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Page added on December 31, 2023

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Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden thumbnail

Head of state. Commander in chief. Oil-trading whale?

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process.

Oil prices have sputtered since and allowed officials who sold high to start replenishing U.S. stockpiles on the cheap. The question that will echo from Washington to Wall Street in 2024 is how the Biden administration might finish off a trade many investors would envy.

The Energy Department says it has already snapped up about 13.8 million barrels of crude, with accelerating deals in recent weeks signaling the agency could move more aggressively next year.

At an average price of $75.63 a barrel, the purchases so far total a nearly $270 million theoretical discount from last year’s average sale price of $95 a barrel.

The Energy Department will have about $3.45 billion left to buy more oil after those deliveries are complete, a spokeswoman said. That is enough cash for tens of millions more barrels of crude.

The Biden administration’s opportunity to build on its gains could slip away if prices rise. Benchmark U.S. crude changed hands Friday at $71.65 a barrel, well below the administration’s asking price of $79 or lower, even as fallout from the Israel-Hamas war threatens tankers in one of the world’s most important shipping lanes.

Any major ramp-up in deals would come with challenges. It could strain the country’s ability to release emergency supplies, since storage sites can’t accept crude at the same time. The facilities, some of which are currently undergoing maintenance, are also limited in how much they can receive each month.

But some traders and analysts say locking in future purchases at today’s prices could help turn U.S. stockpiles into a force for market stability and expand America’s clout as an energy superpower.

“Even if it’s at a small size, being able to exert that muscle could be very valuable,” said Skanda Amarnath, executive director of the macroeconomic policy think tank Employ America.

The U.S. and other countries began amassing stockpiles in the 1970s, aiming to hold 90 days’ worth of net imports, after the Arab oil embargo sent prices skyrocketing in an inflationary shock to the American economy.

The Strategic Petroleum Reserve peaked in size in 2010 near 727 million barrels, according to the Energy Information Administration. Since then, booming shale output helped the U.S. become the world’s largest oil producer, and officials from both parties pushed to sell off some of the stockpiles to fund other projects.

Biden’s release after Russia’s invasion of Ukraine was the largest ever. Emergency sales of roughly 180 million barrels helped shrink the reserves to as little as 347 million barrels, a 40-year low.

The skyscraper-sized storage caverns in Texas and Louisiana now hold the equivalent of nearly 175 days’ worth of net imports, according to federal record-keepers. Canadian crude has also come to account for far more of the country’s imports, while supplies from the Saudi-led Organization of the Petroleum Exporting Countries and its Russia-led allies have plummeted.

Still, administration officials say they want to refill at least some of the reserves when the price is right.

The strategy has three prongs. The Energy Department has recovered some supplies from crude lent to refiners and returned with a premium this year. Congress also canceled previously scheduled sales totaling about 140 million barrels in exchange for $12.5 billion from the Energy Department’s account, according to the Dallas Fed.

Big purchases on the open market, relatively rare in recent decades, have proven to be the most difficult piece of the puzzle.

The Energy Department’s first attempt at buying oil this year failed. The agency later bumped up its target price from $72 a barrel and revamped its approach to contracts to limit suppliers’ risk while officials evaluated proposals.

The agency’s most recent contract, awarded Dec. 26, scheduled deliveries for March. Officials plan to “purchase as many barrels as possible, while getting the best deal for taxpayers,” a spokeswoman said. Additional monthly solicitations are expected at least through May.

The extension suggests the government is growing more comfortable with deals that have longer time horizons, said Ilia Bouchouev, managing partner of Pentathlon Investments.

If the U.S. is willing to expand that approach, Bouchouev said it could lock in cheaper contracts for deliveries in late 2024 and 2025 and avoid the risk that prices will rise.

“Buy it back at $75 [a barrel], claim victory for the taxpayers and call it done,” he said.

WSJ



289 Comments on "Meet America’s Newest Oil Trader Extraordinaire: Joe Biden"

  1. eee on Wed, 10th Jan 2024 1:54 pm 

    In fact Covid was started and run by the invisible world. the conclusion that I and the invisible came to is that it is time to destroy earth and move to something else.

  2. back when convid-19 first started Mar2020 elite whitey supertard thunderf00t went on self imposed quarantine and i said it smellz and demanded immediate amputation ask urself if someone speaks high british english does he love supremacist muzzie on Wed, 10th Jan 2024 2:00 pm 

    of course he does

    please speak low english

  3. eee on Wed, 10th Jan 2024 2:06 pm 

    You must have a pretty low IQ at this point to not know that invisible has taken control of the whole planet earth.

  4. eee on Wed, 10th Jan 2024 2:10 pm 

    I will go as far as saying that earth is a reality control by women for the benefit for women and that man are slave to women. It is pretty obvious if you are masculine man with a IQ.

  5. eee on Wed, 10th Jan 2024 2:32 pm 

    I will tell you something fucking bitch from the invisible. I know that you have installed people in houses around me and you use them manipulate me. I know that I am being manipulated by the invisible world. We will settle this one and one bitch in private together fucking whore. Either I die or you die fucking bitch from the invisible world.

    I know I am being manipulated by you fucking whore.

  6. eee on Wed, 10th Jan 2024 2:35 pm 

    I also know fucking bitch from the invisible that you have written the Canadian hand guns laws. I know fucking whore form the invisible world that it is your fault if I cannot get an hand gun. You want to play me, we will play until one of us is dead. Keep fucking with me fucking whore.

  7. eee on Wed, 10th Jan 2024 2:42 pm 

    If your fucking idea, fucking whore from the invisible is to install me as NWO leader, you will be disappointed bitch. Try to install me as the leader of planet earth, and see.

  8. eee on Wed, 10th Jan 2024 2:49 pm 

    Make no mistake fucking whore from the invisible world, I know I am being manipulated, I just don’t for what purpose yet. Come to my house in a flesh body whore and will together to dead fucking cunt.

  9. eee on Wed, 10th Jan 2024 2:52 pm 

    Make no mistake fucking whore from the invisible world, I know I am being manipulated, I just don’t know for what purpose yet. Come to my house in a flesh body whore and will fight together to dead fucking cunt.

    Make no mistake fucking whore, I know I am being manipulated by you cunt.

  10. ee on Wed, 10th Jan 2024 4:15 pm 

    I don’t know if this is true. But I don’t give a shit, if I am a powerful one, I want to resign from my position. I will chose dead and a short life over a long life or eternity.

    https://www.youtube.com/watch?v=Qo7e2Rh6WpM

    I am past the point of no return psychologically and I want a short life or a mercy death. I will repeat that, I know I am being manipulated. It is no good psychologically for someone to live on a planet where 100% of the population is mentally retarded.

    You will lose me psychologically if you don’t get me out of there immediately.

  11. eee on Wed, 10th Jan 2024 4:45 pm 

    All this BS of archons sucking up energy does not matter. I will say it again, if you are on earth you are here to die. Earth calculator such as conservation of mass are used to calculate the natural resources depletion. By looking at these calculator variables, we can estime when everyone will die on earth. You cannot change these calculator from earth. The death of everyone on planet earth is assure including the archons because of the earth calculator of mass conservation. We have everything covert. You cannot escape earth alive unless you are a real chosen one. We have everything cover. You are in a execution chamber die you will including the archons.

  12. eee on Wed, 10th Jan 2024 4:53 pm 

    Loot at her face on the left at 0:12

    You are here to die, and die you will mother fuckers. We have everything cover, you cannot leave earth.

    https://www.youtube.com/watch?v=3X3auNn0Xi0

  13. i visited all stores online amazon nope no lib urns then i say just give me lib orbs NOPE people like elite supertard Dredd causes suffering adn unhappyness (tm) by hoarding all lib urns and lib orbs on Wed, 10th Jan 2024 5:10 pm 

    this year was a downer
    my friend has no christmas gift

    no lib urns neither are lib orbs

    life sucks

  14. eeee on Wed, 10th Jan 2024 5:16 pm 

    We have everything cover. earth has been created to be your torture chamber and execution chamber. We have every angle cover. The calculator of conservation of mass will make sure that everyone die on planet earth. You are here to die, all the population of earth will die. You are not leaving earth, you die here.

  15. eee on Wed, 10th Jan 2024 5:26 pm 

    Do what you want Canada and Québec. You will destroyed and I will walk over your cadavers as revenge for stealing my hand guns. I will walk over the cadavers of Québec and Canada population. The law of conservation of mass guarantee that I will walk over piece Legault and Trudeau cadaver.

  16. eee on Wed, 10th Jan 2024 5:49 pm 

    Revelation 19

    He is dressed in a robe dipped in blood, and his name is the Word of God. 14

    This is me walking over the dead cadaver of Quebecers and Canadian. I walk over so many dead cadavers that my pants were soak with the blood of humans. Should not have steal my hand guns from me.

  17. eee on Wed, 10th Jan 2024 6:44 pm 

    Does not matter how you behave. You are here to die and I can guarantee you that the whole population of earth will be executed. We have all the angles cover.

  18. eee on Wed, 10th Jan 2024 6:48 pm 

    We have all the angle cover and back up to make to kill all the earth population. If the earth calculator of conservation of mass does not kill earth population, the entropic degradation calculator will do the job. We have all the angle covered. You are here to die and I guarantee you that you will die.

  19. eee on Wed, 10th Jan 2024 6:57 pm 

    We have everything cover including sexuality. We control all the porn web site. We are executing every humans living on planet earth.

    Everything is covered to make sure that all the population of earth will be executed.

  20. eee on Wed, 10th Jan 2024 7:10 pm 

    You see the name of the YouTube channel The female quotient. It is us laughing at the female retardation mental and making fun of all the male worshipping her mental retardation. We have everything cover. All the population of earth will die at the end of this.

    https://www.youtube.com/watch?v=PL28fsWz5V0

  21. eee on Wed, 10th Jan 2024 7:15 pm 

    We have all the angle cover. Believe me on this.

    This is us making fun of the mentally retarded human female and all the beta cuck worshipping her. Notice the name of the channel: The Female Quotient

    the human female is a failure and will never be created again

    https://www.youtube.com/watch?v=bEPa5LXfX6E

    This is us making fun of earth population before we kill all the earth population

  22. eee on Wed, 10th Jan 2024 7:25 pm 

    This is us making fun of the Jews. We will make fun of the whole earth population before we kill you all.

    https://www.youtube.com/watch?v=aETJ-2qqB4s

    We have everything cover include porn.

  23. i visited all stores online amazon nope no lib urns then i say just give me lib orbs NOPE people like elite supertard Dredd causes suffering adn unhappyness (tm) by hoarding all lib urns and lib orbs on Wed, 10th Jan 2024 8:49 pm 

    On This Day…
    2010.01.10 India Kulgam 2 1 Hizb-ul-Mujahideen gun down two former members who had renounced violence

  24. open letter to whitey supertard president putin on Wed, 23rd Dec 2020 9:13 am on Wed, 10th Jan 2024 8:51 pm 

    open letter to whitey supertard president putin on Wed, 23rd Dec 2020 9:13 am

    when are u gona amputate whitey supertard atheistic scientific supremacist thunderf00t?

    when this whitey supertard went on self imposed quarantine back in march i said it smells

    can’t believe the scamdemic plandemic event 201 has been happening IRL this long

    as urself if someone who speaks high british english exclusively does he love supremacist muzzies of course he does

    please suckle the muzzies dik
    please drink the muzzie milk

    please speak low english

    and last but not least please change ur undies after 5 days to stop spread of convict-19

    we’re all in this together

    when are we amputating whitey supertard atheistic scientific supremacist thunderf00t on Wed, 10th Jan 2024 3:07 pm

    when are we amputating whitey supertard atheistic scientific supremacist thunderf00t on Wed, 23rd Dec 2020 5:53 am

    it’s scientism
    when this whitey supertard went on self imposed quarantine back in march this year, i said it smells.

    ask urself if someone speaks high british english exclusively does he love supremacist muzzies? of course he does

    please drink muzzie milk
    speak low english

    please change ur undies after 5 days to prevent spread of convict-19

  25. eeee on Thu, 11th Jan 2024 2:14 am 

    By now just by looking at the news and Youtube, it should be obvious that we are laughing at the people of earth and using the extreme mental retardation of the population of earth as our personal entertainment.

    We have every angles cover to ensure that everyone on earth will be killed. See my previous comments. From now on and forward, you will used as our personal entertainment.

  26. eee on Thu, 11th Jan 2024 2:31 am 

    We will use the population of earth as entertainment for the GOD’s. When the time comes, we will kill all the population of earth.

  27. eee on Thu, 11th Jan 2024 2:44 am 

    We also making fun of earth sports like tennis. Like I said, we have everything cover. We are going to use earth as entertainment until we decided to kill you all. Listen to the sound they are making when hitting the ball, this is us making fun of earth.

    https://www.youtube.com/watch?v=wvC_f-DOfc4

  28. eee on Thu, 11th Jan 2024 3:44 am 

    I just want to say that again. Earth is design to kill everyone living on it. Just think about natural resources and conservation of mass calculator for the whole planet. We have every angle cover because we want to make sure to kill everyone living on planet earth. I will over the death bodies of Quebecers and Canadians with great pleasure just because of the hand guns restrictives laws.

  29. eee on Thu, 11th Jan 2024 3:58 am 

    We created earth and we know the exact amount of natural resources in metric tonne. Just by looking at the variables of earth conservation of mass calculator we could tell you when everyone on earth will die.

    At the end of this I will walk over the dead bodies of Quebecers and Canadian and my pants will be soak with their blood. I will take great pleasure in that revenge act for stealing my right to own hand guns.

  30. eee on Thu, 11th Jan 2024 5:06 am 

    ICJ LIVE: South Africa accuses Israel of committing genocide in Gaza

    It does not matter what you do know. You should have killed Blinken and his familly when I asked you. Same with the Jewish race.

    Now I want everyone on planet earth dead.

  31. eee on Thu, 11th Jan 2024 5:09 am 

    It is too late. Now I want to walk over the dead cadaver of Quebecers and Canadian until my pants are soak in their bloods for stealing my right to carry a conceal hand gun on me.

  32. eee on Thu, 11th Jan 2024 5:12 am 

    ICJ LIVE: South Africa accuses Israel of committing genocide in Gaza

    https://www.youtube.com/watch?v=Id4n7Arns1M

    I dont care about your BS theater. i want to walk over real cadavers. See comment above.

  33. eee on Thu, 11th Jan 2024 5:41 am 

    You should have done what I asked when I asked to prove your loyalty to me. Québec and Canada had chance to prove their loyalty to me by changing the firearms laws to allow conceal hand gun carry. I gave them plenty of time to change the law. They refuse to change the law. It means both will never by loyal to me. I want them out.

  34. eee on Thu, 11th Jan 2024 5:56 am 

    Québec and Canada fail my loyalty test. I want Canada destroy so I can walk over their dead cadavers.

  35. eee on Thu, 11th Jan 2024 6:00 am 

    Is piece of shit Legault crying alone in his office or at home. I hope this piece if shit is suffering right now.

  36. eee on Thu, 11th Jan 2024 7:03 am 

    We did it on purpose when we created earth to put a lot of oil into the middle-east. We did that so you would fight each other. You have no idea on much we hate planet earth. I will repeat that, earth was designed as an execution chamber. Very soon it will become obvious too all of you that the GOD’s hate you.

  37. eee on Thu, 11th Jan 2024 7:10 am 

    I told you, see my comments above, we have every angle possible cover to make sure that we are successful at killing th whole population of earth.

  38. eee on Thu, 11th Jan 2024 8:06 am 

    This is my personal musing of who will die first.

    1- Old people living in retirement home. They will be abandoned in a building with the doors locked

    2- Older single women living alone in a house or apartment

    3- Singler mother with a kids

    4- Single female living alone

    5- Old couple that are still autonomous

    6- Young couple with kids where the male is a feminized beta cuck

    7- Young couple with kids with a male that is masculine

    8- Young male that is a beta cuck

    9- The last one to die with single masculine male with
    skills sets

  39. eee on Thu, 11th Jan 2024 8:13 am 

    Wow everything is going silent, like if people were executed. YouTube is going really quiet, Bloomberg news, CNN, TVA nouvelles, and so many more barely post new videos. it is almost like if people are being executed.

  40. eee on Thu, 11th Jan 2024 8:16 am 

    Wow everything is going silent, like if people were executed. YouTube is going really quiet, Bloomberg news, CNN, TVA nouvelles, and so many more barely post new videos. it is almost like if people are being executed.

    Happening fast. You are in a rush to shut down your simulations.

  41. eee on Thu, 11th Jan 2024 8:59 am 

    Nouvelle très importante. J’ai de la merde dans mon trou de cul. J’ai besoin d’une dominatrice pour faire sortir la merde.

  42. eee on Thu, 11th Jan 2024 12:00 pm 

    We have everything figure out to make sure that we will be successful at killing all the population of earth. We have everything planed to the last detail.

  43. eee on Thu, 11th Jan 2024 12:01 pm 

    A new era will start with the death of everyone on earth.

  44. eee on Thu, 11th Jan 2024 12:05 pm 

    We could have gave earth a better reality with 1000 elements periodic table. Why work harder then needed to kill people we hate. You have a small periodic table because we want you dead. We have everything figure out as I said before.

  45. why does elite whitey supertard Elon lie so much when elite whitey supertard Newton published 1st LAW we have spacecraft and exhaust gas pushes against each in vacuum taken as a whole both physical frame and exhaust entity only elongates on Thu, 11th Jan 2024 12:36 pm 

    ANAL PROLAPSE SHOCK CAPTURE TURGID EXTREME BAZZAIRE

  46. rrr on Thu, 11th Jan 2024 1:10 pm 

    I was created to make sure the death of everyone on planet earth would happen. I am not here to save you.

  47. eee on Thu, 11th Jan 2024 1:20 pm 

    I will repeat that you are not leaving earth.
    You will not change earth mechanical and sound calculator with videos like this, The calculator are locked. You are here die, and you will die.

    https://www.youtube.com/watch?v=uIdVsakzJfE

  48. eee on Thu, 11th Jan 2024 1:38 pm 

    I will repeat that, you are not leaving, we made sure of that. You will not change the entropic degradation calculator with videos like this. We locked the calculator so they cannot be modified. You are here to be executed.

    https://www.youtube.com/watch?v=7qThlFrS1aw

  49. why elite whitey supertard Elon lies when elite whitey supertard Newton published 1st LAW we have spacecraft and exhaust gas pushes against each in vacuum taken as a whole both physical frame and exhaust entity only elongates on Thu, 11th Jan 2024 2:36 pm 

    ANAL PROLAPSE SHOCK CAPTURE TURGID EXTREME BAZZAIRE

  50. eee on Thu, 11th Jan 2024 2:45 pm 

    Body shape wise I look like the guy with the blue coat. I am like him, I am too big and have no flexibility.

    https://www.youtube.com/watch?v=_iLXfgaqI98

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