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Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

April 18, 2022

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12:32 am

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43 comments

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Economics

Crude Notes

Russia invaded Ukraine on February 24, 2022. The price of WTI closed at $90.44
Crude prices spiked as high as $126.52 on March 7 but closed at $115.80.
The highest closing price was $119.65 on March 8.
On March 31, Biden announced release from the Strategic Petroleum Reserve. The price closed at $100.28.
Following the announcement, the price of crude declined to $92.29 on April 11.
That was all the relief consumers received. The WTI price is now back to $108.25 as of April 17.

On March 31, CNBC noted Oil prices slide as Biden announces largest-ever Strategic Petroleum Reserve release

Now What?

November 21, 2021 Flashback

On that date I proclaimed Biden’s Foolish Effort to Reduce Oil Prices by Tapping Reserves Will Fail.

On that date, the White House announced a coordinated release of oil reserves along with China, India, Japan, the U.K. and South Korea to ease gasoline prices.

The price of crude on November 21, 2021 was $76.20.

I was right then when I said it would fail and was right again on April 1, 2022.

Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It’s Illegal

On March 22, I noted Biden Doing Everything Possible to Drive Up the Price of Oil, Some of It’s Illegal.

MishTalk TV With the Head Energy Trader at Price Futures Group

On April 1, 2022 Phil Flynn and I discussed numerous Biden proposals to lower the price of gas and whether or not they will work.

Spoiler, we said Biden’s plan wouldn’t work. Phil Flynn noted Biden planned to release more oil from the reserves than was physically higher than the pipeline capacity!

For the video discussion, please see MishTalk TV With the Head Energy Trader at Price Futures Group

So does this president have a Plan B or not?

Not to worry, oil prices will come down in the upcoming global recession.

This post originated at MishTalk.Com.

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43 Comments

Newest

Oldest Most Voted

Ron Cataldi

4 years ago

Gasoline prices are significantly lower near me. Dropped 50 cents in the last 2 weeks. Gas prices are complicated and involve a lot more inputs than just crude oil price.

Zardoz

4 years ago

Emptying the strategic oil reserve so Karen McMommy can drive little Braedaen to school every day is not strategic.

KidHorn

4 years ago

I think Biden will be out before the mid terms. Democrats will panic and think replacing him will help.

BowserB46

4 years ago

Reply to KidHorn

I liked the idea, but Democrats do not admit mistakes and dumping Biden would be just that. Besides how will they do it in such a short time? One possibility that would tie in with their goal of disarming Americans, would be to have him assassinated, but I don’t see that either.

They will pull some underhanded trick, though, and it will work on their core voter base: welfare takers, millennials with big college debt for useless degrees and no jobs, other young people who have been brainwashed in school to believe you can just get money from the government forever, illegals voting illegally, and of course the great mass of low IQ, low information “I always vote Democrat” voters.

KidHorn

4 years ago

Reply to BowserB46

I don’t know how it will be done, but somehow they’ll convince him to step aside. Might convince him it’s best for the party.

Zardoz

4 years ago

Reply to KidHorn

Toot toot! Kook alert!

KidHorn

4 years ago

Reply to Zardoz

Isn’t today a school day? Why aren’t you in school? Did you miss the bus again?

Zardoz

4 years ago

Reply to KidHorn

I’m doing a report on kookery in old people. You’re my primary reference.

TheCaptain

4 years ago

Reply to KidHorn

And replace with Kameltoe? LOL!!! Oh please, make her the leader of the free world. Watch the dollar plunge.

TheCaptain

4 years ago

Not to put too fine a point on it Mish, but you and people like you voted for brandon. This is your fault as much as it is his.

Mish

4 years ago

Reply to TheCaptain

Are you trying to get booted. How the Flying F do you know I voted for Biden. The fact of the matter and I explained many times I do not like either Trump or Biden and in fact voted for neither of them. So, no this is not my fault, and if Trump was not such a moron about many things he would have won. Trump, not me lost the election. And if after losing he did not make such a fool out of himself, Republicans would have held the Senate. Trump like Hillary both need to look in the mirror to see who is to blame.

BowserB46

4 years ago

Reply to Mish

Holy SH*t, Mish. You are so busted. You are part of the 40% of self-proclaimed conservatives who DID NOT VOTE IN NOVEMBER 2020? Then you are indeed part of the problem. So much so, you are now exposed as just plain stupid. Did you “send a message” by not voting? Yes you did. You sent the message that not all morons are Democrats, and you’d rather have a career criminal that a career businessman in the White House. Mish, you might as well cancel me from your list, because as soon as I submit this, I’m unsubscribing. I get plenty of articles from The Burning Platform anyway. Adios, Mr. “I’m so smart and Trump is so dumb, I helped Biden get elected.”

Zardoz

4 years ago

Reply to BowserB46

Have fun in the kooky chamber!

hmk

4 years ago

Reply to BowserB46

Another possibility is that he voted third party. More people should

Zardoz

4 years ago

Reply to hmk

I used to think so, but results have been uniformly unsatisfactory. My Ron Paul votes were as tiny bursts of flatulence in a hurricane of feces.

And then he had to go and spawn Rand…

Maximus_Minimus

4 years ago

Reply to BowserB46

I voted for a third party libertarian candidate. You can’t put a sheet of paper between the main parties anyways, so I just might enjoy some fun rather than vote strategically.

Mr. Purple

4 years ago

Reply to BowserB46

Mish voted Libertarian YOU FUCKING IDIOT.

Casual_Observer2020

4 years ago

Reply to TheCaptain

This is where you don’t understand elections. The last two Presidential elections have been determined not by people voting FOR a candidate but voting against the one they didn’t want in office. And clearly you don’t understand government or elections. The outcome of an election just determines the winner and loser. It has very little to do with what happens after they get into office. You get it all wrong by trying to connect the two.

StukiMoi

4 years ago

Reply to Casual_Observer2020

It always cracks me up to get visitors from overseas who ask me how much better things are now, that Trump is no longer President. While, in reality, it hasn’t mattered one whit.

Ron Paul, with a properly well deserved mandate, would have made a difference. Endless rotations of braindead Twiddledumbests simply don’t.

SHOfan

4 years ago

Reply to Casual_Observer2020

It’s worse than that. The primaries are corrupt. The people don’t really elect candidates.

Biden was running 9th in the primaries yet won the nomination. Then people vote against who they don’t want. But they don’t get to vote for who they really want.

Same thing in 2016 election. Bernie was the Popular favorite, yet Hillary won the nomination.

Govt won’t change as long as elections are corrupt.

Lisa_Hooker

4 years ago

Reply to SHOfan

Shhh. Careful. Truth could be dangerous to your health.

Zardoz

4 years ago

Reply to Casual_Observer2020

I didn’t expect better, and if trump doesn’t run there’s a good chance I’ll flip over to a straight republican slate next time.

RonJ

4 years ago

Reply to TheCaptain

The powers that be weren’t going to let Trump win.

50 former intelligence officials: the Hunter laptop has all the earmarks of Russian disinfo. They knew that was false, because Bobolinski had already confirmed some of the material on it.

Google, Twitter, Facebook, the MSM, the kitchen sink, meddled in the 2020 election. Election rules were changed unconstitutionally in certain swing states. Illegal ballot trafficking. Even one of the Presidential Debate moderators was removed for his bias. The others really weren’t any more objective.

The election was corrupt. People just don’t want to see it, just as they don’t want to see how corrupt the public health agencies were in their handling of the Covid pandemic.

Zardoz

4 years ago

Reply to RonJ

Ooh! Another kooky konspiracy.

Occam’s razor says trump lost because he’s a narcissistic moron.

RonJ

4 years ago

Reply to Zardoz

I notice that you said nothing that refuted what i said.

Zardoz

4 years ago

Reply to RonJ

I noticed that none of you crybaby kooks have produced any evidence whatsoever the the election was rigged.

And even if it was, why did your omnipotent man crush let it happen while he had all 3 branches of government on his side?

Its a stupid premise, believed only by stupid people.

Maximus_Minimus

4 years ago

As operation Ukraine started, Biden admin went to Venezuela cap in hand to get oil on the market, but Venezuela demanded normalization which was too much. Then went to reinvent JCPOA which could have been just renewed, and Iran demanded total normalization, also taking the Islamic Revolutionary Guards Corps off the terror list. This has stalled the process.

These countries just demand too much, like being treated normally.

Casual_Observer2020

4 years ago

Not sure what’s going on but I paid a 2 year low for the weekly groceries I buy. Dairy prices are way down. While eggs were up, local farmers sold at cheaper prices. Gasoline below $5/gallon again at the discount place.

I think deflation and recession may be closer than we think. Last week I heard anecdotal evidence of corporate budgets being cut at multiple tech companies and some contracts not being renewed despite the so called labor shortage. If we enter the cutting our way to growth phase again then the economy is in quicksand.

Nuddernoitall

4 years ago

“Hello Mr. President. What will you do for an encore?” You realize Mish, Biden isn’t sitting at his desk…pencil in hand…. research papers strewn every whichaway… analyzing the best energy path for Americans… thoughtfully computing each of the various possible outcomes … all in the hopes of finding the perfect American choice for these times. Our President makes nary few policy choices these days. This is a man in a stage of cognitive decline. (Only the specific decline stage is to be debated.) What Biden does do, and he does it well, is what his handlers tell him. So, if I respectively may, your headline should be changed to, “Hello Mr. President’s handlers. What will you all do for an encore?”

Siliconguy

4 years ago

Reply to Nuddernoitall

“This is a man in a stage of cognitive decline. (Only the specific decline stage is to be debated.) What Biden does do, and he does it well, is what his handlers tell him.”

Jim Kunstler has been using “Joe Biden” (quotes intentional) to convey the same idea. Is Obama pulling his strings or someone else? Weekend at Bernie’s was not supposed to be an instructional manual.

Casual_Observer2020

4 years ago

Reply to Nuddernoitall

And the only reason he is there is because the last guy screwed it up so badly, voters felt they had no other choice.

Okienomics

4 years ago

Reply to Casual_Observer2020

If the shrill screaming media weren’t busy everyday telling us how awfully terribly tremendously horribly bad every word and action of the former president were, every minute of everyday, a few people might have voted differently. I think some voted the way they did because they couldn’t take anymore, but not from the President. They couldn’t take any more of the bitching.

Casual_Observer2020

4 years ago

Reply to Okienomics

A few wouldn’t have made a difference. The truth is the Trump was terrible in 2020 and it cost him the Presidency. I give Americans more credit than you because I think most are smart enough to think for themselves. I voted for Trump in 2016 and Biden in 2020. There are probably a lot more out there like me than would like to admit and this is clear based on the outcomes in 2016 and 2020. Trump wasn’t wrong about everything but he was terrible when it mattered the most. This is what will make presidents a one term president in most cases.

Zardoz

4 years ago

Reply to Okienomics

Trump is a freakshow that drives up engagement numbers. There’s no conspiracy, just capitalist media making a buck.

Lisa_Hooker

4 years ago

Reply to Casual_Observer2020

No, the last guy did not screw it up so badly.

However, enough people decided they did not want to re-elect a madman.

Mish

4 years ago

Reply to Nuddernoitall

Yes I do know that.

Elizabeth Warren is the effective president.

Wrote an article with that title.

Elizabeth Warren May as Well Be President, She Makes All Biden’s Calls

https://mishtalk.com/economics/elizabeth-warren-may-as-well-be-president-she-makes-all-bidens-calls

Casual_Observer2020

4 years ago

Reply to Mish

Actually things would be better if she were president because all these big companies would be broken up for violating anti-trust law. Exactly zero other candidates had the courage to call for breaking up big banks and big tech other than her. Last I checked exactly none of them have been broken up as they should be. We need a president who realizes that breaking this sham of an economy is actually good for all Americans.

TexasTim65

4 years ago

Reply to Casual_Observer2020

I takes decades to break up big companies (see AT&T in the 80s). So even if started now it wouldn’t take affect until the 2030s at the earliest.

Also it’s good for whom? Share holders in those companies (of which many are average Americans like ourselves) would undoubtedly lose as the shares plummeted on the news of the breakup (and the endless lawsuits to fight it). I don’t know about you, but I don’t want my 401K going down simply to help other average Americans when it’s not even 100% guaranteed to actually help in a meaningful manner.

Lastly, the many of baby Bells (the split up companies from AT&T) ultimately merged again 10-15 years later so that everything ended up back where it started (instead of 1 company we have like 3 now). Expect the same to happen in tech.

whirlaway

4 years ago

Reply to Mish

LOL. Even as progressives keep surrendering to the establishment DONORcrats almost every day. Here is the latest – https://www.youtube.com/watch?v=J36CoRUb_hI

Six000mileyear

4 years ago

Environmentalists are happy that higher oil prices make their renewable solutions more affordable.

One technology I came across this week is called V2G. It pays electric vehicle owners to discharge their EV car batteries into the power grid during the day. The investor piece honestly mentions the efficiencies of energy transfer; however, most people will not understand the technology will increase carbon emissions 50 to 100% when used. The investor piece also fails to educate people that additional generation capacity does not help solve brownouts and rolling black outs when power line capacity is the limiting factor. This could be the next Solyndra.

KidHorn

4 years ago

Reply to Six000mileyear

I think V2G needs to study up on the second law of thermodynamics.

Lisa_Hooker

4 years ago

Reply to KidHorn

Entropy always wins.

Always.

Zardoz

4 years ago

Reply to Six000mileyear

Yeah, I’m gonna use up my finite charge cycles to get maybe half that energy to someplace that can use it..

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Oil Prices Jump Again, Hello Mr. President, What Will You Do For an Encore?

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