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Meet America’s Newest Oil Trader Extraordinaire: Joe Biden

Meet America’s Newest Oil Trader Extraordinaire: Joe Biden thumbnail

Head of state. Commander in chief. Oil-trading whale?

President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market. The flood of emergency supplies helped arrest surging oil prices after Russia invaded Ukraine, and pulled billions of dollars into the Energy Department’s coffers in the process.

Oil prices have sputtered since and allowed officials who sold high to start replenishing U.S. stockpiles on the cheap. The question that will echo from Washington to Wall Street in 2024 is how the Biden administration might finish off a trade many investors would envy.

The Energy Department says it has already snapped up about 13.8 million barrels of crude, with accelerating deals in recent weeks signaling the agency could move more aggressively next year.

At an average price of $75.63 a barrel, the purchases so far total a nearly $270 million theoretical discount from last year’s average sale price of $95 a barrel.

The Energy Department will have about $3.45 billion left to buy more oil after those deliveries are complete, a spokeswoman said. That is enough cash for tens of millions more barrels of crude.

The Biden administration’s opportunity to build on its gains could slip away if prices rise. Benchmark U.S. crude changed hands Friday at $71.65 a barrel, well below the administration’s asking price of $79 or lower, even as fallout from the Israel-Hamas war threatens tankers in one of the world’s most important shipping lanes.

Any major ramp-up in deals would come with challenges. It could strain the country’s ability to release emergency supplies, since storage sites can’t accept crude at the same time. The facilities, some of which are currently undergoing maintenance, are also limited in how much they can receive each month.

But some traders and analysts say locking in future purchases at today’s prices could help turn U.S. stockpiles into a force for market stability and expand America’s clout as an energy superpower.

“Even if it’s at a small size, being able to exert that muscle could be very valuable,” said Skanda Amarnath, executive director of the macroeconomic policy think tank Employ America.

The U.S. and other countries began amassing stockpiles in the 1970s, aiming to hold 90 days’ worth of net imports, after the Arab oil embargo sent prices skyrocketing in an inflationary shock to the American economy.

The Strategic Petroleum Reserve peaked in size in 2010 near 727 million barrels, according to the Energy Information Administration. Since then, booming shale output helped the U.S. become the world’s largest oil producer, and officials from both parties pushed to sell off some of the stockpiles to fund other projects.

Biden’s release after Russia’s invasion of Ukraine was the largest ever. Emergency sales of roughly 180 million barrels helped shrink the reserves to as little as 347 million barrels, a 40-year low.

The skyscraper-sized storage caverns in Texas and Louisiana now hold the equivalent of nearly 175 days’ worth of net imports, according to federal record-keepers. Canadian crude has also come to account for far more of the country’s imports, while supplies from the Saudi-led Organization of the Petroleum Exporting Countries and its Russia-led allies have plummeted.

Still, administration officials say they want to refill at least some of the reserves when the price is right.

The strategy has three prongs. The Energy Department has recovered some supplies from crude lent to refiners and returned with a premium this year. Congress also canceled previously scheduled sales totaling about 140 million barrels in exchange for $12.5 billion from the Energy Department’s account, according to the Dallas Fed.

Big purchases on the open market, relatively rare in recent decades, have proven to be the most difficult piece of the puzzle.

The Energy Department’s first attempt at buying oil this year failed. The agency later bumped up its target price from $72 a barrel and revamped its approach to contracts to limit suppliers’ risk while officials evaluated proposals.

The agency’s most recent contract, awarded Dec. 26, scheduled deliveries for March. Officials plan to “purchase as many barrels as possible, while getting the best deal for taxpayers,” a spokeswoman said. Additional monthly solicitations are expected at least through May.

The extension suggests the government is growing more comfortable with deals that have longer time horizons, said Ilia Bouchouev, managing partner of Pentathlon Investments.

If the U.S. is willing to expand that approach, Bouchouev said it could lock in cheaper contracts for deliveries in late 2024 and 2025 and avoid the risk that prices will rise.

“Buy it back at $75 [a barrel], claim victory for the taxpayers and call it done,” he said.


287 Comments on "Meet America’s Newest Oil Trader Extraordinaire: Joe Biden"

  1. eee on Fri, 12th Jan 2024 5:17 pm 

    Vous devez etre dans la merde en tabernacle pour venir me voir.

  2. eee on Fri, 12th Jan 2024 5:23 pm 

    I think the goal is to use me as procreator, after that I will consider my responsibility to take care of them, and I guess after that a new tribe is created and the children are attached to me. It is way to create an emotional link so I take of them.

  3. eee on Fri, 12th Jan 2024 5:49 pm 

    When will I get something that make me happy. Being a procreator will not make me happy.

    When will I get something that make me happy.
    When will I get something that make me happy.

  4. eee on Fri, 12th Jan 2024 5:55 pm 

    What about what I asked, infinite memory, pre-loaded mathematic, chemistry knowledge, infinite calculation capabilities, ….

    When will I get something that make me happy.
    When will I get something that make me happy.

  5. eee on Fri, 12th Jan 2024 5:57 pm 

    Here we go another fucking useless whore, with a smelly vagina.

  6. eee on Fri, 12th Jan 2024 6:09 pm 

    1:22 look at the size of her eyes.
    Another stinky whore with smelly yeast infected vagina

  7. eee on Fri, 12th Jan 2024 6:13 pm 

    I write a comment about mathematics and this video appears on my main youtube page.

    Discrete Mathematics (Full Course)

    I told you that eventually I will leave earth or everyone will be killed on earth and I will own earth.

  8. eee on Fri, 12th Jan 2024 6:18 pm 

    I told you, Whites nations are controlled by women for the benefits of women only.

  9. eee on Fri, 12th Jan 2024 6:24 pm 

    The real reasons why I cannot conceal carry an hand gun is because Canadians women and beta cuck like Trudeau and Poilievre who are at the service of women. Women are controlling Canada make no mistake about it.

    I told it over for earth and it will be destroyed.

  10. eee on Fri, 12th Jan 2024 6:33 pm 

    This is in French but it is really well done.

    I told you that we thought about everything when we did earth and we put only a limited amount of natural ressources on it to make sure that eventually your civilization will fail and kill everyone living on earth.

    the conservation of mass calculator is the one that keep track of how many natural ressources are left. The calculator is locked and cannot be changed.

  11. why elite whitey supertard Elon lies when elite whitey supertard Newton published 1st LAW we have spacecraft and exhaust gas pushes against each in vacuum taken as a whole both physical frame and exhaust entity only elongates on Fri, 12th Jan 2024 6:33 pm 

    making a quick appearance in my perm 1 wk retirement

  12. eee on Fri, 12th Jan 2024 7:27 pm 

    Thailand does some of most funniest shit. 8:53 with the life guards.

  13. ree on Sat, 13th Jan 2024 9:45 am 

    I demanded a better female procreator. Bigger, strong, higher IQ and capable of fighting and impregnate herself by raping the male. I demanded a better female procreator that can raise the kid without the help of male. I demanded freedom from raising the kids so male can purse other more productive tasks and don’t have to engage in a long term commitment with a woman.

  14. eee on Sat, 13th Jan 2024 9:56 am 

    I want a female warrior procreator. You slap her face, she spit on your face and say, hit me harder loser if you want to fuck me.

    A real capable breeder, not loser human female we have now on planet earth.

  15. eee on Sat, 13th Jan 2024 10:17 am 

    The male procreator will still be a big masculine man with an IQ superior at the one of bitch but his IQ will be more scientific with more abilities to sense electrical, magnetic and light fiels. If you want to go in the direction of sexual reproduction. But he will be free from raising the kids and female commitment because the female would have been updated to be more capable. Here on earth we have needy, mentally retarded female with no morality,

  16. eee on Sat, 13th Jan 2024 10:19 am 

    The females and males we have now on earth are complete garbage and should be killed for a new and superior race.

    Fucking waist of time this fucking planet.

  17. eee on Sat, 13th Jan 2024 10:27 am 

    This is what passed for masculine man now on planet earth Jordan Bardella and Stephen Colbert. Colbert another effeminate man with a low IQ and no muscle mass.

  18. eee on Sat, 13th Jan 2024 10:37 am 

    A real female procreator warrior. She says to you, I will suck your penis and eat your sperm if you hit me until I fall on my knee, once my knee I will suck your penis and eat your sperm. Hit me fucking loser. Real procreation test to weed out losers like Colbert, Bardella. We talk here of an upgraded female with high strength, more muscle, higher IQ, desire to be procreator and raise her kids. A real fucking procreator.

  19. eee on Sat, 13th Jan 2024 1:50 pm 

    I could easily see a scenario where the improved female, would see someone like Jordan Bardella and she kill him for hatred for inferior male.. I could easily see that this superior female could be used to clean up the gene pool herself by killing inferior man like Zemmour, Bardella, Colbert, Mayer and so on. We could program that in the superior female. She would be program to hate gay and beta cuck male and would systematically kill them.

  20. eee on Sat, 13th Jan 2024 8:33 pm 

    I demanded more capable female with high strength, more muscle mass, high IQ, here they are.

  21. eee on Sat, 13th Jan 2024 8:45 pm 

    I don’t understand why a female procreator should be weak, mentally retarded and no muscle mass like the current human female. A real female procreator should be able to raise kids without the help of a male.

  22. eee on Sun, 14th Jan 2024 3:51 am 

    This is how I like my female fuck toy. I know it is just CGI here on planet earth, but it could be real in another dimension reserve for the real chosen one..

  23. eee on Sun, 14th Jan 2024 4:07 am 

    This is what the inner earth is afraid of. This is why they cull the more aggressive Whites man and created a society of effeminate man with no real value.

  24. Projection mapping on Tue, 16th Jan 2024 1:25 am 

    The storytelling in this blog is top-notch. I felt like I was right there with the author, experiencing the journey. It’s refreshing to come across such well-crafted and immersive writing.

  25. Dermatology on Tue, 16th Jan 2024 3:26 pm 

    Joe Biden has all the merit for the price of oil. Where I live it used to be $5.2 a gallon and now its $3.8

  26. fat pig on Thu, 8th Feb 2024 2:39 pm 

    You see this fucking fat pig there, I want him dead.

    UN chief Briefs Press on his Priorities for 2024 | Gaza, UN Reform & other topics | United Nations

  27. Allo copper on Thu, 8th Feb 2024 3:57 pm 

    Look at 1:53. The bullet are made of copper. We made copper a special material with no substitute. It is a good heat transfer medium, it is a good electricity carier, it is easy to shape in various form, it can be easily solder with lead, silver. There is no substitue for copper. When copper run out, everyone die.

    We did that voluntary to make sure that we will be successful at killing everyone living on earth. You have no idea how much we hate all of you.

  28. Sllo death on Sat, 10th Feb 2024 8:56 am 

    If I am force to become a King I will torture this guy to death: Pierre-Hugues Boisvenu

    You better hope that I wont be forced by GOD to become King of earth, you won’t like my style. Remember revelation 19.

  29. Je vaist te ramasser on Sat, 10th Feb 2024 9:13 am 

    Je vais le ramasser bien solide the tabernacle si je suis forcé de devine roi,

  30. Bristh and Europe are no friend of the US on Mon, 12th Feb 2024 12:58 pm 

    The British are behind the creation of Israel, They did that to control the US be manipulating the Jews that would subvert the US on the behalf of UK and Europes.

  31. Copper is the killer weapon not oil on Mon, 12th Feb 2024 1:29 pm 

    I am not sure oil will be your biggest problem, copper might become an issue way before oil become an issue.

    I told you earth is an execution chamber and you are here to die. Only people that will leave earth will live.

  32. copper will get you before oild on Mon, 12th Feb 2024 1:53 pm 

    To push to toward EV is probably a copper depletions accelerator.

    While conventional cars have 18-49 pounds of copper, hybrid electric vehicles (HEV) contain approximately 85 pounds, plug-in hybrid electric vehicles (PHEV) use 132 pounds, battery electric vehicles (BEVs) contain 183 pounds, a hybrid electric bus contains 196 pounds, and a battery electric bus contains 814 pounds, most of which is used in the battery.

  33. Allo copper on Mon, 12th Feb 2024 1:57 pm 

    Copper drives electrical vehicules


  34. I am rire at tous vous on Mon, 12th Feb 2024 2:02 pm 

    And you thought that you had the luxury to lower interest rate and restart consumerism. Earth is indeed populated by retarded people. Only the people that will leave earth will live.

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    Osh University, a trailblazer in medical education, offers a transformative mbbs course . Immerse yourself in a curriculum designed for success, where theoretical knowledge meets practical experience, preparing you for a dynamic career in healthcare.

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    You will feel the warmest and coziest possible wearing Tempo Garments best thermal underwear for men. Our line of products offers superior insulation against cold temperatures thanks to its premium construction. For anything from casual wear to outdoor excursions, you can count on Tempo Garments to provide the perfect mix of style and functionality, ensuring that you stay warm and look great all winter long.

  37. Shalamar Hospital on Mon, 19th Feb 2024 3:48 pm 

    Trust Shalamar Hospital for comprehensive digestive care with our experienced gastroenterologists in Lahore . We offer advanced diagnostics and treatments to address your gastrointestinal concerns.

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