Re: Should this site be shut down?
Posted: Sat 07 May 2022, 13:40:21
Biden administration announces clever plan to boost US oil production by buying oil to refill the strategic petroleum reserve after they sold the oil in the SPR
US aims to spur oil production by refilling emergency crude stockpile
The Biden administration has been selling oil from the Strategic Petroleum Reserve for months in an attempt to lower gasoline prices and boost Biden's poll numbers . This is a monumentally stupid idea because (1) its against the law to use oil from the SPR to lower gasoline prices and/or boost a President's poll numbers. By law, the SPR is designated for the sole purpose of relieving oil shortages and supply disruptions (2) The US can't control oil prices with release from the SPR because the global oil market is too big and (3) After months of sales, the oil price hasn't gone down as the Biden administration promised, so the whole program has obviously failed.
With the failure of its program to lower oil prices now clear to all, the Biden administration is now claiming that by selling off oil from the SPR they now can boost US oil production by buying the oil back to refill the SPR after they sold off the oil.
If the Biden administration is right, then they have the answer to peak oil. If the Biden people can make US oil production go up by buying oil to refill the SPR, then all they have to do is sell off the oil in the SPR and then rebuy the oil to refill the SPR and oil production will go up, i.e. we'll never reach peak oil.
Hoo-RAY!!!! The Biden administration has done it again!
More orders from the Biden administration! Get out there and increase oil production NOW!!!!!
Cheers!
US aims to spur oil production by refilling emergency crude stockpile
The Biden administration has been selling oil from the Strategic Petroleum Reserve for months in an attempt to lower gasoline prices and boost Biden's poll numbers . This is a monumentally stupid idea because (1) its against the law to use oil from the SPR to lower gasoline prices and/or boost a President's poll numbers. By law, the SPR is designated for the sole purpose of relieving oil shortages and supply disruptions (2) The US can't control oil prices with release from the SPR because the global oil market is too big and (3) After months of sales, the oil price hasn't gone down as the Biden administration promised, so the whole program has obviously failed.
With the failure of its program to lower oil prices now clear to all, the Biden administration is now claiming that by selling off oil from the SPR they now can boost US oil production by buying the oil back to refill the SPR after they sold off the oil.
If the Biden administration is right, then they have the answer to peak oil. If the Biden people can make US oil production go up by buying oil to refill the SPR, then all they have to do is sell off the oil in the SPR and then rebuy the oil to refill the SPR and oil production will go up, i.e. we'll never reach peak oil.
Hoo-RAY!!!! The Biden administration has done it again!
More orders from the Biden administration! Get out there and increase oil production NOW!!!!!
Cheers!