Scoop: Biden admin is weighing a plan to release roughly A MILLION BARRELS OF OIL A DAY from U.S. re

[Yorkie Mom]

Link to tweet

Scoop: Biden admin is weighing a plan to release roughly A MILLION BARRELS OF OIL A DAY from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, sources tell @AlbertoNardelli @SalehaMohsin and me.

Link to tweet

[MichMan]

1. Purpose of the strategic reserve is for national emergencies

Lowering gas prices does not fall into that category IMO.

I'm not understanding the supply shortage being referred to? I haven't seen any gas stations that don't have gas to sell unlike what happened in the early 70's

[former9thward]

2. Not a good decision.

The price of oil is set by global use. Global use is currently 97 million barrels a day. So 1 million a day will not affect the price much if at all. The oil storage should be kept for a national emergency. Saving 2 or 3 cents a gallon is not a national emergency.

[rockfordfile]

3. truth is oil companies are price gouging. oil companies are republican pos

[Buckeyeblue]

4. How many barrels of oil does the US need per day to meet demand?

I also wonder if when oil was dirt cheap we didn't increase our reserves.

I've never understood how the price of gasoline was determined. It seems somewhat random.

Aside from the obvious that we need to start using more alternative energy sources, I'm not sure there is much we can do. Our leaders, for years, have been rewarded by big energy, to not be forward thinking.

This man-made construct called money sure seems to have made existence less fun. Once upon a time trading was about need: I need some bacon and you need some eggs, so we traded. And then humans being what they are, one of the trading partners decided they needed to get the better end of the stick. Of course it's a little more complicated than that. But not much.

[North Shore Chicago]

5. Price per barrel

goes up by 30 dollars and we're paying up to a dollar more. Price per barrel goes down by 30, and we're paying the same.

It's terrible price gouging, but we keep taking it and taking it.

[Yo_Mama_Been_Loggin]

6. K&R

[RandiFan1290]

7. The trolls are whining

Must be a good move by President Biden!


Let's go BIDEN!