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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOil market is worried Biden could release another 100 million barrels from the strategic reserve
Investors are worried that the US could flood the market with more oil from the Strategic Petroleum Reserves, according to Energy Aspects' Amrita Sen.
The prediction comes after OPEC+ decided earlier this month to slash its production quota by 2 million barrels a day despite objections from Washington leading to speculation that the White House could respond with more releases from the SPR to ease prices.
"They are also weighing an emergency release of potentially as much as 100 million barrels," Sen told CNBC on Monday. "You just don't know given the volume of uncertainty."
Earlier this year, the Biden administration announced plans to draw down the SPR by 180 million barrels, and that effort is nearing its conclusion.
https://www.msn.com/en-us/money/markets/the-oil-market-is-worried-biden-could-release-another-100-million-barrels-of-crude-from-strategic-reserves-analyst-says/ar-AA133rFT
I'm as pro free enterprise as anyone but something is fucked up when you see other people's misfortune as an opportunity.
50 Shades Of Blue
(10,141 posts)louis-t
(23,322 posts)like he said he did (he didn't) we would be in a lot better position.
Walleye
(31,207 posts)We should be investing in future sustainable energy sources anyway
Fullduplexxx
(7,888 posts)Hugh_Lebowski
(33,643 posts)The entire Insurance, Medical and Pharma industries are based on this premise, just as obvious examples.
And really, probably 80% of all capitalism on the planet follows this pattern, although that would depend on one's definition of 'misfortune'.
Just saying.
Still, fuck these investors
rso
(2,283 posts)Do it Joe !
gratuitous
(82,849 posts)I mean, they cleared a measly $50 billion+ in the second quarter, so we know they're having to turn over the couch cushions to pay the Uber Eats driver.
It's funny, though, when I post this story on local media message boards how quickly the conversation dries up and the blame for the Biden administration for high pump prices suddenly ends.
MichMan
(12,018 posts)Seems like a lot of profit
Igel
(35,404 posts)leads to more production cuts or an embargo, we'll be at an extreme low.
Fortunately, there's a substantial oil reserve in the private sector to bail us out in the kind of emergency the SPR was supposed to cover.
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