Chris Hayes: Biden broke OPEC

[Nevilledog]

Link to tweet

President Joe Biden broke OPEC and he doesn’t get enough credit for doing it!!!

Biden managed to time the oil market to perfection…

🛢️ In 2022 Biden released 180 million barrels of oil from the strategic reserves at an average price of $95 per barrel.

🛢️ In July 2023 when oil was $67 per barrel, he began to refill the reserve.

🛢️ Biden made about $30 per barrel profit on approx 200 million barrels which totals $5-6 billion that goes to the US treasury.

[FalloutShelter]

1. No one gives Joe credit.

He is super smart and knows the job.
My President.

[ananda]

11. Yes, I think he is one of the most intelligent, well-thinking presidents ever!

I way underestimated him early on,
but I have learned better since.

[OAITW r.2.0]

2. Stuff we need to share. An excellent example of Biden's Presidential competence.

We benefited twice - lower gas prices in 2022 and a great payable discount to the US Treasury on the refill.

[DENVERPOPS]

3. No small wonder

the Saudi's have joined the Republicans in the war on Biden getting re-elected!

[Hermit-The-Prog]

4. Way to go, Joe!

[mountain grammy]

5. He knows what he's doing

Been saying it since the beginning. Even when he’s wrong (rarely) he knows what he’s doing!

[paleotn]

7. He is and he's surrounded by uber competent indivduals.

That's how we routinely clean up the mess Repukes leave.

[paleotn]

6. Buy low. Sell high.

What's more American than that?

[BumRushDaShow]

9. Not just OPEC but OPEC+ too - AND was fortunate that no hurricanes formed in the GOM last year

to threaten the oil platforms, so they were pumping full throttle last year and hit the current record 13 million bbls/day (much to the chagrin of environmentalists and climate activists).

The "cherry on top" was a release of 1 million barrels of gasoline (which I didn't realize they had in addition to the crude but it was implemented as a result of Hurricane/Super Storm Sandy) - 2 weeks ago - ICYMI: “Biden to Release 1 Million Barrels of Gasoline to Reduce Prices at the Pump Ahead of July 4”

ETA - in response to the now-hidden post - see this thread for how much the U.S. sold reserve oil for - https://www.democraticunderground.com/10143008767

White House Begins Plan to Refill US Emergency Oil Reserves

By Ari Natter
December 16, 2022 at 12:00 PM EST
Updated on December 16, 2022 at 4:34 PM EST

The Biden administration is making good on a plan to replenish the nation’s emergency oil reserves, starting with a 3 million barrel purchase of crude.  The purchase of barrels for February delivery follows a historic 180 million barrel release of oil from the US Strategic Petroleum Reserve to tame high gasoline prices amid Russia’s invasion of Ukraine and other supply issues. 

“This repurchase is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security,” the Department of Energy said in a notice Friday announcing the plan.

The announcement caps a year that saw President Joe Biden make unprecedented use of the SPR to help curb soaring domestic costs of fuel. The price of oil has come down in recent months and it’s now almost 40% off the highs seen in the immediate aftermath of the Russian invasion. Even so, the administration has repeatedly said it reserves the right to do more sales if needed.

US benchmark oil futures initially pared some losses on the news before eventually settling down 2.4% at $74.29 a barrel. The Biden administration previously laid out a plan to repurchase oil for the approximately 700 million barrel-strong reserve when the price of crude hit around $70 a barrel. The SPR — the world’s largest emergency supply — was created in 1975 in the wake of the Arab oil embargo.

(snip)

https://www.bloomberg.com/news/articles/2022-12-16/us-energy-department-to-buy-oil-to-replenish-emergency-reserve

[usonian]

10. K&R

[PatSeg]

12. Thanks for posting

It was a great segment last night and I was surprised that no one else reported it.

[SleeplessinSoCal]

13. How do we make it a bigger story?

Call into C-Span? FNC? Dr. Phil,?

[progressoid]

14. We consume 180 million barrels of oil in just 9 days.

[Pompoy]

23. Isn't the point though that we still have 90 days worth of imports on reserve?

[BadgerMom]

15. Kick!

[SomedayKindaLove]

16. That's great

But as far as the election goes, all that matters is what the oil prices are from now until 11/5. OPEC+ is reportedly going to prolong cutting production, which should raise prices.

https://www.reuters.com/business/energy/opec-seen-prolonging-cuts-2024-into-2025-two-sources-say-2024-06-02/

[fierywoman]

17. I double dare you, Fox entertainment, to show this story.

[LessAspin]

18. OIL

Made that much sweeter given that the oil execs and Saudis are doing everything they can to elect Trump..

Link to tweet

Link to tweet

Link to tweet

[LessAspin]

29. OPEC

Link to tweet

[PortTack]

19. Every time opec and Russia get together and agree to cut production the price jumps, at least in the area i

Live in. Sometimes as much as 30-50 cents. But, with in a week or 2 the price is back down. Last hike was 45 cents, it’s down now by 50 cents. $3.79 to now $3.29

GO DARK BRANDEN!.

[Maraya1969]

20. Saying we underestimated him is an underestimation.

[RandomNumbers]

21. People who worry about Biden's age need to understand - he is a LEADER - that means

he doesn't have to physically do everything himself - but he can leverage his experience and other people in his circle to figure out how to solve problems and then get those decisions implemented.

TSF is just a mob boss who only knows how to use coercion and manipulation to get stuff done; and doesn't have the long experience in government functioning and foreign relations to even try to do the right things to solve a problem. He wants to hack at problems with a cudgel instead of actually solving them.

[rickford66]

22. As usual Chris has to interrupt his guest to show how smart he is.

Why have a guest if you're going to say what the guest is there to say ? And he's loud. I'm sure his mic is turned up more than his guests.

[Magoo48]

24. Go, Joe. He is sharp, and his advisers are knowledgeable.

It’s always good when the O’Peckers are taken down a notch.

[4lbs]

25. Here in SoCal, at my local gas station that I use to mark gas price fluctuation, at the beginning of May

the price of a gallon of regular unleaded was 4.99 per gallon. (That's the after-hours, credit/debit price, which is often about 10 cents per gallon higher, to pay for the card charges and such).

It is now 4.65 per gallon, just after D-Day 2024.

We'll see what the price is like come October.

[liberal N proud]

26. About time someone had the balls

[LetMyPeopleVote]

27. This makes me smile

Link to tweet

President Biden sold some barrels of oil from our reserves
For approximately $100 a barrel
Then bought them back at approximately $67/barrel
By flooding the market, he got prices down
Plus made millions in profit
GENIUS

[kimbutgar]

28. Sadly in the alternate right wing media universe the magaloons

Will never hear this