Biden SPR Release Panned As ‘Spectacular Own Goal’

Biden SPR Release Panned As ‘Spectacular Own Goal’

"Underwhelming." That was one adjective bandied about on Wednesday to describe the impact of the Biden administration's announcement of a coordinated strategic reserve release aimed at bringing down gas prices. The joint move with China, Japan, India, South Korea and the UK was already priced in, something administration officials attempted to spin as purposeful and desirable. There is, of course, a political motive, although I'd hardly describe it as "ulterior." I've variously argued that th
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3 thoughts on “Biden SPR Release Panned As ‘Spectacular Own Goal’

  1. High sulfur oil from the SPR is NOT what the refineries need. I don’t understand why we want to be dependent on foreign energy when we have abundant resources at home. There seems to be no transition, just postering.

    1. Yeah, and see that’s the thing. I’ve never made a secret of my own progressive leanings, but we either need to do it or not. Obviously, not doing it means the end of the world at some undefined future date, but lying to ourselves by saying we can’t afford to make the transition (the US is the sole legal issuer of the world’s reserve currency — there isn’t anything the country can’t “afford”) on the way to adopting half measures is going to continue to produce ridiculous outcomes.

  2. This SPR drawdown is patently stupid on its face. In fact, the idea of the SPR is pretty dumb as well. The “release” amounts to 50 million barrels. Big whoop. To most people this seems like a huge move but our daily petroleum consumption in the US is 17 mil barrels so this supposed big move represents only three days worth of usage, if we could make it all into gasoline, which we can’t. As to lowering oil prices, forget it. Global consumption of oil will hit 96.5 mil bpd in 2021, so this big release is 12 hours worth out of just one day’s consumption or a little over 1 tenth of one percent of global demand, Come on, man! Anyway, some day we might actually need this stuff when the zombie apocalypse comes and those nasty guys have caused end times.

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