Post by
gareez47 on Nov 17, 2021 5:40pm
draw down of the SPR
While the 3.5 million barrel drawdown seemed to modify the price of crude a bit it will not last.
That will satisfy the oil needs of the US for less than one day, actually about 5 hours. And it still has to be replaced sooner or later.
The Biden administration is grasping at straws as he is now asking other countries to do the same.
They are desperate to push their Green Agenda and do not want to admit that their policies have massive flaws, like cancelling the Keystone XL
Comment by
KarlMarx1 on Nov 17, 2021 6:00pm
In reviewing a plethora of energy information, (production, proposed capital expenditures, availability of financing, etc) one can only surmise that the leaders of Canada and the US are either grossly incompetent or certifiably insane.... or perhaps both.
Comment by
Stockhudson on Nov 20, 2021 9:33pm
he threatened to use SPR but dont think he actually did go thru with it
Comment by
Unlucky13 on Nov 21, 2021 8:17am
Just the threat of it has dropped the oil price $10 in a week. What's going to happen when he actually does? Scary times considering BTE dropped 24 cents Friday after slising for weeks before that. No catalysts or limited catalysts in the next 6 months. We are hanging on by our fingernails to stay up here.
Comment by
gareez47 on Nov 21, 2021 11:29am
2021 up to August is 16 million Barrels plus whatever has not yet been published, Yes, they are drawing it but remember 16 million Barrels is enough to run the US for 20 HOURS, https://www.eia.gov/dnav/pet/PET_SUM_CRDSND_K_M.htm