RE:RE:Doubt on Biden SPR planExactly Wild, this is great for all Cdn O&G companies.
No one knows where we go but Biden is motivated by politics and the politics of high gas prices will negatively impact him.
My worry would be coming into Hurricane season (a bit over a month to May) what happens in a true emergency?
If President Biden orders the release of 180 million bbl of crude from the SPR (as briefed by the White House to reporters yesterday), stocks in the reserve will fall to less than 400 million bbl, the lowest level since 1984:
See my prior email not sure based on some reports he can even hit that number...
Biden is in BIG trouble....I bet OPEC and even RUSSIA are saying to themselves...if this continues for 6 months our power will be even bigger...Biden is leading with the right bower right now...which could cost him big...but benefit O&G investors with an even larger/longer bull cycle..
Currently 568 and dropping every week
Wildfury wrote:
Question BSW, how much oil is actually remaining in the SPR reserves? It's basically like your savings account that you have for those rainy days but once you draw down all of your funds what's next? I have no idea about Canada or other countries reserve numbers but in regards to Bidens plan to release 180 million barrels equals less than 2 days of the worlds consumption, 2 days. There has to be a safe guard for each country when the levels reach a certain point and SPR release will eventually end for national security reasons.