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| 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 |
| 2021-11-23 |
| Posted by:Skidmark |
#12 Some math C'mon man! MAFF be hard. Go Brandon! |
| Posted by: Bubba Lover of the Faeries8843 2021-11-23 18:34 |
| #11 /\ What am I missing? Oh.... WAIT ! |
| Posted by: Besoeker 2021-11-23 15:56 |
| #10 That's it exactly. |
| Posted by: swksvolFF 2021-11-23 15:37 |
| #9 This sums it up... |
| Posted by: M. Murcek 2021-11-23 13:48 |
| #8 Thank you for fixing the math. I was about to take my shoes off. |
| Posted by: Skidmark 2021-11-23 13:35 |
| #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 |
| #6 Isn't half that price self-inflicted? |
| Posted by: swksvolFF 2021-11-23 10:28 |
| #5 ^ I was wrong on the above. It is all coming from SPR. |
| Posted by: M. Murcek 2021-11-23 10:16 |
| #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 |
| #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 |
| #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 |
| #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 |