6 ms·

We don't _need_ to. It is to lower prices that are fairly high and OPEC doesn't want to increase supply. So governments are doing what they can to increase supp

We don't _need_ to. It is to lower prices that are fairly high and OPEC doesn't want to increase supply. So governments are doing what they can to increase supply and retaliate against OPEC.

sAbakumoff 5y ago
+ Biden is trying to save his plummeting ratings.
- kibwen 5y ago
  India, China, Japan, Korea, and the UK are not doing this to prop up Biden's popularity. Sometimes (nearly every time), a cigar is just a cigar.
  - sAbakumoff 5y ago
    but sometimes a cigar with 40% approval rating confirms that he is looking for re-election[1] in 2024 right before opening the oil reserve [1] - https://www.theguardian.com/us-news/2021/nov/22/joe-biden-intends-to-run-again-2024-white-house https://www.theguardian.com/us-news/2021/nov/22/joe-biden-in...
    - dTal 5y ago
      All US presidents seek reelection. This narrative has zero explanatory or predictive power.
      - sAbakumoff 5y ago
        Biden is 79 years old and he demonstrated some terrible mental health issues at times when he came out of the basement last year. it's not clear why he would seek for reelection given these conditions.
    - hn_throwaway_99 5y ago
      Voters barely remember what someone did six months ago. You honestly think they are going to remember, or care, what gas prices were 3 years before an election?
      - sAbakumoff 5y ago
        I think that by lowering gas prices he slightly increases probability of "Build Back Better" to be passed because somehow republicans and radical democrats(Manchin and others) were able to couple future spending plans with the current inflation and gas prices and sell this BS to the public. BBB is a big win for Biden and it could help him and dems in 2022 and 2024.
      - treeman79 5y ago
        Losing a war. Leaving hundreds of Americans stranded, people who helped us being slaughtered. You don’t come back from that.
        deleted 5y ago
        [deleted]
        trasz 5y ago
        Yeah, paying attention to a a few troubled Americans while ignoring hundreds of thousands of actual victims sounds like typical US mentality.
        jasonlaramburu 5y ago
        Pretty sure that war was lost a long time ago.
        sAbakumoff 5y ago
        I thought that Obama actually won this war back in 2012 when they found and killed bin laden, no?
        hermes8329 5y ago
        That was basically the only win in that war
    - swarnie 5y ago
      You put far too much faith in the American electorate....
    - tomc1985 5y ago
      The government is actually trying to do something for folks and yet they are still ungrateful
      - zthrowaway 5y ago
        By shutting down the keystone pipeline which jump started this mess? The government doesn’t help you. You are just here, they do what is in their best interest. Big daddy government won’t solve your problems.
        tomc1985 5y ago
        How do you extrapolate all that from such a simple statement?
- fortran77 5y ago
  He told Landlords that they can't charge rent anymore -- he should just tell gas stations that they can't sell gas for more than $N/gallon
  - mrtesthah 5y ago
    I’m fine with whatever it takes to finally take down the fossil fuel economy. There’s no more room in the atmosphere for any more additional CO2.
    - zthrowaway 5y ago
      If you want to live like it’s 1870 go for it.
  - imtringued 5y ago
    Some people will end up with more gas than they need, others with less. It's a bad idea.
    - coryrc 5y ago
      GP is well aware of that fact.
  - AnthonyMouse 5y ago
    > He told Landlords that they can't charge rent anymore -- he should just tell gas stations that they can't sell gas for more than $N/gallon I strongly support this idea because the fallout will be so swift and severe that it will teach a generation of people to never do such things again.
    - grandmczeb 5y ago
      The existing supply of price control failures is quite large. I’m guessing a strategic release of a new example will likely not have much of an impact.
      - 5y ago
nanis 5y ago
Depleting reserve capacity does not increase the long term supply curve. When the reserves are depleted, you are back where you started because the supply shocks are real. Production possibilities are down globally due to the destruction wrought by measures where the sole concern is CYA by governments when it comes to COVID19. An increase in supply would mean more oil available at every price. That can only happen by getting it out of the ground, transporting it to refineries, distributing the resulting product to gas stations etc. Higher prices in the face of increasing inflation may just maintain the incentives for producers in non-OPEC countries. Releasing reserves, to the extent that it can have an effect, will tend to counteract that incentive. If this is due to sinister plans of OPEC governments, one must realize that it is certainly within their capacity to wait for the temporary increase in quantity available to dissipate. Current total U.S. reserves[1] are 605 million barrels. Of which 253 million barrels are sweet. > In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum. This was the lowest level of annual consumption since 1995.[2] According to this[3], >> Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide and it is commonly used for processing into gasoline, kerosene, and high-quality diesel. Before sour crude oil can be refined into gasoline, impurities need to be removed, therefore increasing the cost of processing. Therefore, it doesn't sound like releasing the sour variety would do much to reduce gas prices. Putting these facts together, if the U.S. depleted all its sweet reserves in this folly, it would cover about two weeks of consumption. [1]: https://www.spr.doe.gov/dir/dir.html https://www.spr.doe.gov/dir/dir.html [2]: https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 [3]: https://www.indexmundi.com/commodities/glossary/sweet-vs-sour-crude-oil https://www.indexmundi.com/commodities/glossary/sweet-vs-sou...
- nanis 5y ago
  According to this[1]: > President Biden announced Tuesday that his administration was releasing 50 million barrels of oil from the Strategic Petroleum Reserve to help combat rising gas prices — hours before millions of Americans are expected to hit the road for Thanksgiving. [1]: https://nypost.com/2021/11/23/biden-approves-release-of-50m-barrels-of-oil-amid-rising-gas-prices/ https://nypost.com/2021/11/23/biden-approves-release-of-50m-...

We don't _need_ to. It is to lower prices that are fairly high and OPEC doesn't want to increase supply. So governments are doing what they can to increase supply and retaliate against OPEC.

sAbakumoff 5y ago

+ Biden is trying to save his plummeting ratings.

kibwen 5y ago
India, China, Japan, Korea, and the UK are not doing this to prop up Biden's popularity. Sometimes (nearly every time), a cigar is just a cigar.
- sAbakumoff 5y ago
  but sometimes a cigar with 40% approval rating confirms that he is looking for re-election[1] in 2024 right before opening the oil reserve [1] - https://www.theguardian.com/us-news/2021/nov/22/joe-biden-intends-to-run-again-2024-white-house https://www.theguardian.com/us-news/2021/nov/22/joe-biden-in...
  - dTal 5y ago
    All US presidents seek reelection. This narrative has zero explanatory or predictive power.
    - sAbakumoff 5y ago
      Biden is 79 years old and he demonstrated some terrible mental health issues at times when he came out of the basement last year. it's not clear why he would seek for reelection given these conditions.
  - hn_throwaway_99 5y ago
    Voters barely remember what someone did six months ago. You honestly think they are going to remember, or care, what gas prices were 3 years before an election?
    - sAbakumoff 5y ago
      I think that by lowering gas prices he slightly increases probability of "Build Back Better" to be passed because somehow republicans and radical democrats(Manchin and others) were able to couple future spending plans with the current inflation and gas prices and sell this BS to the public. BBB is a big win for Biden and it could help him and dems in 2022 and 2024.
    - treeman79 5y ago
      Losing a war. Leaving hundreds of Americans stranded, people who helped us being slaughtered. You don’t come back from that.
      - deleted 5y ago
        [deleted]
      - trasz 5y ago
        Yeah, paying attention to a a few troubled Americans while ignoring hundreds of thousands of actual victims sounds like typical US mentality.
      - jasonlaramburu 5y ago
        Pretty sure that war was lost a long time ago.
      - sAbakumoff 5y ago
        I thought that Obama actually won this war back in 2012 when they found and killed bin laden, no?
        hermes8329 5y ago
        That was basically the only win in that war
  - swarnie 5y ago
    You put far too much faith in the American electorate....
  - tomc1985 5y ago
    The government is actually trying to do something for folks and yet they are still ungrateful
    - zthrowaway 5y ago
      By shutting down the keystone pipeline which jump started this mess? The government doesn’t help you. You are just here, they do what is in their best interest. Big daddy government won’t solve your problems.
      - tomc1985 5y ago
        How do you extrapolate all that from such a simple statement?
fortran77 5y ago
He told Landlords that they can't charge rent anymore -- he should just tell gas stations that they can't sell gas for more than $N/gallon
- mrtesthah 5y ago
  I’m fine with whatever it takes to finally take down the fossil fuel economy. There’s no more room in the atmosphere for any more additional CO2.
  - zthrowaway 5y ago
    If you want to live like it’s 1870 go for it.
- imtringued 5y ago
  Some people will end up with more gas than they need, others with less. It's a bad idea.
  - coryrc 5y ago
    GP is well aware of that fact.
- AnthonyMouse 5y ago
  > He told Landlords that they can't charge rent anymore -- he should just tell gas stations that they can't sell gas for more than $N/gallon I strongly support this idea because the fallout will be so swift and severe that it will teach a generation of people to never do such things again.
  - grandmczeb 5y ago
    The existing supply of price control failures is quite large. I’m guessing a strategic release of a new example will likely not have much of an impact.
    - 5y ago

nanis 5y ago

Depleting reserve capacity does not increase the long term supply curve. When the reserves are depleted, you are back where you started because the supply shocks are real. Production possibilities are down globally due to the destruction wrought by measures where the sole concern is CYA by governments when it comes to COVID19. An increase in supply would mean more oil available at every price. That can only happen by getting it out of the ground, transporting it to refineries, distributing the resulting product to gas stations etc. Higher prices in the face of increasing inflation may just maintain the incentives for producers in non-OPEC countries. Releasing reserves, to the extent that it can have an effect, will tend to counteract that incentive. If this is due to sinister plans of OPEC governments, one must realize that it is certainly within their capacity to wait for the temporary increase in quantity available to dissipate. Current total U.S. reserves[1] are 605 million barrels. Of which 253 million barrels are sweet. > In 2020, the United States consumed an average of about 18.19 million barrels of petroleum per day, or a total of about 6.66 billion barrels of petroleum. This was the lowest level of annual consumption since 1995.[2] According to this[3], >> Sweet crude oil contains small amounts of hydrogen sulfide and carbon dioxide and it is commonly used for processing into gasoline, kerosene, and high-quality diesel. Before sour crude oil can be refined into gasoline, impurities need to be removed, therefore increasing the cost of processing. Therefore, it doesn't sound like releasing the sour variety would do much to reduce gas prices. Putting these facts together, if the U.S. depleted all its sweet reserves in this folly, it would cover about two weeks of consumption. [1]: https://www.spr.doe.gov/dir/dir.html https://www.spr.doe.gov/dir/dir.html [2]: https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 https://www.eia.gov/tools/faqs/faq.php?id=33&t=6 [3]: https://www.indexmundi.com/commodities/glossary/sweet-vs-sour-crude-oil https://www.indexmundi.com/commodities/glossary/sweet-vs-sou...

nanis 5y ago
According to this[1]: > President Biden announced Tuesday that his administration was releasing 50 million barrels of oil from the Strategic Petroleum Reserve to help combat rising gas prices — hours before millions of Americans are expected to hit the road for Thanksgiving. [1]: https://nypost.com/2021/11/23/biden-approves-release-of-50m-barrels-of-oil-amid-rising-gas-prices/ https://nypost.com/2021/11/23/biden-approves-release-of-50m-...