SPR release is essentially short term noise for trading purposes... Aside from that, it really seems like a political ploy to improve Biden's image.
%% Maybe right; \11 months to elections. Many of the longer trends were + are down before the victory in VA. I was surprised by the oil lease on federal land lately , but i was not predicting\LOL
Biden has dug himself in pretty deep with a series of actions since taking office with regard to the crude situation - among other things. Tapping the SPR appears to be hoping there's some relief by digging some more.
China is the second largest economy in the world, right after the USA. It shouldn't be still termed the "developing" country. LOL It's a DEVELOPED country now. Its currency rate should be higher than the Euro. And so if USA is not releasing enough oil, perhaps China can pitch in and release its oil or spend to buy some oil to release?
One thing Biden did badly is his political confrontational style. He could have invited some energy company executives, like from Exxon, Chevron, Shell, Hess, Occidental etc. to White House. Also maybe some energy analysts too. Then Biden could have politely asked them to help to bring down the energy prices. But he did none of that. He asked FTC to investigate energy companies for illegal doing, which they did not do. Next Biden may accuse some hedge funds to CL and NG futures market manipulations etc....
Joe Biden trying very hard to destroy the US oil industry. He forgets one important detail. Oil is part of a huge number of people's lives the world over. Even the electricity that EV cars use is generated by power plants run by oil. Oil is inflationary too because shipping, air travel, power plants all use oil. So, cut the oil supply by cancelling pipeline projects, increase taxes and regulation over oil companies and teach them who is boss. The Arab sheiks are salivating and laughing at Joe Biden's utter stupidity because it makes them filthy rich. Meanwhile, US oil producers are staying put. Higher prices favor the oil companies to the dumb imbeciles who think trying to get rid of fossil fuels has no serious consequences. Oil can remain below the ground and not be pumped out. The reckless and dumb economic policies of Joe Biden will surely, cause serious pain to American consumers. Those who voted for him----you all deserve every bit of this.
This is just the appetizer. Higher inflation with the Build Back Better giveaway extravaganza as well as higher taxes on everyone. It is not the billionaires paying more taxes, they have their numerous tax loopholes. It would be the middle class without tax loopholes to shield their wages from higher taxes. Also, higher taxes on corporations in the Build Back Better will increase inflation with pass on, higher taxes on pretty much everything you buy. Thank your leader, Joe Biden voters. You got more surprise goodies coming your way. April 15, 2022 is coming soon. Say, thank you.
Well, that release of oil supply from US strategic reserves did squat as expected. The bigger issue of oil supply and anti-oil policies of Joe Biden continue to be ignored. Let us see how that turns out. And if oil hits $100 a barrel? You just wait. We are at $80 a barrel right now. https://www.marketwatch.com/story/o...eum-reserve-release-11637675310?siteid=yhoof2