The Detroit News: Nations agree to release 60 million barrels of oil amid war
Fifty percent, 30 Million of the 60 Million barrels from the International Energy Agency 31 member countries will come from one country: The USA.
Apparently the other 30 can maybe cough up a million barrels each. Some show of unity.
60 Million barrels is however less than nothing and will maybe cause a dip in prices for a day or less. Biden released 50 million from the US Strategic Reserve to much fanfare and the price of oil didn't even dip much at all. 60 million will do even less considering how many more nations are affected.
You'll note in the article that even this measure does not get rid of the special exception to all the harsh sanctions on Russia - Oil and gas sales and money flows from same remain untouched under the sanctions. After all, it is winter in Europe and they're dependent on Russian gas as they live out their Greenie fantasies.
Instead of this silly 60 million barrel showmanship, Biden and the rest should get serious about oil development to really deal with the problem - restart the Keystone pipeline that Biden shuttered; reopen the oil and gas leases Biden closed; give support to the Israel-Greece-Europe pipeline that Biden stopped supporting and ended; and importantly have Europe do some actual reliable power generation.
We'll know people are serious about energy supply, prices and hitting Russia where it hurts when these steps take place. Until then, its energy theater, and prices will stay high hurting consumers while the elites that caused the problem remain above it all.
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