One million barrels daily from oil reserves will 'ease the pain' of families, says Biden

Joe Biden says his plan to release 1m barrels daily from the US strategic oil reserves for six months would 'ease the pain' of families in the US, as well as creating a 'new foundation for true and lasting American energy independence'. Biden made his announcement in a bid to control energy prices that have risen after Russia's invasion of Ukraine


#biden #oil #oilreserves #usa #russia #ukraine #politics

[dannytrujillo]

The United States uses 20 million barrels of oil a day. So releasing 1 million barrels a day isn't going to help squat. He's just doing it to help him politically

[jameslatief]

Ease the pain? 1 million barrel of oil is like adding a bandaid on an amputated hand.

[Budanevey]

Six months takes us neatly up to the mid-terms.

[aef]

Many people don't understand how this actually costs us more money for gas. Yes, releasing oil now may lower gas prices but there is no free lunch. Whenever they refill the reserves and buy oil, that will force gas prices up. It will just be at a time when prices are lower so people don't notice - at least in theory.

You would think this would be a zero sum game of dollar cost averaging. However, that ignores the transaction and storage costs of the reserve and the inefficient government management of such. This actually costs consumers more in the long run.

[adminhonor]

1m barrels🤣🤣. At least he knows it's wartime. Does he know the purpose of strategic oil reserve? Does he know we consume almost 20m barrels of oil daily?

[Jamie-nteh]

America at war?! With h whom?! Syria, Iraq, Yemen, Russia, China, Cuba?

[happyfeet]

Getting rid of Biden will stop the worlds pain

[unhappyattendantughh]

"Ramping up production" they've had a year to do that. This is corporate greed at the expense of citizens

[guenthermichaels]

" We'll use proceeds to restock reserves when prices are lower."
This oil was purchased @ 50, $60 per barrel, the Govt is selling it
@ +$100 per barrel.. nice tidy profit of $50 million per day. Sohnds like a Hedge Fund. And not a solution. Socialism. Maybe you should release grain or fertilizer to bring down cost of food, Worldwide

[ruthhaynes]

Thats it, running it down to dry instead of opening our own capabilities to drill and process our own oul😆

[Skymaster.]

"Ease the pain" says the person that caused the pain. Interesting.

[MO-chni]

What was that sleepy joe? Sounded like he had a mouth full of corn when he was talking

[lw]

Someone should tell this old fool we have plenty of oil here ! Time to put people to work !

[wolftone]

Self Inflicted pain* mysteriously left part out

[jabberwaki]

he acts like this oil just magically appeared...SMH

[dmitrypuzikov]

Встречаются Брежнев и Кратер и рассуждают, в какой стране у народа больше свободы – в США или СССР.
Картер говорит:
– У нас в США полная свобода: любой может публично сказать, что президент США – сволочь.
Брежнев ему отвечает:
– Ну и что такого? У нас тоже любой может публично сказать, что президент США – сволочь.

[abolama]

Make it 3 million per day. The more energy price is cheap the more you get growth.

[RunThemAll]

The left said the President isn't responsible for gas prices? Now this?

[dandonovan]

Tapping into the strategic oil reserves is the worst thing to do.
Simply allowing the American oil companies to drill and flood the market with oil will fix this problem in less than a month.
Using the oil from the oil reserves is like quitting your job and while you're crying about not having money, you break open your 'piggy bank' to buy stuff you don't need.

[_girls__johnson]

dumb-o-crats: “the president has nothing to do with gas prices”

also dumb-o-crats: “thank you for doing all you can to lower gas prices mr president”