And they’re getting the energy policy they voted for;
The United States announced a release from its Strategic Petroleum Reserve (SPR) on Tuesday, saying at the same time that it hopes OPEC+ would continue to add 400,000 barrels per day (bpd) to its production every month as per the plan outlined in July.
While the U.S. Administration wants the OPEC+ alliance to pump more oil and thus help lower high oil and gasoline prices, the group dominated by Middle Eastern oil producers and Russia can’t do much more than it’s already doing—even if its only goal were to help U.S. consumers pay much lower prices for gasoline (which it is not).
The key reason lies in the diminishing spare capacity of OPEC+ to pump oil, concentrated in just a few major producers in the Middle East. The OPEC+ group as a whole has been struggling with pumping to its overall quota for months as African OPEC members have been significantly underperforming because of a lack of spare capacity and investments.
Analysts say that the spare capacity is even lower than official estimates.
Good and hard.
Too bad there isn’t some country, say, north of the US, that could supply their oil. Too bad they don’t have any of their own. [/sarc]
BDFT – The OilPrice.com article mentions OPEC 35 times and Keystone zero. I guess they don’t understand what drives the oilprice. Biden is begging other (non-friendly) countries to pump 400 kbpd when he cancelled 800 kbpd KXL in January. If he loses the Xborder lawsuit he may be paying $15B to not get the oil his citizens need. Why isn’t he asking his neighbour to pump more oil? We have lots.
My friend is an analyst and he saw this energy crises coming a year ago. The US government doesn’t have any analysts?
Install more windmills and solar panels. That’ll fix ‘er.
When they come begging…?
$115/bbl…oh,,and we’ll lower that proportionally in exchange for zero tariffs on Everything.
No..?? Well, we do have horses for sale..??
Sadly, while I’d love (as a resident of Alberta) to sell the Yanks $115.00/bbl oil (we are talking USD, aren’t we?), we don’t have the pipeline capacity to pull that off in a really “go big or go home” sense. Yeah, we can nibble away around the margins, but our Moral And Intellectual Superiors™ have made damn sure that we aren’t positioned to really take advantage of that. ’Cause they’re so smaht, doncha know . . .
So, what does it add to?
I heard one quote, that said a day and a half’s worth of oil was released from the SPR.
Insignificant. Was all about optics, rather than actual results. Typical leftist virtue signalling.
Could have had Keystone pipeline
Global oil consumption is now at about $100 million barrels per day, USA SPR release of $50million barrels is 1/2 day global supply.
Add it all together, about 70 million barrels release worldwide, maybe that will get the planet to 2pm on the first work day?
For the US, less than a week, apparently SPR to be released over the next while which will quench just 2% of current demand.
Then it’s all gone. Great time for an embargo. DeMarxists back their country into oil poverty to make wind/solar appear competitive.
High oil prices are good news to the collectivists. Our boy blunder and his Laurentian lugs are dancing in the halls, bathed in taxes.
I phoned the WH to mention if they opened pipelines and started producing more oil domestically, excess demand could be satisfied.
They can’t refuse such a common sense approach, no muss no fuss. When they do those two things – remember, it was my idea!!
No?
Democrats, like Liberals, love to f*ck with the free markets.
And it always screws over the little guy.
After all the recent flaming,does anyone know of any written case for the continuation of Canada?
For as Joe destroys the American supply chains and drives oil prices ever higher,we ,of Western Canada ,have an opportunity to position ourselves to take advantage of Gang Green’s Success.
And what they call success,we call civic collapse.
What have we got to lose?
Abandon Canada and our enormous overload of Free Lunchers,take the Oil Sand cleansing operation out of Ottawa’s hands..
Remember Saskatchewan has greater reserves than Alberta.
Also I am sure you have noticed how our grain exports are expedited..Yes Sarc.
Abandon the rule by our parasitic overload and we might have some excess wealth to enjoy for ourselves or to pass on to our families..
Stay and you have already been told,”You will own nothing and you will like it”..Or else.
What rational reasons can you come up with to perpetuate this confederation?
Now this may seem off topic,but I think it relates..
If The demon Rats cannot provoke an uprising,they will be faced with States abandoning the Union..
For both Federal Governments are in breech of contract.
That consent to be governed,has been destroyed..by fools and bandits who demand that they shall rule.
I’m in for a new country. Shall we set a Discord server and start talking strategy? Reply below, and let’s get started.
Dan, I heard it was 2-1/2 days? The Dept of Energy Secretary and person suppposedly in charge, Jennifer Granholm has no clue. You would think her notes might cover that little detail?
It is not just F. Joe Biden with his Senility. Cackling Kamalala Harris is believe it or not? Even more detached, less intelligent, and less aware and more unpopular than the Senile Guy. The entire Biden Cabinet is living down to the performance of their President and Vice President. Buttigiegity, the guy in charge of the Supply Chain was out for two entire months during the worst supply chain crisis in 20 years, and nobody noticed. The Joint Chiefs of Staff, CIA, DIA, and the State Department were completely taken by surprise when the American supported Afghanistan Government collapsed in two short weeks. Joe Biden ordered the Border fence stopped on Inauguration Day, and now the Border is overrun by RECORD Numbers of Illegal Immigrants.
Pissing in the wind.
Based on about 20m barrels per day domestic US use: 2% of that for 125 days. Then it’s all gone. Then what? What’s their plan? CON27?
Based on this government’s behaviour, including their hostility to oil and gas, the problem will surely get worse; and racists will be to blame.
Ironically, that will be the case, imho.
How long will Americans be satisfied with leave it in the ground frauds, charlatans and climate change boondoggle rent seekers?
Watermelons spoil much sooner in the summer, especially driving season; or is it our new “hereditary” rulers, co-opted by cronies?
Enough, (just?) Americans voted for this, to get it good and hard. Same goes for Canadians. Grounded by leave it in the ground zealots.