Remember high gas prices? Thank you Joe Biden!!!
- Thread starter ☑︎#VoteDemocrat
- Start date
Higher Learning needs new mods already
Both @FAH1223 nor @tru_m.a.c neither don't care about actually policing lies of right wingers and autocratic defenders of propaganda and disinformation. This forum doesn't have to allow free speech, nor should it. Stand up for something for once and stop letting these two define acceptable...
www.thecoli.com
#bothsides
isn't cali
The US is refilling strategic oil reserves as fast as it can amid lower prices, but there are physical limits, Energy Department official says
282Aruni Soni
Mon, December 4, 2023 at 10:25 PM EST·2 min read
Private security contractors patrol the US Department of Energy's Strategic Petroleum Reserve in Bryan Mound, Texas.Reuters
- The Strategic Petroleum Reserve is being refilled with 3 million barrels a month as oil prices fall.
- But refills have a limit because of the physical capacity of the reserves, a top energy official has said.
- The SPR has 352 million barrels of oil, which is still less than half of 2010 highs.
The Biden administration drained 180 million barrels from the Strategic Petroleum Reserve last year to stabilize prices after they spiked in the aftermath of Russia's invasion of Ukraine. Now, 3 million barrels of oil a month are going back in.
"We are refilling as much as we can," David Turk, the deputy energy secretary, said on Bloomberg TV on Monday. "We've been doing that for the last several months. And at this price level, we'll keep doing it."
WTI crude is trading at $73 a barrel, down from its September high of nearly $94. That drop in prices arrives as US crude production has set fresh record highs of more than 13.2 million barrels a day.
But as low as prices may be, there's a limit to how much oil can be funneled into the SPR. Turk said 3 million barrels a month was the current physical limit of how much the US could buy back.
"So we will be doing at least 3 million barrels, and we hope we can bring more capacity online at these price levels to buy as much as we can to refill to make sure we've got that available when we need it in the future," he added.
The current stock of oil in the SPR is roughly 352 million barrels, according to the Energy Information Administration, hovering around 40-year lows and less than half of the all-time highs from 2010.
Dan Yergin, an energy expert, said in October after oil prices jumped in the wake of the Israel-Hamas conflict that the SPR levels were almost past the comfort level to use.
"We've used about half of it, so it would be harder to use it," he told CNBC. "And we're kind of getting to a level where you don't want to use it."
Read the original article on Business Insider
/cloudfront-us-east-2.images.arcpublishing.com/reuters/7YRGRBEKY5PWPEFJFISTZQA5XE.jpg)
Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts
Saudi Arabia and Russia, the world's two biggest oil exporters, called for all OPEC+ members to join a deal on output cuts.
www.reuters.com
Russia and Saudi Arabia urge all OPEC+ powers to join oil cuts
By Guy Faulconbridge and Vladimir SoldatkinDecember 7, 202310:29 AM ESTUpdated 16 hours ago
[1/2]Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman walk during a meeting in Riyadh, Saudi Arabia December 6, 2023. Sputnik/Aleksey Nikolskyi/Kremlin via REUTERS/ File Photo Acquire Licensing Rights
- Summary
- Putin discussed OPEC+ with MbS
- MbS emphasises need to commit to OPEC+ agreement
- Putin hosts Iranian president in Moscow
MOSCOW, Dec 7 (Reuters) - Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy only days after a fractious meeting of the producers' club.
Hours after Russian President Vladimir Putin went to Riyadh in a hastily arranged visit to meet Saudi Crown Prince Mohammed bin Salman, the Kremlin released a joint Russian-Saudi statement about the conclusion of their discussions.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies agreed last week to new voluntary cuts of about 2.2 million barrels per day (bpd), led by Saudi Arabia and Russia rolling over their voluntary cuts of 1.3 million bpd.
"In the field of energy, the two sides commended the close cooperation between them and the successful efforts of the OPEC+ countries in enhancing the stability of global oil markets," said the statement released by the Kremlin.
"They stressed the importance of continuing this cooperation, and the need for all participating countries to join to the OPEC+ agreement, in a way that serves the interests of producers and consumers and supports the growth of the global economy," the statement, which was in Russian, added.
The Russian version used the word "join" while an English translation of the statement, also released by the Kremlin, used the word "adhere" to the OPEC+ agreement.
Saudi state news agency SPA said that the crown prince, known as MbS, and Putin had emphasised in their meeting the need for OPEC+ members to commit to the group's agreement.
Oil market sources said that such an explicit public remark from the Kremlin and the kingdom about "joining" cuts appeared to be an attempt to send a message to members of the OPEC+ club who had not cut or not cut enough.
The biggest member of OPEC excluded from the cuts is Iran, the economy of which has been under various U.S. sanctions since 1979 after the seizure of the U.S. embassy in Tehran.
Iran is boosting production and hopes to reach output of 3.6 million bpd by March 20 next year.
After his return to Moscow from Saudi Arabia, Putin on Thursday held talks with Iranian President Ebrahim Raisi in the Kremlin, along with Russia's Deputy Prime Minister Alexander Novak and Defence Minister Sergei Shoigu.
PUTIN IN RIYADH
Mystery still surrounds Putin's trip to Riyadh and Abu Dhabi, on which he was escorted by four Russian fighter jets, and it was not immediately clear what particular issue was so important for Putin to make a rare overseas trip.The Kremlin said Putin and MbS also discussed the conflicts in Gaza, Ukraine and Yemen, the Iranian nuclear programme and deepening defence cooperation.
MbS, 38, has sought to reassert Saudi Arabia as a regional power with less deference to the United States. Saudi Arabia is the biggest purchaser of U.S. arms.
Putin, who sent troops into Ukraine in February 2022, says Russia is engaged in an existential battle with the West and has courted allies across the Middle East, Africa, Latin America and Asia amid Western attempts to isolate Moscow.
"With regard to the crisis in Ukraine, the Russian side expressed appreciation for the humanitarian and political efforts undertaken by His Royal Highness Mohammed bin Salman," the joint statement said.
OPEC+ DISCORD?
Producer group OPEC+, the members of which pump more than 40% of the world's oil, had to delay its meeting over disagreements with African producers about output, though some traders said they suspected a deeper schism inside the group.After the producers decided to cut supply, oil prices fell to a five-month low - a clear sign that the market had expected more forthright action from OPEC+.
Putin and MbS, who together control a fifth of the oil pumped each day, were shown smiling and engaging in an effusive handshake as Putin emerged from his car in the Saudi capital.
Both MbS and Putin, 71, want and need high prices for oil, the lifeblood of their economies. The question for both is how much of the burden each should take on to keep prices aloft, and how to verify the burden.
At the talks with MbS, Putin said that a planned visit by the prince to Russia had been changed at the last minute, prompting him to visit Riyadh.
"We awaited you in Moscow," Putin told MbS with a smile.
"I know that events forced a correction to those plans, but as I have already said, nothing can prevent the development of our friendly relations."
Putin then said: "But the next meeting should be in Moscow."
The crown prince said through a Russian translator that he was ready to do that.
"Then we are agreed," Putin said.
Reporting by Reuters Editing by Alexander Smith, Mark Potter and David Goodman
Our Standards: The Thomson Reuters Trust Principles.
Joe Biden gas price stickers haven't aged well
Last year, Biden critics placed stickers on gas pumps slamming him over inflation, but now prices are coming down.
www.newsweek.com
Joe Biden Gas Price Stickers Haven't Aged Well
Today at null
By Kate Plummer
FOLLOW
Stickers blaming Joe Biden for the high price of gasoline have backfired in light of gas prices decreasing.
From late 2021, stickers featuring the president pointing alongside the words "I did that" started appearing at gas pumps across the country. In 2022, the sticker campaign became more well-known in light of rising gas prices, which reached around $4.59 per gallon in May 2022, more than double the price at the start of 2021.
Critics blame Biden for rising gas prices, while Biden blamed disruptions to global supply due to the Covid pandemic and Russia's invasion of Ukraine.
"I'll tell you what, the little stickers on gas pumps all across the country illustrate the American people know exactly whose fault this is," Texas Senator Ted Cruz said in May 2022. "This was deliberate. This isn't an accident. This isn't an unintended side effect. This is exactly what Joe Biden promised he would do, and it's what he's done."
I did that sticker
A person holds up stickers mocking President Joe Biden on May 12, 2022, in Harleysville, Pennsylvania. Last year, Biden critics placed the stickers on gas pumps criticizing him over inflation.PHOTO BY MICHAEL M. SANTIAGO/GETTY IMAGES
In April 2022, The Minnesota Service Station and Convenience Store Association, which represents more than 300 gas stations in Minnesota, issued a statement asking customers to stop using the stickers.
"Retailers in the fueling industry don't like high gas prices just like everyone else. As for the President Biden 'I did that' decals that may be attached to fueling dispensers, fueling retailers continue removing these decals as fast as they are placed by a third-party individual," said Lance Klatt, executive director of the Minnesota Service Station and Convenience Store Association. "A retail business is no place for politics."
Gas prices have fallen since the sticker campaign was at its peak. The national average gas price is now $3.122 per gallon, according to the American Automobile Association (AAA). By December 12, gas prices had fallen 19 percent since September, with 12 straight weeks of decline. There is, though, less demand for gas in winter than in the summer.
With that in mind, posting on X, formerly Twitter, people mocked Biden critics by posting an image of a gas pump that lists prices at $2.219 per gallon. It is unclear where the picture was taken or when, but AAA currently lists Mississippi as the state with the cheapest average gas, at $2.666 per gallon, slightly more than the price shown in the image.
Newsweek reached out to representatives of Biden via email for comment.
Some people on X pointed out that gas prices in some areas of the country are still high, though. In Washington, AAA reports an average price of $4.145 per gallon this week. Hawaii has the highest average price, at $4.662 per gallon.
