Continuing to do the same action and expecting different results is the Einsteinian definition of insanity… but that hasn’t stopped the Biden administration in the case of its attack of his oil/gas prices.
This morning, despite DOE’s servers being reportedly fried, they managed to report that the US released 6.9 million barrels of crude from its Strategic Petroleum Reserve (SPR) last week (~985,000 b/d).
As Bloomberg’s Javier Blas notes, the latest weekly release has pushed the SPR below the 500 million barrels mark for the first time since 1986…
And as the chart above shows, the plummeting SPR is not having the impact on prices that President Biden hoped (which explains why he is blaming everyone and everything else for the rise in gas prices – as it becomes clear it’s a refining capacity issue as much as anything else).
As is obvious in the spread between barrel-equivalents for products vs crude…
After last week’s discussions between The White House and energy executives, a number have spoken out to defend against the vitriolic attacks from Biden. However, Scott D. Sheffield, Chief Executive Officer of Pioneer Natural Resources, perhaps said it all best, concluding on the problems that the administration is going to face in dealing with a rapidly emptying SPR very soon…
Yeah, first of all, I think we’ve all seen the true behavior of the Biden administration when they came out — when he first came in office, they basically wanted to ban fracking, no federal leases and they’ve already shutdown gas infrastructure, moving gas across the Northeast down to the Gulf Coast. New York won’t take a pipeline, they’ve rejected several pipelines, they rather use fuel oil instead of natural gas in the state of New York.
So that’s been amazing to me and the rhetoric coming out of Secretary of Energy was go find another job in another industry versus the fossil fuel industry.
So all of a sudden, things are getting tight, gasoline is going up, we have a war in Ukraine and then the entire administration changes. But the rhetoric really hasn’t, you saw the argument between Mike Wirth and Biden.
So when I said we’re not going to add growth, he quoted me and used my name that some CEO basically said that they wouldn’t change your growth rate if oil was $200.
So in my opinion, relying on SPR and federal tax removing $0.18… those are band-aids. In my opinion, our inventory after six months SPR will be at the lowest in 40 years. So he is going to have to buy at a higher price and refill it in my opinion. And we’re going to be even shorter, and SPR will be half of what it was three years ago.“
Separately, as Biden heads to the Middle East to ask for help with his ratings, Reuters is reporting that of a conversation caught between French President Macron US President Biden.
“I had a call with MbZ,” Macron was heard telling U.S. President Joe Biden on the sidelines of the G7 summit
“He told me two things. I’m at a maximum, maximum (production capacity). This is what he claims. And then he said Saudis can increase by 150 (thousands barrels per day). Maybe a little bit more but they don’t have huge capacities,” Macron said.
In other words, no matter how much Biden begs, the two top OPEC oil producers – Saudi Arabia and UAE – can barely increase oil production.
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Of course he released it to lower prices and help the poor old American consumer.
Why would he lower it historically low levels in the middle of a global conflict when he doesn’t have the support of the only oil producing countries left? To make us even weaker? Why would Lunch Bucket Joe ever do that?
It is amazing to watch this unfold in real time, the deliberate and pre-meditated implosion of a continent sized WTC-7.
Nice visual. And I have to disagree with the author, biden is not expecting different results, the draining of the Strategic Reserves is the desired eesult.
My first thought was: How can they be provoking WW3 while depleting “strategic reserves”. This doesn’t sound like any mastermind is behind it. But it is in line with the efforts to undermine the military.
Its like they are trying to bring about Revelation 13 by conforming to it.
His handlers are preparing the USA for war – the war where we pull an Erwin Rommel El Alamein and get our ass whipped intentionally and get one step closer to the BIS sponsored global digital SDRs.
Satan doesn’t live in hell, he resides in Basel.
But don’t worry, they have a plan to import solar panels from the same country dropping bombs on our Navy just like how Goring bought aviation fuel from Standard Oil of California (aka Chevron) while he was bombing London.
I suppose they are giving out gobs of money to develop electric aircraft and missiles., armored vehicles and troop transports.
Since we won’t have fuel for the coming war, the best strategy will be to nuke them before they can get too far started.
More planned destruction. TREASON.
Isn’t sending tankers to Europe an act of treason?
I’m not sure that anything Clueless Joe has done (or the people actually pulling the puppet strings) has been anything OTHER than treasonous.
Encouraging to see so many cotton on to bobblehead Brandon’s intent. Rather, his bosses.
Drain the strategic reserves. Somehow, embers from various processing plant fires will be wafted aloft, (Climate Change! no doubt) and will cause more explosions and fires at the above ground facilities. The underground ones?
“America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil, although it is not currently full. The reserve held about 568 million barrels last week, down from more than 650 million barrels in mid-2021, according to the U.S. Energy Department.”
“Plate Tectonics, exacerbated by Climate Derangement Syndrome, are thought to be the cause of…”
All “Just In Time” for what will ultimately be a Trojan Horse. Shaped like a Chinese Fortune Cookie.
Sincerely, Yu Rang Kaifeng
Just wait for the next hurricane to strike the Gulf coast.
I’m sure HAARP is already being used to achieve that goal.
Weather wars.
Last weeks travels the contrails were the worst I have seen in the south in a LONG time. The streaked for hundreds of miles between VA and SC.
Self fulfilling prophecy. Seems one is forming right now.