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I think that’s kind of a dumb thing to do, but at this point he’s searching everywhere for better polling.
He's trying to pressure OPEC to open the taps, there's really not much else he can do at this point.
 

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It will be interesting to see if OPEC+ blinks here.
Why would OPEC ever increase production, when they can get paid more to produce less instead? Honestly, oil is the greatest racket to be in if you're an oil producing country because it's one of the only industries where the less you sell, the more you get paid, so why would you ever increase production?
 

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It will be interesting to see if OPEC+ blinks here.
Spoiler- they won’t. Oil prices just shot up on the news because 50 million barrels is nothing and OPEC already announced that they could just offset it with more cuts.
 

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I'm reading that OPEC was "considering" releasing an extra 400,000 per day but was only considering that after hearing word that the US, Japan, China, and India was planning on releasing reserves to help with oil prices.

Biden supposedly worked with the above-mentioned countries to try to coordinate a joint release. Both China and Japan have confirmed oil reserve releases now as well. I'd imagine that OPEC will not do it now.

This just sounds like OPEC being OPEC to me.
 

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US uses something like 20 mill barrels a day, so that 50 mill reserve release is really gonna help. :)
 

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Realistically, does releasing this oil have any chance of actually making gasoline cheaper?
It should help... for at least several minutes. I kinda thought that the strategic oil supply was for emergencies, like closure of the Straits of Hormuz or an alien invasion. High gas prices suck but considering a gallon of gas contains around 34 kilowatt hours of energy, it's still a good deal.
 

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Oil headed back to $100/bbl, say analysts

:unsure:

I guess we'll find out in the next year but adding another 30% to the current price of oil probably isn't what most people want to see happen, regardless of what kind of vehicle they drive. Even hippy New Englanders who have EVs may rely on home heating oil for example and be impacted.

It should help... for at least several minutes. I kinda thought that the strategic oil supply was for emergencies, like closure of the Straits of Hormuz or an alien invasion. High gas prices suck but considering a gallon of gas contains around 34 kilowatt hours of energy, it's still a good deal.
That's not really how energy works, and honestly makes combustion engines look even worse. So while an EV can travel 3-4 miles per each KWH, a gasoline vehicle getting 25mpg uses 34kwh of gasoline, thus meaning it gets only 0.7 miles per kwh.

It highlights just how horribly inefficient combustion vehicles are, and that's without even touching on things like hellcat TRX's getting 12mpg or those 25mpg cars that drop to 15mpg in winter when parked outside and running in the driveway to warm up before departing. I have loved this ICE powered age of cars, but it's pretty clearly not sustainable.
 
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