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).
