Good news everybody.
Oil price worries are a thing of the past. No, Joe isn’t about to authorize domestic drilling. But he’s going to release 1 million barrels of oil. That’s right I said, 1 million barrels.
Biden Plan Would Release a Million Barrels of Oil a Day From Reserve – New York Times
Sounds exciting. Tell me more?
President Biden is considering a plan to release one million barrels of oil a day from the Strategic Petroleum Reserve for as long as 180 days, a move that would add a large amount of oil to the global market
A large amount of oil?
This comes after Biden’s 50 million barrels of oil release last year. Anyone remember how that worked out?
What does a million barrels a day come out to?
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.
So that’s about enough oil for an hour and a half. It’s something, but mostly it’s a hollow political charade. We need to increase domestic supply instead of moving around what we already have. Biden doesn’t want to increase the supply so he’s playing musical oil chairs.and hoping people don’t notice how useless this latest version of the stunt is.