What did Biden do?.. An American decision behind the decline in oil prices

[Rochester]

I'd prefer he release "The Cracken" 

[shixjr]

5 hours ago, Rochester said:

I'd prefer he release "The Cracken"

He's already "Cracken" up!

[savoy8060]

So thoughtful and caring of Joe to do this for us. 

 

I do however wonder who he needs to thank for setting the reserves aside in the first place - thus providing a way for him to partially un__ck  this small portion of what he has done to the country.

 

And when he magnanimously does release the reserves, he will take credit for helping solve a national emergency. The fact he created the emergency won't matter to his lockstep followers. 

 

 

[horsesoldier]

Ole Comatose Joe the front man, Poster Boy for this National Emergency. We all know the " Easter Bunny " ( that's code for the Cabal pulling Joe's strings ) is running the show.

They won't be satisfied until this country will be worse off than any Banana Republic.

[yota691]

US crude stocks fall to their lowest level since December 2001

Economie| 05:44 - 04/05/2022

 

 

 

 

Baghdad - Mawazine News
, Reuters quoted the US Energy Information Administration as saying that "the crude stockpile in the US Strategic Petroleum Reserve is falling to the lowest level since December 2001."
She noted that "oil stocks rose by 1.3 million barrels last week, against expectations of a decrease of 800,000 barrels."
Earlier, US President Joe Biden indicated that "the withdrawal from the strategic oil reserves of more than 30 countries, with a value of more than 240 million barrels, is the largest in history," stressing that "our partners agree to deprive Russian President Vladimir Putin of the ability to financing his military machine and lowering energy prices.
"Your family budget, your ability to fill up your tank, none of this has to be associated with a dictator declaring war and committing genocide on the other side of the world," he explained.
It is noteworthy that Biden and British Prime Minister Boris Johnson agreed earlier today on "the need to end Western dependence on Russian oil and gas, and agreed to continue cooperation to enhance economic pressure on Putin." Ended 29 / h

[yota691]

 

America sells 20 million barrels of oil to nine companies

 2022-08-12 04:17

 

Shafaq News/ The United States said that nine companies will buy 20 million barrels of oil in the latest sale from the Strategic Petroleum Reserve as part of the Biden administration's plan to reduce oil prices that rose due to the Russian invasion of Ukraine and the recovery of economies from the Covid-19 pandemic. .

The administration said in March it would release 1 million barrels of crude per day from May to October, or about 180 million barrels from the Strategic Petroleum Reserve, which holds oil in caves on the coasts of Louisiana and Texas.

Earlier this month, Reuters calculated that since May, SPR releases averaged 880,000 barrels per day, not meeting the million barrels per day plan. An Energy Department spokesman said at the time that it happened because the July 4th holiday and the use of a crude oil cooling additive for transportation slowed some deliveries.

Gasoline prices in the United States fell from more than $5 a gallon earlier this summer to less than $4 a gallon on Thursday.

US Deputy Energy Secretary David Turk said oil and gasoline prices have fallen in part due to the sale of Strategic Petroleum Reserves and coordinated withdrawals from oil reserves in other countries.

The administration described the sale of the strategic petroleum reserve as a bridge to achieve a balance between supply and demand while increasing production by local producers.

The recalls pushed SPR supplies to 464.6 million barrels, the lowest level since 1985.

[yota691]

What did Biden do?.. An American decision behind the decline in oil prices

2023.04.05 - 23:07

 

Baghdad - people  

Energy Information Administration data showed that oil inventories fell sharply for the second week in a row, accompanied by significant reductions in gasoline and distillate inventories as domestic refineries (TADAWUL:2030) prepare for busy summer trips.  

  

  

  

The US Energy Information Administration said, in its weekly report on the state of oil, that oil inventories declined by 3.739 million barrels during the week ending March 31. While in the previous week, until March 24, it recorded a decline of 7.489 million barrels.  

  

Analysts tracked by Investing.com expected the Energy Information Administration to report a crude oil balance decline of 2.329 million barrels instead.  

  

In addition to drawing crude oil from storage, the Biden administration tapped the US Strategic Petroleum Reserve, freeing 3.7 million barrels to balance markets as the White House pledged it would work to keep the price low for consumers. This decision is the first of its kind for this year and the Biden administration has been heavily exploiting the reserves since late 2021 to compensate for the shortage of crude supplies. That raised fuel costs for Americans. The strategic reserve is at its lowest level since November 1983.  

  

In terms of gasoline inventories, the Energy Information Administration indicated a decrease of 4.119 million barrels, compared to an expected decrease of 1.729 million barrels, and compared to the previous weekly decline of 2.904 million barrels. Automotive Fuel Gasoline is the No. 1 fuel product in the United States.  

  

For distillate inventories, the EIA reported a decline of 3.632 million barrels, against expectations for a decline of 0.396 million barrels and against the previous week's build of 0.281 million barrels. Distillates, which are refined including heating oil, diesel for trucks, buses, trains and ships and jet fuel, were the strongest demand component earlier in the year.