righties crapping in their pants over smart business timing by Biden. We’ve never needed the reserve and with all time high production it’s not a priority.

You know who wants it filled up at high prices? Big oil. The OP is the left pocket of big oil and a graduate of Hillsdale College.

 

The Republican preoccupation with circle jerks continues. Maybe if you guys worked on your personalities that wouldn't be such an issue.

 

I've never seen Trump and articulate in the same sentence.

 

So the tldr version of your article is that oil production is up, but not evenly. Got it.

So the OPs article is still full of shit when it says Biden "cut oil production"

So who is gaslighting again? Oh that's right... it is the pubs, again.

 

And we should have stocked the SPR when oil was $25/bbl but congress didn’t want to do that under Trump.

 

These kind of threads are like the current version of the NYT OP Ed page.

"Here's how the current good American energy independence numbers are bad for Biden."

 

Texas was 43% of our supply in 2018 and is now 42.6% so your points are not correct (liberal NM has jumped up significantly, about 4%, but neither state’s production is tied to its politics). A lot of other smaller states have stepped up production. Texas/NM have been doing well because they share the Permian and there are a lot of drilling locations that are thousands of feet thick. On the other hand it’s much more expensive to extract from the Bakken in SD so it produces less when oil is cheaper.

 

That is a complete fabrication. If you are going to make stuff up, please try to at least get somewhat close to the true numbers. Otherwise, you look, you know, "dum."

From a May 16, 2024 article in The Economist entitled "Joe Biden, master oil trader."
"Indeed, Joe Biden also seems to have a knack for the oil trade. Two years ago his administration initiated the largest ever sell-off from America’s Strategic Petroleum Reserve (SPR), an emergency store of crude oil, to counteract price surges caused by Russia’s war in Ukraine. Back then, dwindling stocks left observers twitchy. What if there was another shock to the system? So far, however, Mr Biden has got away with the gamble. He is now refilling America’s tanks, and began a new round of bidding on May 7th. Although inflation and war have marked his presidency, domestic fuel prices have been relatively stable and American production high."

"Like all good traders, Mr Biden has turned volatility into profit. In 2022, when he released 180m barrels of crude—or one-third of America’s stockpile—he sold at an average of $95 a barrel. In July last year, when the West Texas Intermediate (WTI) benchmark was at $67 a barrel, he began to refill the reserve. The president has replaced about one-fifth of what he sold, posting a profit of $582m, and has managed to time the market to perfection."

"Treasury officials estimate that Mr Biden’s early sales knocked about $0.40 from the price of a gallon of petrol. That was a relief for consumers (and probably boosted his party’s performance in midterm elections). Yet price falls may hurt domestic producers, and discourage investment in new production. When supply is scarce, high prices push producers to spend on new facilities. Releasing petroleum reserves masks this important price signal. Whereas the spr in the past has been used to stabilise the market only in times of emergency, Mr Biden took a more activist approach. When the president sold the reserves, he promised to buy back some of the barrels if prices fell to $67-72—well above the SPR’s historical purchase price—which in effect made the government a buyer of last resort."

Joe Biden, master oil trader

 

Eliminate this big gov BS