Moon of Alabama Brecht quote
October 20, 2022

Biden Manipulates Oil Price To Buy More Votes

The Biden administration continues to bribe mid term voters with cheap gas prices by releasing even more oil from the Strategic Petroleum Reserve.

Remarks by President Biden on Actions to Strengthen Energy Security and Lower Costs - Oct 19, 2022 - White House

Earlier this year, because of Putin’s invasion of Ukraine, the price of oil and gas increased dramatically, and I acted decisively at the time.
...
That’s why I have been doing everything in my power to reduce gas prices since Putin’s invasion of Ukraine caused these price hikes — these prices to spike and rattled international oil markets. (Clears throat.) Excuse me.
...
Today I’m announcing three critical steps that my administration will take to reduce gas prices at the pump. First, the Department of Energy will release another 15 million barrels from the Strategic Petroleum Reserve, extending our previously announced release through the month of December.

On February 24 2022, the day Russia entered the war in Ukraine, the price of West Texas Intermediate crude closed at $92.81/bl.


bigger

On October 19, 2022, the day of Biden's recent SPR release announcement, the price of West Texas Intermediate crude closed at $85.55/bl.


bigger

Is Putin's invasion of Ukraine responsible for the 8% drop of the oil price?

The early spring of 2020 saw a stark drop in oil prices due to the Covid-19 pandemic. Mid March 2020 WTI closed at around $22.00/bl. Then president Trump decided to use the very cheap price to fill the SPO to the top.

Trump to buy oil for strategic reserve to aid energy industry: ‘We’re going to fill it’ - Mar 13 2020 - CNBC

President Donald Trump on Friday said he’s directed the U.S. Department of Energy to purchase crude oil for the Strategic Petroleum Reserve in an effort to support the battered energy sector.

“Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase at a very good price large quantities of crude oil for storage in the U.S. strategic reserve,” Trump said.

Unfortunately the Democrats blocked the quite reasonable move.

Funds said to be blocked for crude oil purchase to fill strategic reserve - Mar 26 2020 - Oil&Gas Journal

Senate Democrats apparently negotiated elimination of additional funds for the Strategic Petroleum Reserve (SPR) that were going to be included in the big coronavirus assistance package pending in the Senate Mar. 25.

A plan to buy about 77 million bbl of crude oil for the SPR was announced by the Trump administration Mar. 13, and the US Department of Energy issued a solicitation Mar. 19 to buy as much as 30 million bbl of oil in a first step for that plan (OGJ Online, Mar. 19, 2020).

But Sen. Chuck Schumer (D-N.Y.), the Senate minority leader, circulated word Mar. 25 to fellow senators saying the SPR purchase language was removed from the coronavirus bill, according to reports from Capitol Hill. He reportedly referred to the oil purchase plan as a “$3 billion bailout for big oil.”
...
Republicans had been intending to fund the purchase of oil for the SPR with an appropriation in the coronavirus bill. The rationale was that oil prices have crashed and oil companies are laying off workers not only because of an expected oversupply of crude oil from Saudi Arabia and Russia but because of virus-related slumping demand for oil.

Yesterday Biden announced that he plans to refill the SPO at a much higher price.

Today, I’m announcing a plan to refill the Strato- — the Strategic Petroleum Res- — Oil Reserve in the years ahead at a profit for taxpayers. The United States government is going to purchase oil to refill the Strategic Petroleum Reserve when prices fall to $70 a barrel. And that means oil companies can invest to ramp up production now, with confidence they’ll be able to sell their oil to us at that price in the future: $70.

Refining and refilling the reserve at $70 a barrel is a good price for companies and it’s a good price for the taxpayers, and it’s critical to our national security.

Since its inauguration the Biden administration has sold more than 220 million barrels from the 650+ reserve. Refilling it at $70/bl, nearly $50 per barrel more than Trump was going to pay, will be quite costly.

Will Senator Schumer lament Biden's (220*70) = "$15.4 billion bailout for big oil"?

By the way - what happens if OPEC+ holds steady and does not allow the price of oil to drop below the $80/bl the Saudis need to balance their budget?

Posted by b on October 20, 2022 at 10:13 UTC | Permalink

Comments

No matter what Biden does I think the democrats are heading for a disaster in the November elections, unless there are some shenanigans that can help them avoid it. This is why there is currently a big propaganda campaign against “election deniers”.

The American people, at least a big part of it, have had enough. They see inflation rising and devastating the middle class. They see the woke nightmare spreading all over the land.

There are a lot of democrats saying “this is it, I’m gonna vote republicans”.

Unfortunately the republicans are as corrupt as democrats.

Posted by: DG | Oct 20 2022 10:34 utc | 1

In the short excerpt from Biden's speech above, he mentioned "Putin's invasion of Ukraine" twice.

Last night on The News Hour a White House spox used that phrase six times in his interview about the SPR. We can expect to hear that talking point a lot before the mid-terms.

Posted by: Bart Hansen | Oct 20 2022 10:41 utc | 2

Thanks for the update, b. I was confused by this: why is it a 3 billion bailout and not just filling up the reserves? I did a quick search and found an article at Desmog.com that explained in more detail. I’ve pulled out a few key points:

“As DeSmog has documented in its series, The Finances of Fracking, the fracked oil and gas industry has long grappled with massive debt and nonexistent profits, problems that predate the current pandemic and oil price war.” (So it’s a bailout of fracking companies that should otherwise naturally go bankrupt? Like market manipulation?)

“An energy analyst said the DOE already has enough money in its SPR modernization fund to support the initial purchase of 30 million barrels of oil.”

And even juicier, is this talk of royalty in kind, something that’s new to me:

“ “If Trump truly means to ‘fill up’ the SPR, he would either need to demand more money from Congress or find some way to divert emergency funds to oil purchases,” Ross wrote. He does, however, describe another method used previously whereby oil producers pay royalties to the government in petroleum itself rather than cash, a program known as “royalty-in-kind.” This program, according to Ross, has been “notoriously complex” and “notoriously corrupt,” but it could be a way for the Trump administration to get its way without help from Congress.

“Unfortunately, royalty-in-kind is still written into the regulations governing SPR oil acquisitions and could likely be revived through executive order,” Ross wrote. “This would be logistically very complicated but not illegal. No congressional approval would be required, and if there was ever an interior secretary to revive a program like this, it would be industry shill [Interior Secretary] David Bernhardt.” “

Wonder if that was acted on, what the implications are and if it will show up again now with Biden’s announcement?

https://www.desmog.com/2020/03/30/bailout-oil-strategic-petroleum-reserve-covid-stimulus-package/

Posted by: Bruised Northerner | Oct 20 2022 10:41 utc | 3

Why is public opinion in USA so strongly connected to costs of petrol?
Why is public opinion in USA so strongly inclined to wars?

Posted by: marko | Oct 20 2022 10:44 utc | 4

The French ambassador to Ukraine stationed in Kiev, resigned yesterday following Russian air strikes that endangered his life.

Before leaving he asserted, “we no longer know what we are defending here, even Zelensky is no longer here in Kiev, so why continue sacrificing the people?”

Posted by: DG | Oct 20 2022 10:47 utc | 5

Bankers manipulate prices much more effectively than politicians.

Since the Global Financial Crisis the US oil industry has been repeatedly re-financed with backhanders from the Dallas Fed, regardless of the political party in control of congress or the executive branch.

https://wallstreetonparade.com/2020/05/jpmorgan-wells-fargo-citigroup-and-fossil-fuel-industry-get-bailed-out-under-feds-main-street-lending-program/

https://wallstreetonparade.com/2022/09/after-funneling-trillions-of-dollars-in-repo-loans-to-serial-bank-offenders-lorie-logan-gets-a-440000-job-running-the-dallas-fed/

The petrodollar is a monstrous thing.


Posted by: too scents | Oct 20 2022 10:59 utc | 6

Price of oil? Election outcomes?: will prove to not matter much in comparison to what is about to happen to Babylon USA.

Posted by: young | Oct 20 2022 11:07 utc | 7

Elizabeth Rosenberg flies to Turkey to bludgeon Erdogan into cutting ties with Russia:


WASHINGTON, Oct 19 (Reuters) - A senior U.S. Treasury Department official traveled to Turkey this week to discuss sanctions and export controls imposed on Russia following its invasion of Ukraine, the Treasury Department said, as Washington closely monitors growing economic ties between Ankara and Moscow.

Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg traveled to Ankara and Istanbul from Monday through Wednesday, where she met with counterparts including officials from the ministries of finance and foreign affairs as well as representatives in the private financial and commercial sectors, according to a statement.

"Terrorist Financing and Financial Crimes" ... That sounds ominous.

"Rosenberg" ... Wonder where that name comes from ...

Posted by: Arch Bungle | Oct 20 2022 11:09 utc | 8

Posted by b on October 20, 2022 at 10:13 UTC | Permalink

By the way - what happens if OPEC+ holds steady and does not allow the price of oil to drop below the $80/bl the Saudis need to balance their budget?

Same thing that happens all the time: Regime Change.

Perhaps an ambitious young Saudi Princelet from a compliant family can be found who fancies himself on the throne ...

Posted by: Arch Bungle | Oct 20 2022 11:13 utc | 9

marko @ 4

Because discussion of everything else is shut down.
Because the populace is kept ignorant of everything. Price at the pump they do know. If young men are sent off to war they do know. Otherwise Americans are mushrooms, kept in the dark and fed shit.

Posted by: oldhippie | Oct 20 2022 11:15 utc | 10

'Putin's invasion' should read 'The West's decision to sanction Russia to f***' in working out the causality of oil price movements....

Posted by: anthony murphy | Oct 20 2022 11:15 utc | 11

Here in our locality, gasoline and diesel are ~30 % more expensive than beginning of the war. It is partially explained through EURUSD exchange rate (dropped 13%) but something else is going on, too.

It's just a hunch but these global price indicators now longer represent "true" global prices. The prices do not tell whether all the blocs (EU, China, US etc.) can pay the same "global" price for oil.
Rather it's possible that all the blocs have different prices, based on true availability. EU might be paying at minimum 20-30 % more than the global price due to screwing things up with sanctions. This will only get worse.

Posted by: unimperator | Oct 20 2022 11:18 utc | 12

marko @ 4

#1
Cars: personal transport = freedom and democracy as opposed to mass transit = socialism and tyranny.

#2
DNA

It's as simple as that.

Posted by: Vincent Berg | Oct 20 2022 11:21 utc | 13

In Nov. 2018 midterms, Republican bosses wanted to give the House back to Democrats. So GOP House Speaker Paul Ryan left 38 races empty, without a Republican candidate on the ballot. Democrats had only 3 missing candidates. Dems. did "win" the House back thanks to the Republican Establishment. GOP mainly wanted to show Republican voters who's boss. GOP prefers being permanent minority. Until 1994, House was controlled by Dems. for 40 straight years. https://ballotpedia.org/U.S._House_elections_without_a_Democratic_or_Republican_candidate,_2018

Posted by: susan mullen | Oct 20 2022 11:28 utc | 14

To @9 Arch Bungle

"Rosenberg" ... Wonder where that name comes from ...

https://www.justice.gov/usao-de/pr/long-lost-rosenberg-diary-recovered

"A close confidant of Adolf Hitler, Alfred Rosenberg was one of the most influential members of the “Third Reich” and of the Nazi Party. His tome The Myth of the Twentieth Century articulated the philosophical underpinnings of National Socialist ideology. Rosenberg served as head of the Nazi Party’s foreign affairs department and as the Reich Minister for the Occupied Eastern Territories, which included the Baltic States, Ukraine, and parts of Belorussia"

Posted by: cat | Oct 20 2022 11:29 utc | 15

It seems everyone has received the daily email from US:

Scholz - "Putin recklessly uses hunger and energy as a weapon. At home and all over the world, people pay a huge price for this. He threatens the world, wants to sow fear, divide and intimidate.Putin will not achieve his military goals."

Posted by: rk | Oct 20 2022 11:44 utc | 16

Elizabeth Rosenberg came from CNAS think tank. Funded by military contractors, founded in 2007. Formerly headed by Victoria Nuland.

Center For a New American Security

Posted by: Chaka Khagan | Oct 20 2022 11:49 utc | 17

Posted by: rk | Oct 20 2022 11:44 utc | 16

I live in EU and honestly, there are very few messages from current politics that do something for me or that I at least feel speak to me and my family.

Who is Scholz addressing here? What is the purpose of this statement?

Posted by: alek_a | Oct 20 2022 11:56 utc | 18

Posted by: DG | Oct 20 2022 10:47 utc | 5

Unfortunately the French have denied the resignation of their ambassador in Kiev, according to Le Monde.

Posted by: laguerre | Oct 20 2022 12:05 utc | 19

Follow Javier Blas on Twitter for more on this topic. Example:

"Forgotten on the SPR move to buy oil at prices of $67-$72 in 2024-25, is the fact US gov will be buying to, almost immediately, sell the very same barrels.

From FY23 to FY31, Congress has mandated the sale of ~265m barrels from the SPR. A lot of those are for sale in 2025-27."

Posted by: Rufus | Oct 20 2022 12:05 utc | 20

@ Arch Bungle

The director of Terrorist Finance and Financial Crimes sounds like the job description for Mr Erdogan. Is he going to get a new role in the proxy Nazi development of Ukranian oil and gas for the US? His daughter can ship wounded Nazidis to hospitals in Israel and his son can ship the oil the EU. Sounds like a big bribe is on offer. Every politician has his price and Erdogan has a particularly limp wrist from shaking on too many irresistible dodgy deals.

Posted by: Giyane | Oct 20 2022 12:10 utc | 21

The French ambassador to Ukraine stationed in Kiev, resigned yesterday following Russian air strikes that endangered his life.
Posted by: DG | Oct 20 2022 10:47 utc | 5

Said to be tf1

Posted by: Passerby | Oct 20 2022 12:13 utc | 22

A dumbass administration trying to outdo it's previous debacle with determination.
Thought that the Kabul fiasco was the administration low.
Don't think we have hit it quiet yet!

Posted by: jpc | Oct 20 2022 12:13 utc | 23

The French ambassador to Ukraine stationed in Kiev, resigned yesterday following Russian air strikes that endangered his life.
Posted by: DG | Oct 20 2022 10:47 utc | 5

It's a fake.

https://www.lemonde.fr/les-decodeurs/article/2022/10/19/cible-de-rumeurs-prorusses-l-ambassadeur-de-france-a-kiev-dement-avoir-demissionne_6146484_4355770.html

Posted by: Passerby | Oct 20 2022 12:23 utc | 24

Elizabeth Rosenberg flies to Turkey to bludgeon Erdogan into cutting ties with Russia:
Posted by: Arch Bungle | Oct 20 2022 11:09 utc | 8

Use is going to forbid trade between Turkey and Russia.
I think it is quite possible.
Turks are afraid of superpowers.

Posted by: marko | Oct 20 2022 12:29 utc | 25

Liz Truss resigns. Hey!

Posted by: Paulg | Oct 20 2022 12:36 utc | 26

USA is not doing well.

There’s so much shorttermism!

Leadership can’t plan ahead. Things will only get worse

Posted by: GoFast | Oct 20 2022 12:36 utc | 27

marko | Oct 20 2022 12:29 utc | 25
Posted by: marko | Oct 20 2022 10:44 utc | 4

Narko you are up and at 'em this morning bravo and here's to your N work

Use is not going to do anything neither are you

Posted by: Gerrard White | Oct 20 2022 12:36 utc | 28

Turks are afraid of superpowers.

marko @ 25

What a moron!

Posted by: Paulg | Oct 20 2022 12:37 utc | 29

Its starting!
The dumbest UK premier resigns in just 44 days is office.
It's now time for the demented Joe to go to a hospice!

Posted by: Paulg | Oct 20 2022 12:40 utc | 30

Elizabeth Rosenberg flies to Turkey to bludgeon Erdogan into cutting ties with Russia:
Posted by: Arch Bungle | Oct 20 2022 11:09 utc | 8

That's funny.

Putin and Erdogan just agreed to hugely expand Turk Stream pipes and make Turkey the de-facto pipe gas gateway to Europe. There are no other pipe available. Pipe is superior to LNG transport and infrastructure. It's a pipe dream to make Erdogan abandon that economic bonanza and leverage over EU they will get (joke intended).

Posted by: unimperator | Oct 20 2022 12:40 utc | 31

Posted by: Giyane | Oct 20 2022 12:10 utc | 21

Every politician has his price and Erdogan has a particularly limp wrist from shaking on too many irresistible dodgy deals.

But what could Rosenberg offer him that tops what Putin is offering: Eternal power over the entire EU via the reins of cheap, plentiful, reliable gas?

The Americans are stingy, they offer little in the way of incentives and much in the way of threats.

I'm sure Rosenberg isn't coming to name a price but to tell Erdogan the price he will pay ...

Posted by: Arch Bungle | Oct 20 2022 12:49 utc | 32

Posted by: Chaka Khagan | Oct 20 2022 11:49 utc | 17

I can't quite put my finger on it.
It looks a little hazy.
But I think I see a kind of pattern emerging ...

Posted by: Arch Bungle | Oct 20 2022 12:51 utc | 33

Arch Bungle @ 32

Rosenberg is a Jew a woman, Erdogan is de-facto Sultan of Turkiye and a Muslim.

Posted by: Paulg | Oct 20 2022 12:53 utc | 34

Anyway, who is going next? Now that the dumb Truss had gone. Maybe, Biden and Scholtz? It's starting!

Posted by: Paulg | Oct 20 2022 12:55 utc | 35

Saudis already told the Washington swamp to get lost.

Anyone trying to threaten Erdogan? Especially some jew woman. He will just react like Beavis.

https://www.youtube.com/watch?v=lHQrrHRho2Y

Posted by: unimperator | Oct 20 2022 13:00 utc | 36

@Paulg | Oct 20 2022 12:55 utc | 35

How long do you figure Truss's replacement will last?

Posted by: too scents | Oct 20 2022 13:02 utc | 37

we will have reached peak clown world if they decide to bring back BoJo

Posted by: leaf | Oct 20 2022 13:02 utc | 38

Erdogen might have actually found a way to fall of the fence into the loving arms of Rf. The saudi qatar move would have been a push. Eventually it had to happen. EU never wanted him part of the crew and israel wanted part of his southern ottomon dream as their own. So maybe just maybe he thinks its time to front a weakening nato on the greece front and have RF big dog backing him. No other opportunity for buckets of cash .Last year such spine would be unimaginable but now ...meh

Posted by: Hankster | Oct 20 2022 13:03 utc | 39

Come Nov 8, I'll be voting against all and anything Demcrats.

Posted by: Hannibal | Oct 20 2022 13:05 utc | 40

@Paulg | Oct 20 2022 12:55 utc | 35

How long do you figure Truss's replacement will last?

Posted by: too scents | Oct 20 2022 13:02 utc | 37

We will soon find out; she just resigned this morning.

Posted by: Ed Nelson | Oct 20 2022 13:06 utc | 41

too scents @ 37

Less than a month, if there won't be a general election. Whoever wins that election will not last too. UK is going downhill. You just can't live off "Putin's fault" all the time. There will be more such happenings in the other EU/NATO countries in the coming weeks.

By the way, I said wait till tomorrow yesterday, before going to sleep. :)

Posted by: Paulg | Oct 20 2022 13:06 utc | 42

Is ol' Jezza still running?

Posted by: Smith | Oct 20 2022 13:06 utc | 43

Posted by: leaf | Oct 20 2022 13:02 utc | 38

we will have reached peak clown world ...

That is nothing compared to the peaks to come. Stay posted ...

Posted by: Arch Bungle | Oct 20 2022 13:07 utc | 44

Posted by: Paulg | Oct 20 2022 12:53 utc | 34

Erdogan is de-facto Sultan of Turkiye and a Muslim.

The thing about those Muslims is that they have no fear of being called 'anti-semitic'.

I'm sure he'll tell Rosenberg exactly where to stick it. No "White Man's guilt" there ...

Posted by: Arch Bungle | Oct 20 2022 13:11 utc | 45

Paulg no. 42

Right, you can't live off "Putin's fault" all the time. But this woman, even in her resignation speech, had to invoke "Putin's illegal war in ukraine."

Posted by: ThusspakeZarathustra | Oct 20 2022 13:18 utc | 46

45
Bojo had that all the time . No matter how many college pics of ghislaine maxwell sitting on his knee made folk remember he was the grandson of a russian rabbi. They all said he was part turkish.

Posted by: Hankster | Oct 20 2022 13:18 utc | 47

Turkiye is now well situated to weather Washington's threats on the economic front. Erdogan has already weathered a coup attempt but can he weather increased threats from US assassins? Turkiye is, even more than Ukraine the most critical piece in the Great Game the Empire is playing and Washington cannot afford to lose Turkiye but it can afford to lose Ukraine. Ukraine is, at best, a Knight while Turkiye is a Rook.

Posted by: Chris Cosmos | Oct 20 2022 13:24 utc | 48

Trump should have restocked the SPR during Covid when gas prices tanked, but he didn't and 1000 fracking firms went bankrupt in West Texas alone under his watch. Biden using the reserve to buy time for fracking to recover supplies isn't out of line. Of course if we hadn't built the "pipeline" particularly the one through Texas from Cushing OK to Houston we'd have much more domestic supply. But the US has been exporting petro thanks to the pipelines.

Posted by: scottindallas | Oct 20 2022 14:31 utc | 49

Re My @ 3 — too scents @ 6, thanks for those links, very educational!!

I did a little more investigating into that royalty in kind thingy, discussed at Desmog.com as a possible option to refill the SPR in 2020. (It looks as if Desmog was started by a guy from a Canadian PR firm. So. You know, connections implicit.)

I do not understand American politics nor its procedures but the Department of Energy put forth a proposed change in procedure in August regarding the SPR.

It includes “remove outdated procedures for acquisition under the royalty-in-kind program” and also “add procedures for acquisition by exchange to better reflect petroleum product acquisition operations as conducted by the Office of Petroleum Reserves” alongside “increase the Department’s flexibility in structuring acquisitions”

Hmmm don’t know what to make of all that but seems relevant to today’s discussion discussion.

https://www.federalregister.gov/documents/2022/08/04/2022-16081/procedures-for-the-acquisition-of-petroleum-for-the-strategic-petroleum-reserve

Posted by: Bruised Northerner | Oct 20 2022 15:25 utc | 50

The notion that Trump didn't try to manipulate oil prices but Biden did is absurdly partisan BS. Calling it "buying votes" does show how the OP prefers government money to go to the rich rather than the filthy masses. Schumer will no more condemn Biden's manipulation of oil prices than the OP condemns Trump's, for obvious partisan reasons.

If the price of oil stays above $70 then the US oil companies' investments will presumably pay off and the US government won't spend a dime. It is not even clear that the US has such an imperiled energy supply it even needs a Strategic Petroleum Reserve.

Posted by: steven t johnson | Oct 20 2022 16:10 utc | 51

@leaf | Oct 20 2022 13:02 utc | 38

we will have reached peak clown world if they decide to bring back BoJo
There is no such thing as peak clown world. According to Einstein, two things are infinite: The Universe and human stupidity. He wasn't sure about the first though.

Posted by: Norwegian | Oct 20 2022 16:17 utc | 52

well my wallet will be grateful in the short term, at any rate. i still think the other half of the uniparty will win the midterms handily, not that it will any difference in most matters.

Posted by: pretzelattack | Oct 20 2022 16:36 utc | 53

The Democrats are on their way out of the US Congress, no oil price manipulation can prevent that.

https://www.statista.com/chart/28513/2022-midterms-projection-house-senate/
Republicans Projected To Take House, Senate Still a Toss-up

Posted by: KitaySupporter | Oct 20 2022 16:59 utc | 54

Marko, you can blame the obsession on petrol prices on suburbia and the long commutes to work in the cities, the largely empty States in the Western Plains whose inhabitants travel long distances, and the poor workers who spend a significant part of their low wages on gasoline.

Posted by: Bart Hansen | Oct 20 2022 17:05 utc | 55

@53 pretzelattack

Yesterday I paid $5.89/gallon.

What do you think will help your wallet?

$2.50/gallon?

Keep dreaming. As my friend likes to say: "Everytime I go to Costco and deal with the crowds, I can see why Bill Gates wants to kill us all."

They don't care about the little guy trying to make it to work.

It's not going to be affordable again until the Ukraine-situation is resolved...which means either nuclear war or economic collapse or both.

Posted by: NemesisCalling | Oct 20 2022 17:17 utc | 56

The French ambassador story turned out to be fake news.

My bad.

Posted by: DG | Oct 20 2022 17:23 utc | 57

what part of "short term" did you not understand, and where did I say they helped the little guy. this is a short term bribe, and in the short term, which is now until the midterms, i prefer to pay the 3.39 or so compared to the 4 bucks i was paying.

Posted by: pretzelattack | Oct 20 2022 17:27 utc | 58

"Will Senator Schumer lament Biden's (220*70) = "$15.4 billion bailout for big oil"?"

No

Chuck 'the yuck' Schumer is one of big oil's babies

corporate america has rarely seen a bigger sell out Senator to the People and ally of the 1% than Schumer


Posted by: michaelj72 | Oct 20 2022 17:28 utc | 59

Posted by: DG | Oct 20 2022 17:23 utc | 57

Your integrity is commended.

Posted by: Arch Bungle | Oct 20 2022 17:29 utc | 60

...not that it will any difference in most matters.

Posted by: pretzelattack | Oct 20 2022 16:36 utc | 53

You should always use preview to make sure you didn't anything out :-)

Posted by: waynorinorway | Oct 20 2022 18:00 utc | 61

Biden administration is going for the dubious record of a group that angered and antagonized the most humans.
The fools in DC managed to tick off --

-Russia (duh)
-China
-Iran
-Saudi Arabia (you covered this b)
-India (not happy with getting chummy with Russia and news outlets getting increasingly verbal about it)
-Serbia (ditto but it's more of a EU thing)
-Hungary (Orban was never happy with Biden and ditto about the EU angle)
-Haiti (a US invasion about to happen now)
-Somalia (US bombing happened a while ago)
-Ethiopia (another looming crisis)
-All of Africa (with the Ukraine grain export blockade fiasco in the summer)
-most of the global south let's face it
-Trump supporters (Palpatine speech & FBI raid)
-Germans with common sense (nord stream).

Posted by: FieryButMostPeaceful | Oct 20 2022 19:38 utc | 62

Interesting.

Lest we forget, in the evil police controlled the Union of the Soviet States of AmeriKa. A country where the police force routinely executes in public places thousands of citizens for imaginary crimes. For being in the right spot, at the wrong time! One where fake testimony by corrupt police and DA's have illegally jailed ten percent of the entire Prison Gulags resident population. Surpassing even mighty Joe's Red Star pre-war efforts!

Anyway, I digressed.

USSA is a sad evil bankrupt country. One that consumes 128 million USSA standard gallons*of diesel fuel per day. Worth at best ex-refinery a mere $1-50. Yet retails at $5-33. A very impressive price gouge by the reformed sisters of JPG Standard Oil.
*USSA uses trash nonmetric substandard weights and measures. Yet everything else sold to the DJT fenced-in USSA citizens is built using metric standards.

Without this valuable toxic fossil sludge fuel. Every citizen in the biggish smaller cities# that dot the landscape of the USSA. Would probably die of starvation within 30 days.
# China has megacities. Complete with efficient/effective public transport.

Sadly the ever-shrinking under-maintained national rail network. Is suffering from a terminal bankrupt status! For sadly they failed to electrify the main network at the end of WW2.

Much like the multi-trillion-dollar rusting and rotten network of everything across the USSA.

Tragic really!

Such is life - Ned Kelly Australian Outlaw.

Posted by: Bad Deal Motors On | Oct 20 2022 19:41 utc | 63

@ 58 pretzel

The point wasn't to attack you. It is just to point out that 100% inflation in gas prices within the last two years followed then by a 10-15% cut which will still then be subject to spikes due to the ongoing geopolitical crisis, is still 85% inflation over the last two years.

Only well-to-dos would say that what Biden is proposing will be helpful.

For the rest of us, we know that 85% inflation at the pump still translates to high inflation on everything else.

Biden's proposal is a drop in a bucket.

Posted by: NemesisCalling | Oct 20 2022 20:54 utc | 64

waynorinorway | Oct 20 2022 18:00 utc | 61

Sometimes people accidentally a word here or there. Usually it's not dangerous, but that tenth time...

Posted by: sippy the shot glass | Oct 20 2022 21:55 utc | 65

Posted by: waynorinorway | Oct 20 2022 18:00 utc | 61

nah, not worth the time

Posted by: sippy the shot glass | Oct 20 2022 21:55 utc | 65

maybe I've just been lucky. 90% baby

Posted by: pretzelattack | Oct 20 2022 22:36 utc | 66

pretzelattack | Oct 20 2022 22:36 utc | 66

No dildos accidentallying in your luggage? You're in the clear!

Posted by: sippy the shot glass | Oct 20 2022 22:45 utc | 67

my dildos only tally when necessary, ask them, they are artistes not pencil pushers.

Posted by: pretzelattack | Oct 20 2022 22:54 utc | 68

@DG #1

Both parties are part of the same body (left hand vs right hand). All differences are superficial. Both are corportists. Everything else is kabuki theatre.

Posted by: fnord | Oct 21 2022 0:22 utc | 69

FieryButMostPeaceful | Oct 20 2022 19:38 utc | 62
I feel a Carpenters' song coming on!

we've only just begun...

Posted by: rjb1.5 | Oct 21 2022 1:10 utc | 70

First, the real reason why gas prices are so high isn't for a lack of oil, its a lack of refining capacity. All the oil in the world doesn't count for anything if you can't turn it into gasoline. Xiden absolutely will not allow oil companies to build more refineries or expand the ones that are already operational.

Second, WTI (American) crude is trading at $86.00, but Brent (British) crude is trading at $93.00? Smells like bullshit to me, there is absolutely no reason for such a wide price spread in the oil market because oil is a fungible commodity: no matter where it comes from, its essentially the same thing. A difference of one or two dollars is understandable, but seven dollars? The only explanation is that Xiden is pressuring American oil traders to sell/buy at below market prices in a misguided attempt to bring down gas prices, but it won't work for the reason I stated above.

Posted by: Monos | Oct 21 2022 3:24 utc | 71

@Arch Bungle 45

Having been taught by the Israelis that threats are cheaper than bribes, and Epstein style kompromat much more effective at this insuring silence than money, when the USA's thugs come to deliver ultimatums they usually carry bags of dirt on, and personal threats for anyone (as well as family and friends) that can affect the outcome, as well as threats to the country at large. This is why they are so successful at changing the positions of countries to those preferred by the USA without their crooked machinations becoming public.

Posted by: Hermit | Oct 21 2022 3:34 utc | 72

Remember the old Polish saying:

"The Biden cries out in pain as he strikes you."


(Well, there was another word instead of "the Biden".)


He sanctions Russia to hurt them. And then blames Russia for the sanctions. That's a perfect example of the concept of "chutzpah".

It's like the two brothers who murdered their parents, and then asked the court to be lenient because they were orphans.

Posted by: Tenet | Oct 21 2022 3:43 utc | 73

Anyway, who is going next? Now that the dumb Truss had gone. Maybe, Biden and Scholtz? It's starting!
Posted by: Paulg | Oct 20 2022 12:55 utc | 35
@Paulg | Oct 20 2022 12:55 utc | 35

Seems likely to be BlowJob

How long do you figure Truss's replacement will last?
Posted by: too scents | Oct 20 2022 13:02 utc | 37

My estimate is about a week, two maximum.

we will have reached peak clown world if they decide to bring back BoJo
Posted by: leaf | Oct 20 2022 13:02 utc | 38

Sorry, that's out of the question. Peak Clown comes around mid to late december, after the effects of Russia's new offensive start to sink in. That's another 25 UK PM's from now.

Posted by: BM | Oct 21 2022 10:34 utc | 74

Other leaders competing to be next to go include Bidet, Micron, Scholz, the Czech leader, that Finnish idiot, the Dutch one, ... who else? It's hot competition just now. But I still think another UK will be next after Truss, as long as it is BlowJob, but if the next UK PM is not BlowJob, Scholz might just manage to get the Silver while Sunak or Wallace come in next with the Bronze.

Posted by: BM | Oct 21 2022 10:46 utc | 75

Simple definition of the Senile One's move on the petroleum reserve: Damage control via market manipulation.

Posted by: aristodemos | Oct 21 2022 14:16 utc | 76

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