Biden’s Gas Crisis

[aygart]

OilPrice.com: Energy Execs Tell Granholm Shuttered U.S. Oil Refineries Won't Restart.
https://oilprice.com/Latest-Energy-News/World-News/Energy-Execs-Tell-Granholm-Shuttered-US-Oil-Refineries-Wont-Restart.html

[aygart]

So this happened in the last admin also. Would love to hear @avromie7 thoughts who fault it was back then. 

We knew these things happened at the beginning of covid

[aygart]

Bloomberg: New England Utility Urges Biden to Declare Emergency to Avoid Fuel Shortage.
https://www.bloomberg.com/news/articles/2022-10-28/utility-urges-biden-to-declare-emergency-to-avoid-fuel-shortage

[aygart]

https://oilprice.com/Energy/Crude-Oil/How-OPEC-Outplayed-Biden.html

[CountValentine]

https://oilprice.com/Energy/Crude-Oil/How-OPEC-Outplayed-Biden.html

Friday pretzel.

[yeshivabucher]

Friday pretzel.

wouldnt have it any other way

[aygart]

Friday pretzel.

On Friday it is a double portion

[CountValentine]

On Friday it is a double portion

So if Biden released 2 million barrels a day the Saudis would have cut 4?

"Feelings don't care about your facts"

[dandu16]

So if Biden released 2 million barrels a day the Saudis would have cut 4?

Crunchy pickle

[avromie7]

So if Biden released 2 million barrels a day the Saudis would have cut 4?

No, they'd be able to force prices back up in half the time. The smaller the US SPR, the less power it holds.

[CountValentine]

The smaller the US SPR, the less power it holds.

It is a tradeoff.

[aygart]

https://finance.yahoo.com/news/biden-overlooked-diesel-fuel-inflation-why-thats-extra-bad-for-the-economy-201940234.html

[CountValentine]

We now have deflation in gas prices. Gas cheaper today than a year ago.

[aygart]

The Wall Street Journal: U.S. Scores $4 Billion Windfall on Oil-Reserve Sales.
https://www.wsj.com/articles/u-s-scores-4-billion-windfall-on-oil-reserve-sales-11671420244

[drosenberg88429]

The Wall Street Journal: U.S. Scores $4 Billion Windfall on Oil-Reserve Sales.
https://www.wsj.com/articles/u-s-scores-4-billion-windfall-on-oil-reserve-sales-11671420244

That covers less than 6 hours of federal spending.

[CountValentine]

That covers less than 6 hours of federal spending.

Bottom line is this was a big win. Give the guy credit.
Plenty of other things you can rag about.

[aygart]

Bottom line is this was a big win. Give the guy credit.
Plenty of other things you can rag about.

The repurchase did not yet happen so it is not a win yet. The repurchase itself can flip the numbers. Also, to bring back an old signature of mine "Just because it turned out a certain way doesn't mean you were right."

[CountValentine]

The repurchase did not yet happen so it is not a win yet. The repurchase itself can flip the numbers. Also, to bring back an old signature of mine "Just because it turned out a certain way doesn't mean you were right."

He was right, and you just won't acknowledge it. The release help bring down prices and that was why he did it.

[aygart]

He was right, and you just won't acknowledge it. The release help bring down prices and that was why he did it.

Your saying so does not make it so.

[drosenberg88429]

He was right, and you just won't acknowledge it. The release help bring down prices and that was why he did it.

It's disingenuous to praise him for strategically timing oil reserve sales for maximum profit and simultaneously praise him for acting effectively to bring down prices. The two are contradictory.