photo by Boyd Loving
the staff of the Ridgewood blog
Washington DC, the White House announced the release of 50 million barrels from the Strategic Petroleum Reserve (SPR) Tuesday morning. The announcement was made in concert with South Korea, China, Japan, India and the U.K., all of which will also release oil from their own strategic reserves. The oil market, however, had largely priced in SPR releases, as last week’s slide in prices showed. Analysts also point out that one-off sales from strategic reserves cannot do much to move oil prices significantly lower.
“How many barrels of oil does the U.S. consume per day?” Energy Sec. Granholm: “I don’t have that number in front of me. I’m sorry.”
With the Strategic Petroleum Reserve (SPR) release Americans are still unlikely to see a significant drop in gas prices. Despite the seemingly big number, 50 million barrels, the U.S. release actually equals around two and a half days of American petroleum consumption, which was at 20.5 million barrels per day (bpd) in the pre-pandemic 2019.
Absolute joke. Biden thinks voters are idiots to think this will have any impact. America was oil independent before he took office. Biden shut down Keystone, ltd fracking and drilling on federal land and is now begging opec to increase production. All part of his plan to increase oil/gas prices to force climate friendly alternatives.
That’s 2.5 days of usage.
He’s a moron.
^ comment is 100 percent correct. The Idiot in Chief Biden wants to force electric vehicles on us. The malicious press secretary Psaki pretends she knows nothing about Biden’s devious plans to force electric vehicles on us.
Don’t blame old Joe on this one. They put the paperwork on his desk and told him to sign it. He thought it was the receipt for gassing up his limo.
This political move is no more than kissing your sister or brother. Saudi current account will provide the staying power to outlast any temporary supply increases created by dumping national reserves. Within a week, our best hope is that oil prices will revert to the mean. The US consumes approximately 18 million barrels of petroleum per day or about 2.8 days of the the reserve release amount. Face it, our national energy policies are being managed by those who wish to eliminate fossil fuels as fast as possible. I have no argument with reducing our nation’s dependency on fossil fules as a long term objective. But to do so without the forethought of how that policy will negatively impact core and non-core inflation is careless and will prove to be very expensive to the most vulnerable. In the words of Chevy Chase’s Ty Webb, our DC representative are “just not good.”
“Biden thinks voters are idiots…”
Sadly, he is correct in this assumption.
Its a joke, 2.5 days worth
The end goal of these DUMBOCRATS is to increase the price of energy exponentially in order to force the overpriced unreliable ‘renewalble’ green energy upon us.
Electric vehicles (aka coal-powered cars) will all need batteries produced with the minerals from the MINE that Hunter Biden made a deal on… connect the dots
^ True.
I have been an automobile mechanic since 1977. Work on all types of gasoline powered vehicles from Chevy and Ford to Volvo to Rolls Royce and have taken courses since 1988 to address computer control technology on cars. As a professional in this field I can tell you the electric vehicles mandate that is coming is a political sham.
Biden knows damn well that China owns the lion’s share of lithium and cobalt necessary for the huge, expensive batteries that power those stupid electric cars. China is going to profit big time on stupid Biden electric vehicle initiative. AND cars are not “green energy”. They too pollute as their huge toxic batteries eventually wear out and will be dumped in land fills. And their recharging will eventually stress America’s electrical grid.
Long live gasoline powered vehicles. They have become extremely efficient and pollute far less ever since emissions controls were installed on cars, beginning in 1968. Gasoline powered cars became far less the polluters than radical Democrats want you to think they are.
Biden just wants to enrich China with his electric vehicle initiative and kill the US oil and gas industry which is the stupidest thing I ever heard of.
“Biden thinks voters are idiots…”
He doesn’t think, he KNOWS.
The overwhelming rule of Democrat control is creating a self belief that it’s the party of intellectuals. The party of science. NYT. Suckers.
And you voted for him Ridgewood…