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Biden send US oil from strategic reserve to China and India

Discussion in 'American Politics' started by hislegacy, Dec 1, 2021.

  1. hislegacy

    hislegacy A child at 20 weeks

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    So, Biden is tapping into the nation's strategic reserve and touting his decision as a move to help alleviate some of the pain Americans are experiencing at the gas pump, but rather than releasing all the taxpayer-bought oil into the U.S. supply, he's sending a "large portion" of the release to other countries, including America's foe, China. It seems unlikely that strategic stockpiles created for use in emergencies were intended to be sent to other countries.

    As even some on the left pointed out, Biden — who's staked part of his presidency on "going green" — releasing oil to two countries that are among the world's worst polluters does little to encourage other nations to be more efficient. And it also makes Biden's war on fossil fuels here at home more hypocritical.

    Biden killed the Keystone Pipeline on his first day in office, but allowed Russia to move forward with a pipeline project of its own. He's limited fossil fuel projects here in the United States — ones that are cleaner than facilities in China or India — while shipping American oil abroad. It makes no sense, but neither does the rest of Biden's energy policy.

     
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  2. inquiring mind

    inquiring mind associate with those you can learn from Supporter

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    Biden is just giving his 81M voters what they wanted...
     
  3. Albion

    Albion Factchecker

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    It's more the case that many of his ??million voters were completely hoodwinked by his campaign staff and the media into thinking he was a political moderate who would never do something as absurd as to tap the strategic reserve for the purposes of helping Democratic candidates in next year's elections, or to assist China with our own oil while we also buy oil from Russia.
     
  4. Hank77

    Hank77 Well-Known Member Supporter

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    This article includes details of the coordinated plan and what each country is doing, for instance China has also agreed to contribute from their country's reserves, etc.

    London (CNN Business)China confirmed on Wednesday that it would join the United States and other major energy-consuming nations in releasing strategic oil reserves to try to cool high prices and tame inflation.

    The White House announced Tuesday that the United States would release about 50 million barrels from its Strategic Petroleum Reserve, and that China, Japan, India, South Korea and the United Kingdom would participate in the coordinated move.
    ...
    The coordinated attempt to reduce prices follows a decision by OPEC+ to ignore calls to accelerate the pace at which the group is restoring supplies cut at the peak of the pandemic.
    Key details of the market intervention remain unclear, including the precise amounts that some major countries will contribute, but here's what we know so far about what other countries are doing:
    ...

    China is joining the US and other countries in tapping emergency oil reserves - CNN
     
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  5. Albion

    Albion Factchecker

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    1. The Strategic Reserve is meant to be used for real emergencies, not one intentionally created by the administration.

    2. The estimated benefit upon domestic gasoline prices has been put at a few days' worth at most. Obviously, it's not a solution to that problem.
     
  6. Hank77

    Hank77 Well-Known Member Supporter

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    What does that have to do with the OP article?
     
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  7. hislegacy

    hislegacy A child at 20 weeks

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    It is doing nothing but benefitting other countries now - I am sure China and India will make plenty of funds to help their nation.

    Meanwhile the American people are left out of any benefit.

    Joe turns his back on us again - he is getting good at it.
     
  8. inquiring mind

    inquiring mind associate with those you can learn from Supporter

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    Don't forget Hunter... he probably helped coordinate it.
     
  9. Bradskii

    Bradskii Well-Known Member

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    I think there's a typo in the op title. It should be 'Biden sells oil...'

    Seems it's a move to try to prompt OPEC to start increasing production.
     
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  10. grasping the after wind

    grasping the after wind That's grasping after the wind

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    Wouldn't it be more sensible to increase US oil production than to tap into reserves and encourage OPEC to increase their production? The environment doesn't care where the extra CO2 comes from so Biden's actions in encouraging others to increase and profit from oil production while reducing opportunities for the US to do so makes zero environmental or economic sense.
     
  11. Bradskii

    Bradskii Well-Known Member

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    First up, the environmental concens are not oart of the current equation. Secondly, there's nothing to stop US oil companies increasing their production. They cranked it back during covid because of a drop in demand but it takes time to get it back to pre covid levels. It's not like simply turning a tap on (whereas releasing reserves is not much more than that). The US Energy Secretary:

    'During Covid, it was down — they backed off because demand was not there because people were staying home, we know that. Now that things are back up, the production should be meeting that [demand], there have been rigs that have been added but not fully,” she added.' https://www.cnbc.com/2021/11/16/occidental-to-biden-ask-us-to-increase-oil-production-not-opec.html.'

    In other words, US companies are balancing supply and demand to maximise profit. Just as OPEC is doing. And you are paying the price for that at the pumps.

    I don't know if Biden could have the authority, but if the US oil companies were forced to drop the price at which they sell oil to Americans then you'd pay less for a gallon. But something tells me you'd prefer it if the government didn't do that. Sounds like...socialism to me. In which case you'll have to grin and bear it until the markets readjust.
     
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  12. dqhall

    dqhall Well-Known Member Supporter

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    The article is biased. The U.S. imports and exports oil.

    These are top five countries for exports from the U.S.:
    • Mexico—1.04 MMb/d—12%
    • Canada—0.93 MMb/d—11%
    • China—0.72 MMb/d—8%
    • Japan—0.52 MMb/d—6%
    • India—0.47 MMb/d—6%
    Frequently Asked Questions (FAQs) - U.S. Energy Information Administration (EIA)

    The U.S. imports 4 million barrels a day from Canada.
     
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  13. Parmallia

    Parmallia Active Member

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    Apparently this action is aimed at lowering global oil prices (America is still part of the earth so this will help us as well).

    "The U.S. action is aimed at global energy markets, but also at helping Americans coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel. Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association." (SOURCE)

    I'm not an economist so I don't really understand how that necessarily works, and interestingly enough YOU AREN'T EITHER!

    Nope, you jump on the most simplistic reason your limited view of geo-political and geo-economic forces affords you.

    Excellent show of extreme bias.
     
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  14. Parmallia

    Parmallia Active Member

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    Doesn't sound like it from sources that are not nearly as biased as you are.
     
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