US and Allies to Release 60 Million Barrels of Oil

[kschachn]

It's a symbolic gesture to calm the markets, won't really do much in reality. As we all know, markets are driven by rumors and impulses.

In other words, “optics.”

 

[Kjmack]

US and allies agree to release 60 million barrels of oil from their reserves as Russian invasion of Ukraine causes price spike.​

I'm just wondering, how long would 60 million barrels last based on current usage?

Wouldn't it make more sense to open oil wells , that have been shut off for some unknown reason ?

 

[Kjmack]

Drive slower and less to help with this mess .

 

[Dave Hess]

Crude oil hit a 52 week high today.

Get ready for summer time gas prices.

More $$$$ for diesel truckers need to deliver products to retail stores = higher prices at the register.


.

 

[#18FAN]

In other words, “optics.”

Also will use it in a speech to say he’s looking out for the little guy.

 

[bullwinkle]

Those fuel sipping puddle jumpers & BEVs are looking better all the time!

 

[Trav]

That is how we end up with the 55 mph speed limit in 1973, it was a bad idea then and a bad one now.

 

[xmanjeff]

they released some out of the reserves around new year and it made like a 3 cent difference at the pump

 

[Fitter30]

Usa has been importing oil importing and exporting oil for years. Some areas have to much oil get exported some don't have enough gets imported. 20.8 million barrels average a day usage, 18.6 million barrels a day refining capacity. Refineries 2/3 gasoline 1/3 for diesel, jet, chemicals and plastics.
https://www.wsj.com/articles/why-does-the-u-s-still-buy-russian-oil- 11646151935

 

[IndyIan]

Usa has been importing oil importing and exporting oil for years. Some areas have to much oil get exported some don't have enough gets imported. 20.8 million barrels average a day usage, 18.6 million barrels a day refining capacity. Refineries 2/3 gasoline 1/3 for diesel, jet, chemicals and plastics.
https://www.wsj.com/articles/why-does-the-u-s-still-buy-russian-oil- 11646151935

Yeah, its not ideal, but I think if you gave people a choice, to save Ukraine and pay some higher energy prices for a bit, I'd hope they would do it. Things could go back to normal quite quickly, once Putin realizes his plan isn't going to work, or be worth the cost.

 

[Astro14]

Yeah - and with the now-deleted political comment, along with several misstatements of facts, this thread is closed.