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President Biden's Mindless Energy Policies and Absurd Tweets

To drive down the price of oil, Biden released Strategic Oil Reserves. Take some guesses what happened.
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Image from a Tweet exchange discussed below.

Image from a Tweet exchange discussed below.

Oil From Strategic Oil Release Was Exported

Before discussing the above Tweet, please note that due to lack of refining capacity in the US, some Oil From U.S. Reserves Was Exported

  • More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, even as U.S. gasoline and diesel prices hit record highs.
  • The fourth-largest U.S. oil refiner, Phillips 66, shipped about 470,000 barrels of sour crude from the Big Hill SPR storage site in Texas to Trieste, Italy, according to U.S. Customs data. Trieste is home to a pipeline that sends oil to refineries in central Europe.
  • Atlantic Trading & Marketing, an arm of French oil major TotalEnergies, exported 2 cargoes of 560,000 barrels each.
  • Cargoes of SPR crude were also headed to the Netherlands and to a Reliance refinery in India, an industry source said. 
  • A third cargo headed to China.

The amounts are small but symptomatic of the real problem. This administration has no idea what it's doing. And it goes way out of its way to prove it.

Message from Biden

"Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now," said president Biden.

Bezos Goes After Biden

"Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics."

Ridiculous White House Response

Buyer's Remorse

Beautiful Industry Response

"Working on it Mr. President. In the meantime - have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester."

How can Biden not know by now that refiners own less than 5% of the 145,000 retail stations

Gas stations make very little on gasoline. Most of the profit is on food, drinks, and other services.

Even if we give Biden allowance for not knowing what he should know, he repeats the mistake over and over again.

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Flashback Question of the Day

2020 Presidential Debate Question: Would there be any place for fossil fuels including coal and fracking in a Biden Administration?

Biden's Answer: "No! We would work it out. We would make sure it's eliminated. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill. Period.

Fundamental Problem

The fundamental problem is that you can’t solve a supply problem through direct government action. The US government does not produce petroleum. What the government needs to do is allow the private sector to do it. But the Democrats have done everything in their power to prevent the development of petroleum reserves in the United States and Canada.

The reason why our refineries are at full capacity is because government has prevented the building of sufficient pipelines to justify construction of new refineries. The system is set up to refine the amount of petroleum that will go through the pipelines, with a little more for crude by rail. 

Refineries are expensive. You certainly don’t build one or make expansions when the President and the Progressives are hell bent on doing away with fossil fuel.

We are reaping the long-term consequences of the democratic party’s mindless opposition to oil pipelines and natural gas to the point of begging Venezuela and Saudi Arabia for more oil while regulating US producers out of business. 

Dear President, Look in the Mirror

Biden repeatedly blames Putin. He needs to look into a mirror.

Why Are Energy Prices High? Blame President Biden

Hopefully that is now crystal clear.

This post originated at MishTalk.Com.

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