Per AP
https://apnews.com/article/biden-oil-strategic-reserve-gas-prices-a7e0802b299cd627c7ffdeeb0e50bd2c
Navigator,
Fear you are right; Tuesday, Nov 23rd Biden announced the release of 50 MM barrels from the Reserve. The U.S. action is focused on helping Americans coping with higher fuel and other prices ahead of Thanksgiving and
winter holiday travel.
Between the summer driving season & winter holiday travel, Big Oil has a BS excuse for everything; they of course have never seen these predictable fluctuations in seasonal demand before & are completely astounded by them !
To have an economic impact on the US gasoline market these 50 MM barrels had to be sold at a discount; wonder which of Biden's friends got to buy them & pocket the money ?
But in trading after the announcement, prices shot up roughly 2% instead of falling.
“The problem is that everybody knows that this measure is temporary,” Galimberti said. “So once it is stopped, then if demand continues to be above supply like it is right now, then you’re back to square one.”
Shortly after the U.S. announcement,
India said it would release 5 million barrels from its strategic reserves.
The British government confirmed it will release up to 1.5 million barrels from its stockpile.
Japan and South Korea are also participating, - 10 barrels each ?
and U.S. officials said it’s the biggest coordinated release from global strategic reserves.
US releases 50 MM barrels ; everybody else totals less than 8 MM barrels.
US taxpayers take it in the shorts - again !
Go Joe !