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The Biden Oil Fiasco Continues With Export Control Threats

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22 comments on The Biden Oil Fiasco Continues With Export Control Threats

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Biden Officials Float Fuel Export Limit in Meeting With Refiners

After drawing down the Strategic Petroleum Reserves (SPR) to the lowest levels in many decades, for political purposes only, the Biden administration ups its nonsense with export control threats. 

Bloomberg reports Biden Officials Float Fuel Export Limit in Meeting With Refiners

Energy Secretary Jennifer Granholm and other administration officials chastised the industry representatives for low diesel stockpiles, floating the possibility of export limits and a requirement for oil companies to hold minimum fuel inventories inside the US, according to people familiar with the matter who asked not be named describing the private virtual meeting.

“The president’s team emphasized that energy companies with record-high profits, record high exports and record-low inventories must step up and bring down prices at the pump,” the Energy Department said in an emailed statement. 

At least one administration official also raised the prospect of a minimum inventory requirement, under which refiners or other participants in the US fuel supply chain could be forced to store more gasoline, diesel and other petroleum products domestically.

Reckless SPR Drawdown

The administration chastises representatives from Exxon Mobil Corp., Marathon Petroleum Corp., Phillips 66 and Shell Plc, at the meeting for low inventories after drawing down the SPR to recklessly low levels.

And it was Biden’s drawdown for political, not strategic purposes that put bite in OPEC’s decision to cut production by 2 million barrels a day.

The oil industry responded accurately.

“The focus of this administration should not be on trapping product in the United States or diverting fuel away from retail sales and into storage, but rather on how to better produce and more affordably move US product within the United States,” the American Fuel and Petrochemical Manufacturers and American Petroleum Institute said in a joint statement.

October Production Cut Surprise

Note that OPEC Times Biden Perfectly With October Production Cut Surprise.

Hoot of the Day

Biden personally pleaded with Saudi Arabia a few months back for more production instead of making oil production in the US easier.

And this administration has gone overboard with its message that it wants to get rid of fossil fuels. 

So why should the oil industry ramp up production or increase capacity with this administration’s fossil fuel killing mandate?

Finally, consider the irony of the administration demanding more production while  threatening export restrictions simultaneously.

What a hoot.

This post originated at MishTalk.Com

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22 Comments
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whirlaway
whirlaway
3 years ago
JFB received the most resounding slap from OPEC+ recently. It was the slap that was heard around the world! Couldn’t have happened to a nicer person than to the leader of the DONORcrat Party, the most bloodthirsty political party in the world today.
“What rankles Biden is that his last trump card to reduce Russia’s high oil revenues without depressing supply through a “price cap” is in reality a conundrum that has become a lot more difficult now. Hence Biden’s rage that the Saudis have “sided” with Russia, which will now not only benefit from higher oil prices ahead of a price cap, but if Russia indeed is ever called upon to sell oil at a discount, at least the reduction will start at a higher price level!”

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radar
radar
3 years ago
If Biden follows through producers in the US could go on strike to see how he handles that problem.
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prumbly
prumbly
3 years ago
These Biden administration remarks were likely aimed at EUROPE. It is “energy blackmail”, of exactly the type that Russia is often accused of. They are desperate to keep the EU on-side in their war on Russia. First they destroyed the NordStream pipelines, and now they threaten the EU with cutting off energy supplies. A great way to treat an ally!
In a recent rant, the increasingly unhinged Biden accused Putin of threatening to use nuclear, chemical and biological weapons in Ukraine. Of course, no such threats were ever made and if we had a functioning media they would point this out. These are figments of Biden’s deranged imagination, like Corn Pop and Biden’s early career driving 18-wheelers. Biden did correctly point out that we are closer to nuclear Armageddon than ever before, but it is the panicked behavior of his own erratic administration that is the risk, not Putin. Meanwhile, back in Moscow, a supremely confident Putin is calmly and coolly carrying on with the day-to-day running of his country – he knows he is winning in Ukraine and has the US and the EU isolated and on their knees.
Biden talks of Putin not having an off-ramp, but it is Biden who doesn’t have a viable off-ramp. Biden’s only way out is regime change in Russia. There is little chance of that happening. Putin is incredibly popular, the liberation of the Dombas is popular, and furthermore Russia is winning the military war (although not the propaganda war). Of course, there is always the other possibility – peace negotiations with Russia – but the administration is far too arrogant to take that path as it would be correctly interpreted as a huge defeat for them.
And now the Biden administration appears to be sponsoring terrorist attacks on Russia’s civilian infrastructure with the suicide truck bombing of the bridge to Crimea. No way the Ukrainians did it without the stamp of approval from their masters. What other lunacy is this insane administration capable of?
And in Ukraine the desperate puppet Zellensky seems to be on the same hallucinogenic drug as Biden. A couple of days ago he stated that Ukraine is now a member of NATO (it isn’t), and he has just called for NATO to make a nuclear first strike against Russia. Jeez!
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StukiMoi
StukiMoi
3 years ago
I suppose; if one is sufficiently stupid and illiterate; “export controlling” (Newspeak for harassing less retarded, less incompetent Americans who are still, despite the odds, able to create a bit or real value) two of the extremely few industries where Americans still remain somewhat competitive: Petroleum and microchips; makes about as much sense as the entirety of the rest of the childbrained progressive canon.
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Lisa_Hooker
Lisa_Hooker
3 years ago
Trying to control oil is not like controlling the price and supply of fresh lettuce.
Oil doesn’t spoil.
Some in Government are evidently very adamant about not thinking things through.
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Salmo Trutta
Salmo Trutta
3 years ago
Inflation Nowcasting: Latest Data (clevelandfed.org)
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8dots
8dots
3 years ago
Fox arsenal is the southern border, high inflation, oil prices and schools. CNN stopped Herschel run before the first down. CNN don’t understand that Ronald Reagan kids
hated him, that women lib is beyond peak, and lying about abortion is a proof that Herschel is moderate about women issues. Trump picks are not
charming, but the other side is worse.
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Webej
Webej
3 years ago
There’s another angle — US being Germany’s bestie.
So now that the US has finally managed to make itself Germany’s reliable energy party, instead of ‘unreliable’ Russia,
US wants to protect its market and shaft Germany.
Another opportunity for US imbecile vassals in Europe.
O, and Urals grade, like Venezuelan oil, is suitable for high diesel fractions, as opposed to Texas (or Brent) light crude.
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8dots
8dots
3 years ago
From come on guys ==> don’t do it, don’t dare ==> to armageddon.
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worleyeoe
worleyeoe
3 years ago
This is what you get when you elect a senile old man that has ZERO business being president:
  • A horrendously failed end to a 20-year war that cost thousands of US lives & trillions of dollars
  • Open borders with Dem sanctuary city mayors crying foul over a piddly 5,000 illegals
  • Massive inflation
  • Massive increases in crime & woke prosecutors
  • Unaffordable housing
  • Unchecked Fed
  • A war that was avoidable that disrupts the oil / NG market & has cost us nearly $80B in aid to Ukraine
  • No new US production of oil on federal lands that is fueling the drop in SPR, etc
  • A bad & irresponsible nuclear deal with Iran
  • Woke corporate culture pushing ESG
  • Big tech functioning as an extension of government censorship
  • Parents being treated like domestic terrorist trying to protect the education of their children
  • A return to McCarthyism for the FBI & DOJ
  • Significant decline is military capability & readiness
  • Potential conflict with Russia that include the use of nukes
  • A president & his son who are owned by China
  • Erosion of 2nd amendment rights
My gawd, America, how much more are you going to let this administration f things up?
Feel free to add to the list.
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Too much BS
Too much BS
3 years ago
Since there is an energy problem, Why are car companies building and selling 500, 600, and even 1,000 HP cars? There’s no need for these muscle engines, cumbustion or EVs. Road ways are not raceways, 200 and 300 HP is plenty.
Why are there no restrictions on fuel cunsumption, or surcharges?
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Webej
Webej
3 years ago
Reply to  Too much BS
I thought HP sold computers?
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Mary
Mary
3 years ago
Reply to  Too much BS
Not everyone lives where your maximum commute is 10 miles round trip and some people use vehicles for work. If you want your plumber to show up in a Toyota he is going to have to make a lot of trips.
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StukiMoi
StukiMoi
3 years ago
Reply to  Too much BS
“…Why are car companies building and selling 500, 600, and even 1,000 HP cars?”
Because completely unconstrained Fed and government redistribution have, over the past 50 years, resulted in America consisting of two distinct groups of people: 1) Those who wouldn’t notice $100/gallon gas, and 2)Those who couldn’t afford a moped, even if gas was free.
Everyone who used to occupy a middle ground between those two extremes; have been robbed into membership of the latter group. In order to ensure those in the former group, can cluelessly and illiterately fumble stupidly along; in their childbrained illusion that they have somehow 1)”made money” from their “home” (wall fungi creates lots of wealth you know….); 2) their “investments” (picking random numbers while paying enough for the privilege to allow those selling them the illusion to become “Wall Street Billionaires” also creates lots of wealth…..) and 3) their supposed “zkillz” (chasing ambulances, receiving bailouts and lobbying illiterates in government are yet more massive generators of real wealth in Progressitetopia…)
The 1000hp cars are sold as car number 20 for the few who have been on the beneficiary end of the all-encompassing redistribution. After all, they need to keep up with the rest of the loot-recipients in the “my dad is more powerful than your” game which childbrains are so enamoured by.
And the rest, who have been robbed i order to fund the party? They can’t afford cars. Nor houses. Nor increasingly even food. Not much use building cars for them.
That’s the complete, accurate and somber answer to the question of “why 1000hp cars.”
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Lisa_Hooker
Lisa_Hooker
3 years ago
Reply to  StukiMoi
Quite a number of folks require 1000 HP cars to earn their living.
However, as you point out, most folks can’t even afford a ticket to watch them race.
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RonJ
RonJ
3 years ago
“So why should the oil industry ramp up production or increase capacity with this administration’s fossil fuel killing mandate?”
I can’t think of any reason why they should.
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HippyDippy
HippyDippy
3 years ago
Despite ridiculous scenarios like this having always been the norm, people still insist we need government. Sorry, but being a slave to some incompetent politician lost its appeal to me a very long time ago. I’ve yet to see, or study, anyone I’d bend my knee to. But, this is the kind of idiocy the slaves love. Have at it. Maybe you should just vote harder. That’ll do it.
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StukiMoi
StukiMoi
3 years ago
Reply to  HippyDippy
But, but but…. Weeeeee have to saaaaave the plantation syyystem!!!
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HippyDippy
HippyDippy
3 years ago
Reply to  StukiMoi
Yes! We must save it for master!:)
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Zardoz
Zardoz
3 years ago
Maybe the oil companies hate it, but this is a win for people that buy gas.
It’s a loss environmentally, as those people will burn more gas if it’s kept cheap.
Looks like another midterm election sweetener, more than anything. Come January, cheap gas will be but a memory, and a giant SUV in the driveway, bought in October.
Dumb people are fairly predictable.
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RonJ
RonJ
3 years ago
Reply to  Zardoz
I still see them wearing masks, outdoors even. Mass formation is really strong in people.
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Six000mileyear
Six000mileyear
3 years ago
Oil and gas prices bottomed and are now heading back up. The timing couldn’t be worse for incumbent Democrats at all levels of government. With a little less than 6 weeks until elections, people won’t forget such a large macro economic impact on their lives.
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