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Oculus Spirit [98607]
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Biden is releasing 1 million barrels of gasoline to drop gas prices before
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May 21, 2024, 4:00 PM
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July 4th. To help keep inflation down, yada yada.
https://apnews.com/article/gas-prices-biden-northeast-reserve-6fa669ef3c963d212852513e4b312060
Ok, so I did a little research. US consumes roughly 9 million barrels of gasoline, PER DAY. So Biden is releasing 1/9 of ONE DAY of gas, and he expects that to lower prices at the pump?
So pretend he released that all in a single day. That would lower prices at the pump 11%, or roughly $0.33. So you'd get a day of gas at $2.67 a gallon here in SC, then it's gone. So say he releases it over a 30 day period? Ok, that's a savings of a penny and some change, per gallon, and then in a month it's gone.
Do people still fall for this garbage?
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All-In [26862]
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Its an election year
May 21, 2024, 4:03 PM
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It’s why he told Morehouse students that America hates them.
Right out of the playbook.
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All-In [43019]
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Re: Its an election year
May 22, 2024, 10:30 AM
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It’s why he told Morehouse students that America hates them.
Why do you just make up lies? You know how easy it is to disprove them, right?
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CU Guru [1591]
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Re: Its an election year
May 22, 2024, 10:47 AM
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He said black people have to work 10xs harder to achieve something in this country. It’s false but if it was true, why would that be? Because we love black people?
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All-In [43019]
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Show me the exact quote where you think he said America hates em
May 22, 2024, 10:50 AM
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Also, Clem Chem does actually hate them.
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All-In [25492]
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A feeble attempt to display his 'working man' persona...Optics.***
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May 21, 2024, 4:07 PM
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All-In [34429]
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It sounds like he didn't have a choice, other than the timing.
May 21, 2024, 4:58 PM
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Article talks about a "mandate from Congress" to sell off the reserve.
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Oculus Spirit [98607]
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That's what the article says. That's not what Biden said.***
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May 21, 2024, 5:07 PM
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110%er [5027]
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Re: Biden is releasing 1 million barrels of gasoline to drop gas prices before
May 21, 2024, 7:33 PM
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What do you expect from a party that shows again and again not to understand basic economics? Besides the left proudly makes it clear they want high gas prices to make it harder to destroy mother earth.
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Oculus Spirit [98607]
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Read somewhere this was a GOP demand in their budget compromise to raise the
May 21, 2024, 8:11 PM
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spending limit to avoid a shutdown. Not sure, but that's what I read somewhere.
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All-TigerNet [11697]
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What a stupid move...
May 21, 2024, 8:07 PM
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I couldn't find who pushed for the sell off and closure only it's through the DOE.
People in the NE will now be faaaaaaaawked by supply issues as they don't have a 42,000,000 gallon storage buffer. They'll have to truck it in.
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All-In [25492]
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Good.***
May 21, 2024, 9:41 PM
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Standout [318]
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Yeah, just ignore the fact that
May 21, 2024, 9:38 PM
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Congress mandated selling off and closing this reserve. And why were Republicans so critical of the northeast reserve? They complained that Barack Obama created it without the approval of Congress. Cry more, ignoramuses.
Here’s a head-start on getting informed: https://www.eenews.net/articles/heres-whats-in-the-first-spending-package/
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All-In [32108]
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You can't really calc the impact of the release....
May 22, 2024, 7:38 AM
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It's a lot more complicated than that.
Also weird that you didn't mention that he was required by Congress to close the reserve.
It's got to be close by end June. Why is it unreasonable to time it to try to impact holiday pricing?
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Oculus Spirit [98607]
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Yeah, it was weird Biden never mentioned this either
May 22, 2024, 10:03 AM
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Nor the DOE.
WASHINGTON, D.C.— Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced a solicitation for the sale and liquidation of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR). This solicitation is strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer.
“The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” said U.S. Secretary of Energy Jennifer M. Granholm. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”
https://www.energy.gov/articles/us-department-energy-announces-sale-northeast-gasoline-supply-reserve-americans-hit-road
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All-In [32108]
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Well, he's a politician...
May 22, 2024, 2:05 PM
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what's your excuse?
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110%er [7630]
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Adding ~1 MM of gas to NE region will have pretty big impact on regional gas $s
May 22, 2024, 1:54 PM
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Did anyone notice that the gasoline reserve (not crude oil, but already refined gasoline) will only affect gasoline prices in the NE USA?
Which means the OBiden Handlers Admin will be able to strongly manipulate gasoline supply (and prices) for ~ 1/2 day for the NE USA only.
Sure, the NE USA (NJ, NY, and New England) has more than 11% of America’s population. However, the driving distances in the NE are shorter than anywhere else in the country.
Given that context, this release of prepaid-by-the-taxpayer gasoline will indeed have a disproportionately big impact on gasoline prices in the NE for well longer than 1/2 day.
Gasoline supply and gasoline demand are closely aligned. Pressures which incrementally reduce supply (or increases supply) have disproportionate impact on prices. That is because the creation of new supply is not easy. Refinery capacity and fuel transportation capacity are semi-fixed variables. By releasing supply of already refined gasoline in a region near to where the demand will occur, then a rare situation in which gasoline supply can actually be increased rapidly is created.
Gasoline demand, on the other hand, can be easily impacted by daily price changes.
Incrementally meaningful new supply will be absorbed via lowering of prices; thus, demand gets increased to match the new supply.
(*). Once again, OBiden Handlers Admin finds a way to exploit an endowment of resources (previously paid by the taxpayers) for their immediate political purposes. As usual, America’s lefties view this type of thing as being the right thing for America. Idiots.
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Orange Blooded [4207]
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If only he had a strategic egg, milk & bread reserve
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May 22, 2024, 2:13 PM
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This is the type of things presidents should be impeached for
Using a reserve that’s meant to weather supply shocks and repurposing it try and improve his #### poor approval rating
Heaven forbid the Middle East blows up this fall
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