The markets reacted quickly to the likely release from the strategic reserve with crude oil prices dropping 6% on Thursday morning to roughly $101 a barrel. Still, oil is up from roughly $60 a year ago as supplies have not kept up with demand as the world economy began to rebound fromAmericans on average use about 21 million barrels of oil daily, with about 40% of the consumption devoted to gasoline, according to the U.S. Energy Information Administration.
Oil producers have been more focused on meeting the needs of investors than consumers, according to a survey released last week by the Dallas Federal Reserve. About 59% of the executives surveyed said investor pressure to preserve “capital discipline” amid high prices was the reason they weren’t pumping more, while fewer than 10% blamed government regulation.
Yet he still will not restore oil production we had over a year ago when we were exporting oil. The SPR is for extreme circumstances or war, not for Biden’s approval ratings. What a joke this guy has become!
So what happens when we have a real emergency?
Control, or reduce?
KPRC2The US consumes 20,000,000 barrels PER DAY! 1/20 or 5% solution, like all of Biden's lousy policies. Biden could have stopped the genocide of Ukranian children/women if he would have dropped his climate change crap....CCC! Carbon tax has went up 500%! He owns inflation.
This is kind of like the masks and respirators. Obama used them up, so when we really needed it for The C virus,it was not there. Now, Biden is using up reserves, so when we really need it...we won't have it!
Planning.! Either you do it or you don’t. Planning mean never will happen
Just let us increase output, this isn't difficult. His stubbornness is going to drag us into recession.
Approve drilling
stupid, nothing more for than a political move for the sheep... it reduces national security (kind of important at moment) and will take years to replace and be buying from saudi & iran.