Oil prices are surging again, but this
time Biden has way less ammunition to
bring them down
Markets Insider,
by
Jason Ma
Original Article
Posted By: NorthernDog,
9/9/2023 6:06:43 PM
Oil prices are surging again, but the Biden administration's biggest weapon for bringing them down has much less ammunition.
Last year, the federal government drained 180 million barrels from the Strategic Petroleum Reserve as oil prices soared in the aftermath of Russia's invasion of Ukraine and the turmoil in energy markets that followed. Flooding the market with all that supply helped bring oil prices down — and helped cool inflation, which had shot up as well. Earlier this year, the administration took some steps to start refilling the SPR. But while it has ticked up slightly, the level remains near
Gas prices jumped $.45 this week to $4.09 - the same price as diesel :(
5 people like this.
Reply 2 - Posted by:
volksford 9/9/2023 6:26:26 PM (No. 1552865)
Leave it to Joe to screw it up
6 people like this.
Reply 3 - Posted by:
samoasam 9/9/2023 6:36:22 PM (No. 1552869)
Do you really think Biden and his cronies on the Left care about gas prices? He just banned oil exploration in Alaska this week. Biden is selling EVs and the higher the price of gasoline, the better.
Remember, whatever is illogical to us, makes sense to them. Their world is upside down. Open the boarders to criminals. Let prisoners loose on the street. And, take your guns away.
9 people like this.
Reply 4 - Posted by:
Bur Oak 9/9/2023 6:48:06 PM (No. 1552877)
He could restrict drilling some more, like he did last week. Maybe he could close down some functioning pipelines. That will help.
5 people like this.
Reply 5 - Posted by:
wilarrbie 9/9/2023 6:54:56 PM (No. 1552883)
We could all save a days' worth of gas by picking a day for nationwide stay-home-no-work-no-purchases day.
7 people like this.
Reply 6 - Posted by:
Quigley 9/9/2023 7:00:04 PM (No. 1552884)
He could sell the strategic reserve. Oh, wait, he already ran that scam. Well, he could find somebody to buy the new strategic reserve; they could buy it now at a discount; throw in a couple of huncher’s “oils.”
4 people like this.
Reply 7 - Posted by:
stablemoney 9/9/2023 7:31:35 PM (No. 1552898)
Biden has closed Alaska and offshore drilling. Will Texas be next? Russia is sanctioned. Saudi Arabia is shipping to China. Venezuela is shipping to China. America will be left with windmills --- made in China.
6 people like this.
Reply 8 - Posted by:
formerNYer 9/9/2023 7:35:40 PM (No. 1552899)
Cancel the Trump edict that allowed trains to transport oil. Check
Cancel all drilling in national land in Alaska. Check
Gas prices start to raise. Check
Infaltion to start to raise because the price of all consumer goods will increase because of transportion. Check
Blame the Russian, Trump, The Fed, Congress. Check
5 people like this.
Reply 9 - Posted by:
jalo1951 9/9/2023 7:48:28 PM (No. 1552904)
Actually Joe did not screw up. This is exactly what the handlers want. Hear the clapping? It's Mayor Pete so happy that we are one step closer to us not being able to afford our evil cars. Why would anyone even think of voting for this idiot?
7 people like this.
Reply 10 - Posted by:
DVC 9/9/2023 8:36:32 PM (No. 1552923)
What an ignorant headline.
Joe does every possible thing that he can to INCREASE the cost of gas.
7 people like this.
Reply 11 - Posted by:
snakeoil 9/9/2023 9:16:05 PM (No. 1552938)
Quid Pro Joe needs another inspirational speech from Mayor Petie on the Wonderful World of Electric Cars.
3 people like this.
Reply 12 - Posted by:
Catherine 9/9/2023 10:06:15 PM (No. 1552954)
Joe has no idea whats going on. This is all Obama and his band of reprobates and the Chinese who are in charge of a lot of things now. There is no strategic reserve. It is empty. It will take years to fill it again. Joe has told the world we don't have enough ammunition to fight a war. See a pattern? Guess we will be on our own when the war starts. Luckily there are lots of guns in this country.
6 people like this.
Reply 13 - Posted by:
Ketchuplover 9/9/2023 11:39:16 PM (No. 1552971)
The article seems to have the presumption that the SPR is to be used for price regulation. The WH obviously does also.
2 people like this.
Reply 14 - Posted by:
DVC 9/10/2023 12:54:38 AM (No. 1552991)
Gas here was $3.39 at 8 am, but I had a front step to repair, I'd get my gas after that. By 12 noon, the cheapest station for miles around had jumped to 3.59 and all others within miles of here were $3.69.
$56 to mostly fill (not totally empty) Honda Accord. My F150 has a 30 gallon tank....that would cost over $100 to fill up.
They hate us being able to drive when and where we want to.
3 people like this.
Reply 15 - Posted by:
Timber Queen 9/10/2023 1:56:19 AM (No. 1553000)
#14 - Those prices sound good.
Let me give you a glimpse of your future. In rural northern California today for regular gas the Arco, usually the cheap station, is the highest at $5.52. Chevron, which used to be the highest, is $5.31. The Safeway super station, which was always the middle, is now the lowest at $5.21.
MAGA REVENGE - TRUMP 2024
1 person likes this.
Reply 16 - Posted by:
mifla 9/10/2023 5:47:12 AM (No. 1553045)
We stop drilling due to climate change.
We beg countries like Venezuela to drill more, even though they don't drill as cleanly as we do.
SSDD.
1 person likes this.
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Old Joe has a great ability to choose the worst possible option on every issue.