The Biden administration, in concert with their allies, have released 60 million barrels of oil from their strategic reserves, but gas prices still continue to rise.

Categories: The Collapse


Don Curton · March 4, 2022 at 7:28 am

What’s that, like a one day supply? Like pissing on a forest fire.

    Jonathan · March 4, 2022 at 1:13 pm

    For the US only? IIRC about 3 days, for the world? about 60% of 1 day. And yes, it won’t even make a blip in prices…

    The SPR is supposed to be a backup for essential use when oil isn’t available at all, not just when it gets expensive…

r · March 4, 2022 at 7:50 am

This reminds me of a learning experience I had when I was 8 or 9 years old and my Mom let me go to Six Flags with a church group. 6am until 10pm with hours of driving front and back.
I was given $23 to get in the park and have a good amount for lunch, dinner etc. But right inside the park, a friend of mine and I saw an arcade and went in. By lunch I’d blown all my money on arcade games.
That was one hungry and thirsty trip back, made worse by seeing all the other kids on the bus enjoying sodas and hamburgers.

WTF is the US going to do when we genuinely NEED that oil and it turns out let’s go brandon blew it all trying to keep the pump price down for a few days?

r · March 4, 2022 at 7:53 am

I should have added, that was $23 in 1976 dollars which was the most money I’d ever had in my hands at that point of my life. (50 cents a day was a generous allowance otherwise, cokes from the machine were only 15 or 20 cents back then)

Paulb · March 4, 2022 at 9:18 am

One positive here is that the oil is still in the ground waiting for there to be adults in the room who want light and heat. The negatives outweigh the positives in terms of how the F we’ll get it, of course.
Like Pemex, Petrobras and PVDSA have all discovered, developed oil deposits that have been abandoned and have to be redeveloped because of political cancellations are not profitable. Having to rebuild mothballed extant infrastructure means pricing won’t come down.
Add to that that it’s that much harder for prices to come down unless brand new sources are developed, which can’t happen when frigging democrats keep announcing and then canceling oil lease auctions AFTER companies spend billions on exploration. The executive branch has way too much influence on resource development. Oil companies are going to get their money back either way after Washington keeps dicking around playing ping-pong with their supply.

McChuck · March 4, 2022 at 9:24 am

Because when you’re threatening to go to war with Russia the first thing you want to do is deplete the military’s ability to fuel their vessels, vehicles and aircraft.

joe · March 4, 2022 at 4:07 pm

they could release all the reserve and it won’t stop what’s coming…love him or hate him, mean tweets and all, orange man bad saw what was coming but our own gov worked against him…them and shadow leaders of the world want to rid the planet of half the population and they will do it one way or another…being self dependent is not a bad thing…it would actually allow us to “help” more countries if that’s what we decided to do…

WDS · March 5, 2022 at 2:32 pm

60 million barrels we already paid for and now…. we get to pay for it again.

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