After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work.
Illustration: Jacob Reynolds
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40 Comments
National information you shouldn't share. Danger to our country
Such a national security issue to release this info to the public for any country to see.
Biden is setting us up for a one armed war with China
What this video won’t tell you = the releases have been about two days worth of US oil consumption, and in increments so no, there was no real price drop. Biden refuses to encourage American oil production, asks OPEC+ to produce more but then turn around and trash talk the Saudi’s when they won’t produce more. Good god, the massaging this news outlet does.
The government should also build a refinery to compete against Big Oil.
If Saudi is mad about it, its working.
Its a money making strategy not shortage
oh boy!!!!!!!!!!!!!!!!!!!!!!!!!!!
This is one of the most bias pieces of news by omission I've seen on this topic. Biden himself has said no more oil drilling.
Biden is a joke and a failure of a president
YUR HALLUCINATING
It's just a coincidence that the last sale from the SPR is just before the election, right? As a result now that Biden doesn't have to buy votes has prices can skyrocket again
Kill the poor countries by increasing the price. This is black marketing and should be punished…
trump is right!!!!!
The weakest president ever, spineless.
What if this is the reason why middle east has so much oil
Biden is a dementia patient on life support ->.we're fukt
180 million barrels is a joke, at $60 a barrel thats like 10 billion worth of oil,considering america waste trillions on war and quantitative easing and stimulus packages, u think they could spend a little more money and stockpile more oil as a sort of savings…….
i mean america spent more on the war on ukraine alone than on oil subsidies……then again america has a military arms complex to feed.
I'm glad Saudi Arabia said no. Because they're not America's puppet to just do what they say.
Nationalize the petroleum industry. Those corporations are making record profits and pay pennies for the right to drill.
We are literally taking oil out of the ground and putting it right back
Wouldn't it be easier if the reserve automatically bought oil at $X and sold at $Y, where Y>X.
Half of it now but ok
Check Google for yourself. The USA uses/consumes just short of 20,000,000 (20 Million) barrels of Oil per day (PER DAY). How does any of these small releases from the SPR make any difference to pump prices? And why is 20 days of Oil consumption equivalent reserves (20daysx20m=400m) seem like a lot to people? Shouldn't there be a lot more for security purposes?
….Mrs Sonia is legit and her method works like magic I keep on earning every single week with her new strategy
This is getting biased. Thanks Jeff, for this just don’t increase Prime or I will no longer have it.
I’m sure putting this information onto YouTube isn’t a “National Security” concern at all…
I wish the presentation had included a graph of the amount in reserve. Will it reach zero on election day?
Lets Go Brandon!!!
So the moves of the Biden administration has been illegal.
Yes. US oil companies are thinking about US people.
And Trump is thin.
We should probably allow the price of oil to raise its time to do transportation in more efficient ways even if people don't like it they'll change once the fuel prices get too high . We should be more concerned with keeping the natural gas markets stabilized seeing how it's the cleanest of the fossil fuels.
I don't agree with Binden too much but he's wants to refill the reserves to get our oil production up, so if The Ukraine boils over into WW3 we're not caught with our pants down.
Hasn't biden sold it all to china to line biden families pockets with American taxpayers money This reserve was originally set aside for WAR emergencies
Why doesn't the U.S nationalize its oil?
Instead of providing cash to poor countries to fight climate warming on the world, the countries should build wind and solar power for the poor.
This is like raiding your 401(k) to buy a sports car. Industrial-strength-stupid.
Robbing Peter to pay Paul.
SOS Brazil- Estamos sofrendo censura nas Redes Sociais por discordar, não só do resultado, mas da forma que o pleito foi conduzido. Lula é um condenado por corrupção, que só foi solto por uma manobra de um juiz indicado por ele próprio. O comunismo quer o Brazil para fechar o cerco na América do Sul…
Biden cancelled the Keystone pipeline on day one and cancelled new drilling licences, now he is begging Saudi for oil. Oil companies don't want to invest in new development because of him. Prices are only going to skyrocket for everything