FILE PHOTO: An oil storage tank and crude oil pipeline equipment is seen during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, U.S. June 9, 2016. REUTERS/Richard Carson
CNBC/Reuters: U.S. asks Japan, China, others to consider tapping oil reserves, sources say
* The Biden administration has asked some of the world’s largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, several people familiar with the matter told Reuters.
* The Organization of the Petroleum Exporting Countries and allied producers including Russia have resisted calls from President Joe Biden to speed up the rate of their supply increases.
The Biden administration has asked some of the world’s largest oil-consuming nations to consider releasing some of their crude reserves in a coordinated effort to lower prices and stimulate the economic recovery, according to several people familiar with the matter.
Global oil prices touched seven-year highs in late October as oil demand has rebounded nearly to pre-pandemic levels, faster than the pace of supply. The Organization of the Petroleum Exporting Countries and allied producers, led by Saudi Arabia and Russia, have been adding 400,000 barrels per day to the market on a monthly basis.
They resisted calls this month from U.S. President Joe Biden for steeper boosts. In recent weeks, Biden and top aides have raised the issue with close allies including Japan, South Korea and India, as well as with China, the sources said.
Read more ....
Update #1: Biden Reportedly Asked Xi About Possible Joint Release of Crude Reserves to Ease Prices at the Pump (Sputnik)
Update #2: U.S. Asks China To Release More Oil From Its Reserves (OilPrice.com)
WNU Editor: The problem with releasing oil from the strategic reserve is that it is only a temporary measure.
5 comments:
Good Lord. How about we(U.S.) restart production of our own while pursuing green and renewable tech to compromise.
Tapping oil reserves for temporary poll support is a go to Democrat Party move.
Democrats tap it and then Republicans have to be the adults in the room and fill it back up.
All Democrat president, who have tapped it, should have permanent residence in a rubber room with secret Service protection of course.
"-- President Clinton has decided to tap the United States’ Strategic Petroleum Reserve in the face of decade-high oil prices. Is it sound energy policy or election-year politics?"
https://abcnews.go.com/US/story?id=95661
Obama sold off oil from the strategic reserve in 2011, because Libya blew up. Obama helped. He blew the fuck out of it. He called it smart power.
A decade later and Libya is still broken.
Obama gets results!
"On May 16, 2008, the U.S. Department of Energy (DOE) said it would halt all deliveries to the Strategic Petroleum Reserve sometime in July. This announcement came days after Congress voted to direct the Bush administration to do the same" - Wiki
Of course Democrats did not want the US to be secure.
Post a Comment