The White House this morning announced that it would release 50 million barrels from the Strategic Petroleum reserves in a coordinated action with allied oil-consuming countries. We suppose this was inevitable after OPEC rejected the Biden administration's pleas for more oil earlier this month.
 
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Breitbart Business Digest
November 23, 2021

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The White House this morning announced that it would release 50 million barrels from the Strategic Petroleum reserves in a coordinated action with allied oil-consuming countries. We suppose this was inevitable after OPEC rejected the Biden administration's pleas for more oil earlier this month. Indeed, the market seemed to think so, pushing down the price of oil in the three weeks leading up to today's actions.

The market was unimpressed. Perhaps traders were expecting a bigger release from the U.S. Or perhaps they were underwhelmed by the releases planned by the likes of Japan, Britain, and India. Whatever the cause, the price of oil rose by more than three percent on Tuesday, exactly the opposite of what was intended.

Most importantly, the global market understands that OPEC is very much still in the driver's seat when it comes to oil prices. U.S. production and rig counts are still well below the pre-pandemic levels. With the Biden administration's policies and rhetoric aimed at discouraging investment in fossil fuel exploration and extraction—with the promise of even worse to come, perhaps in the form of the Federal Reserve pushing banks against taking "climate risk” investments—there's little chance of U.S. supply recovering. Who is going to invest new money in rigs when you can get subsidized returns by investing in electric fuel stations?

Those same policies also disincline the rest of the world's oil producers from increasing production to boost the U.S. economy. Why should the Saudis do us any favors when our ruling party has promised to eliminate the Kingdom's source of national wealth? The optimal strategy now is to extract as much wealth from the world, in the form of high prices, for as long as possible.

Perhaps out of frustration with the market refusing to take orders, President Biden later on Tuesday said he was instructing the Federal Trade Commission to investigate whether high gasoline prices were being caused by "illegal and potentially anticompetitive" behavior by "gas supply companies." He even had the nerve to complain that oil-producing nations had not increased supply to meet global demand. Apparently, no one in the White House bothered to tell the president that the U.S. is the biggest laggard in this regard, with 45 percent fewer operating oil rigs today than pre-pandemic.

Alex Marlow & John Carney
Breitbart News Network

 
 

TOP STORY

 
After Biden Caused Thousands of Layoffs, Granholm Complains Not Enough Oil & Gas Workers on the Job
Secretary of Energy Jennifer Granholm complained Tuesday in a White House briefing that there were not enough oil and gas workers to generate supply to lower gas prices, ignoring the fact that President Joe Biden caused thousands of layoffs. Granholm spoke after President Biden gave a speech about gas prices and the economy before leaving for Nantucket, Massachusetts, for a Thanksgiving vacation. Biden blamed foreign countries and American oil and gas companies for high fuel prices, as he released oil from the Strategic Petroleum Reserve and encouraged consumers to buy electric vehicles. Secretary Granholm continued in the same vein, accusing fossil fuel companies of letting oil and gas leases sit idle while they make “enormous profits.” She added: “In fact, there are 150,000 fewer workers in oil and gas today. It was over 200,000 people who were working in the industry before the pandemic. They have not re-hired people. They have not turned on the rigs. They have not taken advantage of the permits that they have, on the land that they have.” [Click here for more]
 

IN OTHER STORIES...

Oil, Gas Industry, Other Stakeholders: Oil Reserve Release Temporary, Real Relief Calls for Domestic Energy Production
Reaction to President Joe Biden’s announcement on Tuesday that he is releasing some 50 million barrels from the Strategic Petroleum Reserve has been swift and critics agree that the move is only a temporary fix and won’t reduce the ongoing rise of gas prices at the pump. That will require Biden reversing his policies that have hampered domestic production, including reopening shuttered pipelines and trying to ban oil and gas operations on federal... [Click here for more]
 
Backfire: Oil Prices Soar as Market Rejects Biden Administration’s Strategic Reserve Ploy
Oil prices rose above $82 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices. The price of Brent Sweet Crude, the global benchmark, rose by more than 3.3 percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also... [Click here for more]
 
Bidenflation Causes Dollar Tree to Raise Prices by 25 Percent to $1.25
President Joe Biden’s 30 year-high inflation has caused Dollar Tree to raise prices by 25 percent on the majority of its products, the company announced Tuesday. After 35 years of offering consumers, often “low-income consumers,” everyday products for just a dollar, Dollar Tree customers will have to fork over 25 percent more money, or $1.25, to purchase the majority of goods... [Click here for more]
 
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