Biden to tap oil reserves in coordination with China, South Korea, Japan, India, and the UK

[It’s so Joever]

https://www.reuters.com/business/energy/us-release-50-mln-barrels-oil-emergency-reserve-white-house-2021-11-23/

https://financialpost.com/pmn/business-pmn/biden-orders-release-of-u-s-oil-reserves-in-challenge-to-opec

Interesting move here. I don’t honestly support it, but I get why it is being done. Also it is at least good we are doing it in coordination with other powerful countries. That at least helps us a bit against OPEC.
Will be an interesting show off, even if I personally think it will fail for us badly.

Biden basically had to push for more domestic production now, we can’t just rely on reserves in a non-crisis, that would be a terrible idea.

[It’s so Joever]

Good bye world 😡

lmao

[It’s so Joever]

South Korea and Japan literally have no oil, lol.

If you actually care about the environment more than you care about politics, you would embrace high gas prices.

You know which one I care about more.

[It’s so Joever]

It's a smart decision.

How is this a smart decision? Americans use about 20 million barrels a day. Tapping 50M of oil out of the reserves is barely going to do anything past a few weeks. All this is doing is making us less prepared for a black swan event or a similar emergency. All Joe Biden is doing this for is political gain and will do nothing to reduce long-term costs.

This is easily one of the worst moves the Biden administration has done.

It at least shows he is willing to do something. I would not have done this so early, but I get the temptation. I do think we should rescue restrictions on domestic producers temporarily, but that won’t solve the issue as much as you blue avatars seem to believe. A ton of this is on OPEC, and this is a deliberate political move by OPEC. I’m glad Biden had the balls to stand up to these f**kers, but he does need to boost domestic production as well in the short term.

[It’s so Joever]

It's a smart decision.

How is this a smart decision? Americans use about 20 million barrels a day. Tapping 50M of oil out of the reserves is barely going to do anything past a few weeks. All this is doing is making us less prepared for a black swan event or a similar emergency. All Joe Biden is doing this for is political gain and will do nothing to reduce long-term costs.

This is easily one of the worst moves the Biden administration has done.

It at least shows he is willing to do something. I would not have done this so early, but I get the temptation. I do think we should rescue restrictions on domestic producers temporarily, but that won’t solve the issue as much as you blue avatars seem to believe. A ton of this is on OPEC, and this is a deliberate political move by OPEC. I’m glad Biden had the balls to stand up to these f**kers, but he does need to boost domestic production as well in the short term.

Had he the balls, he'd screw with Saudis by cancelling some contracts or something.
Or... get along with Russia  

Efficacy:
https://www.wsj.com/articles/u-s-several-other-countries-to-tap-strategic-oil-reserve-11637669762
U.S. Joins With China, Other Nations in Tapping Oil Reserves
Bid to tame high gas prices may not yield lasting results, analysts say

WASHINGTON—The U.S. and five other countries including China will tap their national strategic petroleum reserves in an attempt to bring down gasoline prices that have become a sore spot with motorists and a big contributor to inflation, the White House said.

The release had been anticipated for weeks as the White House grappled with how to address rising prices for gasoline, groceries and other consumer products that have clouded prospects for President Biden’s agenda.

Wholesale crude prices on financial markets, however, rose instead of falling after Tuesday’s announcement. Mr. Biden predicted that the added supply will lead to lower prices, but analysts questioned whether government releases are big enough to cover surging demand and lead to price drops at the pump.

Even if crude prices do fall, relief for consumers may be short-lived as demand is expected to keep rising into next year as the global economy continues its recovery from the Covid-19 pandemic.

“For drivers wondering if gasoline prices will get lower … the reality is that this may not happen at all, or only with a significant lag time,” Bjørnar Tonhaugen, head of oil market research at consulting firm Rystad Energy, said in a research note.

That China works along is interesting, though. They do have the balls, actually.

China is an oil importing nation, they also probably are p**sed about OPECs games.