The Biden people are reading the same stuff us political junkies do…
The head Democrat has one YUGE problem….
The economy of inflation NOT helped by energy cost’s….
They have actually been dropping around my way….
But?
With the excuse of the energy price increases?
(And pandemic subsiding and the Russian Ukraine thing)
Businesses HAVE laid on price increase’s up to 25% on consumers….
And THAT translate’s to political hurt to the President in office and his party traditionally …
This time is no exception…
Sooooo?
We get the President trying to flood the oil market to drive down prices…
It might work for a while….
But the last time somebody said it didin’t last…
Oh, and the Fed IS raising interets rates …..
THAT could drive things into a recession to boot!…
Under growing political pressure to bring down high energy prices, President Biden on Thursday will announce the release of up to 180 million barrels of oil from a strategic reserve to counteract the impact of Russia’s invasion of Ukraine.
Oil prices fell modestly on expectations of the announcement, which the White House confirmed on Thursday morning. Mr. Biden plans to release one million barrels of oil a day for 180 days. That would represent roughly 5 percent of American demand and 1 percent of global demand at a time when Russian oil exports are down about three million barrels a day.
Reaction from the oil industry and energy experts was muted even though the move would represent the largest release from the Strategic Petroleum Reserve since it was established in the early 1970s as an emergency stockpile. The reserve has mostly been used to increase the supply of oil during wars, foreign threats to energy supplies or natural disasters. Smaller releases by the Biden administration from the reserve since late last year have had little impact on the prices drivers and businesses pay for gasoline, diesel and other fuels that are made from crude oil.
“It will lower the oil price a little and encourage more demand,” said Scott Sheffield, chief executive of Pioneer Natural Resources, a major Texas oil company. “But it is still a Band-Aid on a significant shortfall of supply.”…
…
Russia oil exports normally represent more than one of every 10 barrels the world consumes. The United States, Britain and Canada have stopped importing Russian oil, and many oil companies and shippers have voluntarily stopped buying Russia’s energy products. That has produced a deficit so far of about three million barrels a day for global supplies….
Note….
For those talking about climate change and electric cars?
Fossil Fuel’s ARE the thing now and for a LONG time….