According to this report, "Joe Biden's" tapping of the Strategic Petroleum Reserve (SPR) will benefit mostly China and India:
What a moron!
In a former life I processed at least two air pollution permits for the SPR. As I recall, there was an inconsistency between the two - the estimated emissions were significantly different when I thought they ought to have been the same. I cannot remember how (or if) we resolved that inconsistency, but it did make me suspicious about what really goes on at SPR.
Anyway, releasing this latest batch of oil is a PR stunt which wouldn't make much difference even if it didn't benefit China and India. The US consumes about 18 million barrels per day, so this batch represents less than 3 days worth.
And by the way, the last time I looked oil leases in the Gulf of Mexico were owned mainly by Canadian oil companies. So we may not even benefit financially from the sale of that oil.
I wonder if our Secretary of Energy knows any of that.
Update - 11/30/2021
Here is additional discussion:
https://www.rt.com/business/541633-biden-blunder-sends-oil-higher/
Here's a question for ya - why are we putting sour crude into the SPR? If it's harder to refine, wouldn't that be a problem in a REAL crisis? My guess is someone decided we could have a larger inventory and spend less money by buying crappier crude. That sounds like a bad idea to me.
What do you think?
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