Lets look at this guvmint logic:
1. Block a critical pipeline to help US oil producers in 2021. Add more mandates on fuel and deny any new oil drilling.
2. Biden demands OPEC produce more oil in August '21 and they laughed in derision.
3. Feb 2022. Start a war with Russia and sanction Russian oil, which forces oil up to $95/b
4. Throughout 2022, sell off the oil reserve for political reasons in an election year (and to try and keep a lid on inflation)
5. WH announces in Oct 2022 they desire to refill the reserve @ $67-72/B
6. Continue draining the reserve through 2023
7. March 2024 - announce they plan to resume buying oil to refill the reserve, with oil headed to $90k+ barrel. Currently $83 and climbing. After they missed out on buying oil at $68-$72/B, where it was in late December of 2023 and January 2024.
Oops.
Government math like this is how you end up 36 trillion in debt.
https://oilprice.com/Latest-Energy-...stock-Strategic-Oil-Reserves-by-Year-End.html
https://www.whitehouse.gov/briefing...ty-encourage-production-and-bring-down-costs/
1. Block a critical pipeline to help US oil producers in 2021. Add more mandates on fuel and deny any new oil drilling.
2. Biden demands OPEC produce more oil in August '21 and they laughed in derision.
3. Feb 2022. Start a war with Russia and sanction Russian oil, which forces oil up to $95/b
4. Throughout 2022, sell off the oil reserve for political reasons in an election year (and to try and keep a lid on inflation)
5. WH announces in Oct 2022 they desire to refill the reserve @ $67-72/B
6. Continue draining the reserve through 2023
7. March 2024 - announce they plan to resume buying oil to refill the reserve, with oil headed to $90k+ barrel. Currently $83 and climbing. After they missed out on buying oil at $68-$72/B, where it was in late December of 2023 and January 2024.
Oops.
Government math like this is how you end up 36 trillion in debt.
https://oilprice.com/Latest-Energy-...stock-Strategic-Oil-Reserves-by-Year-End.html
https://www.whitehouse.gov/briefing...ty-encourage-production-and-bring-down-costs/