Article

2021-11-23 Economy

Slick move? Biden orders release of FIFTY MILLION barrels of oil from US reserves today in bid to lower prices at the pump - which have hit $4.84 a gallon in California

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Posted by Skidmark 2021-11-23 08:27|| || Front Page|| [6 views ] Top
File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats

#1 WTI has been below $80/barrel most of the past week or so.

Interestingly, the market expected a bigger release so the price of oil is actually up today (though still below $80/bar.

FYI, average daily consumption of oil products in the US is between 10M and 16M barrels.

Posted by Lord Garth 2021-11-23 09:56|| 2021-11-23 09:56|| Front Page Top

#2 At ZH, (where no news is good news, ever) they are calling it a "rounding error."

Posted by M. Murcek 2021-11-23 09:59|| 2021-11-23 09:59|| Front Page Top

#3 Some math
a barrel of oil equals about 20 gallons of gas per barrel.
20 x 50 million = 1 Billion of eventul gas.

The USA uses about 340 million of gas a day.
Of 29 days of gas.

Or enough to us thru the holidays to help the stores.

Posted by NN2N1 2021-11-23 10:08|| 2021-11-23 10:08|| Front Page Top

#4 The 50 million number is a "coordinated release," so not all of it is from the US SPR, nor is all of it coming here. AFAIK, anyway.

Posted by M. Murcek 2021-11-23 10:15|| 2021-11-23 10:15|| Front Page Top

#5 ^ I was wrong on the above. It is all coming from SPR.

Posted by M. Murcek 2021-11-23 10:16|| 2021-11-23 10:16|| Front Page Top

#6 Isn't half that price self-inflicted?

Posted by swksvolFF 2021-11-23 10:28|| 2021-11-23 10:28|| Front Page Top

#7 NN2N1,
Actually you are off by a factor of 10. This release is 3 days worth of gas. So Zero Hedge is right, this really is a rounding error for gas prices.

Depending on how quickly they release it, and where, it might have a marginal effect on the Christmas shopping season.

Posted by Angack B. Hayes6356 2021-11-23 12:00|| 2021-11-23 12:00|| Front Page Top

#8 Thank you for fixing the math.
I was about to take my shoes off.

Posted by Skidmark 2021-11-23 13:35|| 2021-11-23 13:35|| Front Page Top

#9 This sums it up...

Posted by M. Murcek 2021-11-23 13:48|| 2021-11-23 13:48|| Front Page Top

#10 That's it exactly.

Posted by swksvolFF 2021-11-23 15:37|| 2021-11-23 15:37|| Front Page Top

#11

/\ What am I missing? Oh.... WAIT !

Posted by Besoeker 2021-11-23 15:56|| 2021-11-23 15:56|| Front Page Top

#12

Some math

C'mon man! MAFF be hard. Go Brandon!

Posted by Bubba Lover of the Faeries8843 2021-11-23 18:34|| 2021-11-23 18:34|| Front Page Top

23:57 Whoque Juan9465
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