Posted on Jul 18, 2022
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Biden is looking desperate out here in the streets and getting played. People are asking why travel 7K miles to beg Saudi Arabia for oil when we have our own oil reserves available!
Oil spikes to $100 per barrel as Biden fails to win Saudi pledge to boost output
Posted from nypost.com
Joe Biden
Oil and Energy
Saudi Arabia
Economy
Posted >1 y ago
Responses: 1
Oil reserves are only a short-term solution. Eventually the reserves get depleted and, if you don't replenish them, you no longer have a strategic oil reserve (and oil prices will return to the higher levels). On the other hand, if the US buys oil on the market to refill the strategic reserve, that additional buying pressure also causes oil prices return to the higher levels (and even higher in the short term). The only real options are to a) get OPEC to produce more oil, b) allow more drilling to produce our own oil, and/or c) transitioning to cleaner forms of energy and weaning ourself off oil.
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LTC Kevin B.
SSgt Ray Stone - All three options are not mutually exclusive. He could do all three at the same time. The politics would be difficult to manage though. Environmentalists would hate the drilling, the oil industry would hate the investment in green technology, and the foreign policy hawks and human rights people would hate the outreach to OPEC. On the bright side, Biden's poll numbers can't go much lower. I saw do all three and bunker down for any political fallout.
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