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Page added on September 10, 2022
Biden Team Weighs New Oil Release
Officials within President Joe Biden’s administration are hunting for ways to head off a feared spike in oil prices later this year, including the possibility of an additional release from the nation’s emergency crude reserves.
The officials are warning of an increase in prices this December when EU sanctions on Russian supplies take effect, unless other steps are taken, according to people familiar with the deliberations. They asked not to be identified because the discussions aren’t public.
The talks are preliminary and no decision has been made, the people said. But the debate underscores US fears that the sanctions, on their own, could trigger a new crisis over global crude prices. The risk of a future jump in prices — despite this week’s selloff in the crude market — is also fueling the push to set a price cap on Russian oil sales to ease pressures.
Additional releases from the Strategic Petroleum Reserve, or SPR, could be made in November, December or January but no decision has been reached, the people said. The potential size of any additional SPR drawdown isn’t known.
A White House spokesperson said no new release is being considered at this time.
Biden began tapping the SPR in May in a historic drawdown that continues into October. Under that release, almost 180 million barrels are set to flow into the global economy. The SPR has released a total of 173.8 million barrels since March, a figure that includes volumes associated with an earlier round of tenders.
4 Comments on "Biden Team Weighs New Oil Release"
makati1 on Sat, 10th Sep 2022 4:57 pm
Drain the reserves! They will never be refilled. The US is going down while Biden tries to buy votes in November. LOL
Pass the San Mig! Where are the pretzels? It is going to be an interesting Fall season.
Theedrich on Sun, 11th Sep 2022 1:41 am
The Empire of cunning, hypocrisy & lies loves it. Drain the SPR until it’s all gone! It also loves doing business with other psychopathic regimes, such as the Mohammedanism-dominated ones, just so long as we can get more money or power from them.
In sync with this unbridled governmental corruption, the Democrat-controlled media are run and staffed by fecal Leftists filled with hatred against normal humans interested in truth.
In vassal Germany, Außenministerin Annalena “Let-them-eat-cake” Baerbock und Robert “shower-less-and-stink-more” Habeck, of the allegedly anti-war Green Party, shill for World War Three as a means of destroying Russland (and, by the way, Germany and Europe as well). The mindlessness of the Western elites is beyond comprehension.
As for the Peak Fossil-Fuel issue, Gail Tverberg notes:
It is stupefying to observe the steady, inexorable creep by America and its vassals toward world annihilation. The filth elected by the crime-loving Yankee masses perfectly reflects their subhuman nature.
But at least the militar-industrial complex and the World Economic Forum will be happy.
Zeke Putnam on Sun, 11th Sep 2022 10:18 am
Elections coming!! My opinion: The America is responsible for the mess we’re in. “Get Russia” the fanatics rant.
makati1 on Sun, 11th Sep 2022 4:33 pm
Zeke, your opinion is correct. Most wars of the last century have been Amerika’s doing. Without the MIC, (overpriced, lo quality, weapon sales) the US is just another 3rd world country.