Can Biden threaten to release even more oil (more than OPEC is cutting) to suppress prices below and

[themaguffin]

hurt them unless they back off?

Also, it would be good politics to be tough on them.

[jimfields33]

1. I think it depends on how much Storage we have left.

He’s done it twice already. I’m not sure if we replenished what we borrowed already.

[DetroitLegalBeagle]

3. We haven't

It's apparently at its lowest point since 1985 now. Under 450 million barrels. The US consumes about 20 million per day, about 8 million are imported. So if consumption remains the same, we have maybe 56 days of oil in the reserve if we replaced all the imported oil with it.

[jimfields33]

4. Yikes. That doesn't sound very good.

Thank you for your post and information.

[panader0]

2. I'm not an expert by any means on oil sales, but isn't US oil sold on the international market?

If Biden releases oil reserves, can't it be bought by a foreign nation?

[thatdemguy]

5. Sort of

The companies that are allowed to bid on it have to be US based, but what they do with it after they own it is up to them.

[themaguffin]

6. Yes, which means it would help lower the price and hurt the Saudis

[Johonny]

7. I assume long term

We need to promote alternative energy and then be able to hold a middle finger to OPEC

[moose65]

8. For sure, long-term

We have dropped the ball on this for 40 or more years. In the mid-1970s, we should have developed policies to reduce our dependence on foreign oil. We also need to try to reduce our consumption of petroleum, but that will take a very long time.

I think it used to be against the law to export oil or oil products, but that is no longer the case. I understand that refineries here have been built to handle Middle Eastern oil more than they have been to process domestic oil, which makes no sense to me. Isn't US crude supposedly "lighter and sweeter" than Middle Eastern crude?

The switch to electric vehicles can't come soon enough!