WTI Crude 93.79

[multigraincracker]

Kind of early for repubs the be running on oil prices.

[gay texan]

1. whats crazy is all of the support businesses

are absolutely thumping right now. They cant get enough people. I'm out here in the middle of it in west Texas.

[Walleye]

2. Joe did that

[progree]

3. I hope not. It was less than $56 when he took office

Last edited Mon Jul 25, 2022, 06:12 AM - Edit history (1)

https://www.oilcrudeprice.com/wti-oil-price-history/#:~:text=WTI%20Oil%20Prices%20In%20US%20Dollar%20%20,%20%20%24109.03%20%2015%20more%20rows%20

Also considerably higher than the Trump era peak of about $77. So lets hope that it gets below this level.

[Warpy]

4. Without his timely release of oil from the strategic reserve

oil prices would have gone much higher and we'd be looking at the $7-10 they're paying in a lot of Europe.

Broadcast bobbleheads just never mention that part, their heads are still stuck too far up right wing ass.

[progree]

5. The oil market is a world market. The main reason for high gasoline prices in Europe is the

Last edited Mon Jul 25, 2022, 05:10 PM - Edit history (3)

gasoline taxes. They've chosen that route as a main source to fund their government budgets, which also helps to reduce their greenhouse gas emissions to much lower per capita than the U.S.


This International Business Times article from 2013 says...

The average U.S. resident actually pays anywhere between $2 and $0.90 less than the actual market value of gasoline because of government subsidies

Administrations of all stripes have been using the Strategic Petroleum Reserve in its 50 year history, even to help fund the deficit. I am glad to see it put to good use. A release of SPR reserves of a million barrels / day is about 1.3% of 2021 world oil production.

According to FactCheck.org, (July 14, 2022), that 1 million/day is about one third of the 3 million barrels that the U.S. exports daily to other countries.
Edited To Add: they aren't saying that most or all or any more than a small percent of SPR releases actually end up overseas. It's only a comparison to indicate the scale of the amounts involved, and to emphasize that the U.S. is part of a world oil market.

[Warpy]

6. Without his timely releasre from the strategic reserve

they might be paying $10=12 per gallon.

Yes, I know about their tax structure. I also know about the world petroleum market and how the release from the US reserves helped to stop runaway inflation in it.

[progree]

7. I doubt it very much that releasing what amounts to 1.2% of daily world production brought

gasoline prices down by several dollars a gallon here or in Europe (relative to what they would be without the release). Nor do I think any economist believes that either. None that I've read or heard of.

Slowing world economies might have more to do with it -- e.g. U.S. Q1 GDP down 1.6% annualized, headlines about Germany and more broadly Europe on the cusp of recession, and consumers reacting to higher prices.

But let's leave it as a difference of opinion between two message board randos about how effective it was. I'm glad he did the SPR release too.