Oil market is worried Biden could release another 100 million barrels from the strategic reserve

[Yo_Mama_Been_Loggin]

Investors are worried that the US could flood the market with more oil from the Strategic Petroleum Reserves, according to Energy Aspects' Amrita Sen.

The prediction comes after OPEC+ decided earlier this month to slash its production quota by 2 million barrels a day — despite objections from Washington — leading to speculation that the White House could respond with more releases from the SPR to ease prices.

"They are also weighing an emergency release of potentially as much as 100 million barrels," Sen told CNBC on Monday. "You just don't know given the volume of uncertainty."

Earlier this year, the Biden administration announced plans to draw down the SPR by 180 million barrels, and that effort is nearing its conclusion.

https://www.msn.com/en-us/money/markets/the-oil-market-is-worried-biden-could-release-another-100-million-barrels-of-crude-from-strategic-reserves-analyst-says/ar-AA133rFT

I'm as pro free enterprise as anyone but something is fucked up when you see other people's misfortune as an opportunity.

[50 Shades Of Blue]

1. Good!

[louis-t]

2. If the orange buttfuck had really filled the strategic reserve

like he said he did (he didn't) we would be in a lot better position.

[Walleye]

3. Yes. This is an emergency. Russia waging unprovoked war in Europe

We should be investing in future sustainable energy sources anyway

[Fullduplexxx]

4. Atleast thru the midterms ...

[2naSalit]

6. +1

[Hugh_Lebowski]

5. "but something is fucked up when you see other people's misfortune as an opportunity"

The entire Insurance, Medical and Pharma industries are based on this premise, just as obvious examples.

And really, probably 80% of all capitalism on the planet follows this pattern, although that would depend on one's definition of 'misfortune'.

Just saying.

Still, fuck these investors

[2naSalit]

7. +1

[rso]

8. Biden

Do it Joe !

[gratuitous]

9. Does Energy Aspects worry that the oil companies haven't profiteered enough this year?

I mean, they cleared a measly $50 billion+ in the second quarter, so we know they're having to turn over the couch cushions to pay the Uber Eats driver.

It's funny, though, when I post this story on local media message boards how quickly the conversation dries up and the blame for the Biden administration for high pump prices suddenly ends.

[MichMan]

10. Won't it need to be refilled in the near future for 2x the price that it originally cost?

Seems like a lot of profit

[Igel]

11. And if punishing Saudiyya for the production cut

leads to more production cuts or an embargo, we'll be at an extreme low.

Fortunately, there's a substantial oil reserve in the private sector to bail us out in the kind of emergency the SPR was supposed to cover.