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Utopia Talk / Politics / Biden The Master Oil Trader?
Sun Nov 20 06:59:04
Biden The Master Oil Trader? Crude Drops Below $80 And US Government May Earn Windfall On Emergency Reserves, Relieving Pain At The Pump

At a time when commodity prices have been extremely volatile globally, President Joe Biden’s plan to use the strategic petroleum reserves (SPR) as a monetary tool is starting to relieve pain at the pump for the American consumer.

Following the 2022 midterm election cycle, the price of WTI crude oil went from $92.61 per barrel on Nov. 4 to $78.47 per barrel as of Friday morning.

As of November 2022, the average annual price of WTI crude oil is at roughly $97 per barrel, according to Statista.

What Happened: As the price of WTI crude oil has fallen by at least 18% in the last two weeks, this sent the national average gas price at the pump from $3.87 per gallon a month ago to $3.707 per gallon, according to AAA.

Since March 2022, the Biden administration has released a historic 180 million barrels of crude oil from the strategic petroleum reserves.

In efforts to combat OPEC+ supply cuts, Biden announced the release of 15 million barrels more of crude oil in October through December.

Biden said an independent analyst confirmed the release from the strategic petroleum reserves has played a large role in bringing down oil prices, which is why the U.S. will continue to pull from it. To generate money for the taxpayer, the Biden administration is using the SPR as a monetary tool, as WTI crude oil and prices at the pump are falling.

Why It Matters: When the price of crude oil falls below about $67 to $72 per barrel, the Biden administration will start filling the reserves back up, then release the oil when prices start to rise again. This could relieve some of the price shock at the pump, giving more purchasing power back to the consumer.

According to the U.S. Energy Information Administration, the U.S. is producing more than 11.9 million barrels of oil per day as of Aug. 30, 2022 — still down from August 2019 levels of 12.5 million barrels of oil per day.

The U.S. Energy Information Administration is forecasting U.S. crude oil production to reach a record high in 2023, reaching 12.6 million barrels of oil per day.

Sun Nov 20 08:15:21
yes and no.

China has dropped usage alot.

However* it gets less news because it's a little boring but Biden has done some really good moves on oil.

1. He set a garaunteed price floor, above break even price for US energy. This stops drillers from stopping work.

2. It's pretty detailed but in short he has deals to leverage the government's buying power to keep prices more stable.

This should have been done a long time ago really, so credit where credit is due.

Now personally, Id also like to see hufe infrastructure investments as well in ports/storage and make the US the dominant economic naval power.

Now he has fucked up alot too, pissing off Saudis, using up emergency oil reserves etc.

Mixed bag, but it could have been alot worse and he out some great long term policies for stability.
Sun Nov 20 08:57:57
I heard that Biden has given Muhammed Bin Salman immunity from prosecution in American courts.

Maybe it has got to do with oil, or maybe he just wants to be a good partner with Muhammed. Nevertheless, If true, Joe Biden bent over and is now being fucked by an Islamic killer. Lol
Sun Nov 20 09:22:37

"Maybe it has got to do with oil, or maybe he just wants to be a good partner with Muhammed."

It has nothing to do with any of that. As a general rule world leaders have immunity.

Of course that goes out the door as soon as they piss us off enough.

Sun Nov 20 09:24:10
"Of course that goes out the door as soon as they piss us off enough."

Or they find natural resources.
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