Can Anyone In The Biden Administration Do Math Or Economics?

Biden has announced that the U.S. to sell up to 45 mln bbls oil from reserve as part of historic release (Reuters).

Here's why it's not going to be more than a blip in gas prices and is just plain dumb.

Prior to Covid, the U.S. field production of crude oil, wast 13 million barrels per day of crude oil before the pandemic, we are now only at 11.655 million barrels per day.

US production is now short about 1.3 million barrels per day, every day.  That means we're short about 39 million barrels per month in US production alone, so the 45 million barrel release doesn't do much at all for the worldwide market in oil, much less our own domestic market, and it just covers the shortfall in production for a month and a few days -- without addressing all the other demand factors involved nor the fact that demand isn't going to drop after that month.

The Biden administration, instead of flashily selling off a reserve meant for a national emergency, and instead of blocking oil and gas development at every turn in the US, should instead be encouraging production to ensure an actual longer term easing of prices and reduced reliance on foreign oil.

Unfortunately that goes against their greenie and Democrat policies and beliefs that oil production is bad and higher prices are a good thing, so they're not going to take steps that might actually improve the situation.

But, hey, aren't you glad there's no more mean tweets every time you fill your tank?

Biden To Ban Russian Oil Imports With No Real Proposed Replacement

Except perhaps, to enrich our enemies in Iran and Venezuela instead of Russia, because increasing US production to the level Trump had it at is bad per Biden the Democrats, even as he lies and claims he's doing all he can to increase production and conveniently forgets his closing of Keystone and multiple oil and gas leases.

Youtube: President Joe Biden bans all Russian oil imports over Ukraine invasion

Do note he was rather late for the scheduled 10:45 am announcement. claiming he was on a phone call.  Probably they had to pump him up full of Adderall and wait for the Aricept to kick in before having him make the address.

At the end of his short address, he then refused to take a single question, and quickly walked out of the presentation room without looking back.

Biden did an excellent job of demonstrating the "Old Man Yells at Clouds technique" during the address,  threatening American oil producers  and accusing them of price gouging.  

Yet again in Biden-land it's the wreckers and kulaks to blame, when instead the increases began and are are due to his energy policies pre-Ukraine crisis and his inflating the economy by throwing trillions at it.   Note we weren't importing 8% of our oil form Russia pre-Biden. The Ukraine crisis is just making all this worse and showing the bad choices by Biden and the Democrats that got us here.

Biden also trumpeted his release of 30 million barrels from the strategic reserve - the same release where oil prices went up the same day of the release.  Brilliant and effective strategy there.

He also had the occasional weird stumble where he clearly was tripping over his words and changed statements mid-stream.

In short gas and oil prices in the USA are going to go up even higher, prices of items dependent on transportation (ie just about everything) will also go up higher,  and the Biden Administration has no solution for it and refuses to push for the one solution that might alleviate it - a rapid increase of American oil production with the Administration getting the hell out of the way and cutting the red tape they've laid to stop it, not to mention the need for immediately  reversing his policy of closing oil and gas leases on federal lands.  Chance of him doing so?  Slim to none but watch the polls to influence his actions, just as they did with Covid - assuming he can win over the prog-greenies to the necessity of it.

Top Men are really running this show. Top. Men.

With Much Fanfare, A Drop In The Bucket

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.

Obama seems to be confusing biblical stories of oil and seven years

On this the first day of Hanukkah, the festival of lights, the holiday of the (olive) oil, what does he do?

Obama bans drilling for oil in the eastern Gulf for 7 years

President Barack Obama will not be allowing new drilling in the eastern Gulf of Mexico for at least seven years, Interior Secretary Ken Salazar announced Wednesday.

He's mixing his festival metaphors, the Story of Joseph and the seven lean years in the bible wasn't about a ban on oil drilling, and Hanukkah is about a festival of lights, not a lack of lights due to no oil production.

But he's probably going to cause seven very lean years for oil workers and their families in the region, and lean years for the rest of us as energy prices rise due to the lack of domestic production and further reliance on foreign oil.

Happy Hanukkah.

Any Old Oil - Scientists check Tanker Sunk in WWII off the California Coast

Sunken WWII tanker may be ecological threat

San Francisco -- A tanker ship torpedoed by a Japanese submarine during World War II near California's central coast may still represent a danger to the environment. The 440-foot Montebello has been lying under 900 feet of water, four miles from the coast of Cambria, since Dec. 23, 1941 -- 16 days after the attack on Pearl Harbor. Nearly 70 years later, scientists with the Monterey Bay Aquarium Research Institute are trying to determine if the 3.5 million gallons of crude oil in its hold are still there, and whether the sludge can threaten the coastline.

The SS Montebello was sunk on December 23 1941, fresh after the attack on Pearl Harbor by the Japanese Submarine I-21.

After sinking the Montebello, the I-21 then kicked off a Pacific war submarine tradition by machine-gunning the crew in their life boats.

Luckily, their aim sucked and none of the sailors were killed.

The I-21 after sinking multiple other ships, disappeared in November 1943 while on patrol and is thought to have been sunk by the aircraft of the US Escort Carrier Chenango off the Gilbert Islands.

The amount of oil in the tanker represents a couple days worth of the spill in the gulf, but it would be interesting to know if the scientists have found the oil and 'll get any reports of its condition and that of the tanker itself after all this time. Most likely the oil has broken down considerably and probably isn't worth trying to retrieve and with any luck won't present a real threat to the California coast.

Michigan takes envy about the Gulf States to new heights (or lows)

Michigan has been quite envious of the gulf states and has been suffering quite an inferiority complex among other maladies - Florida, Texas especially given there employment rates, housing price, better economies, less governmental corruption.

But sometimes Michigan takes envy a bit to far.

The gulf had an oil spill, so by golly Michigan has to get one too!
Fumes from 840,000-gallon oil leak creep over Battle Creek

An estimated 840,000 gallons of oil leaked into a creek Monday that feeds into the river.

Area media were reporting that odor from the spill hung heavy over Battle Creek this morning.

"It is unknown at this time how far the spill has traveled and exactly what areas have been affected. It is assumed due to the current level of the Kalamazoo River and the speed of the current that the entire Emmett Township area and beyond has been affected," according to an advisory issued today by the Emmett Township Public Safety Department.

Wayne Hoepner, a meteorologist for the National Weather Service in Grand Rapids, said oil from the spill could reach Lake Michigan as early as Sunday, although numerous variables could affect the flow rate.

Michigan's inferiority complex will sadly continue - even though we got an oil spill, our oil spill is much smaller than the Gulf states.

Of course, Senator Levin is promising federal assistance.

Sen. Carl Levin, D-Mich., issued a statement today indicating he is “deeply concerned about the effects of the oil spill near Marshall, including the environmental impact and the disruption to residents and businesses. It is also deeply worrisome that the oil from the spill has made its way into the Kalamazoo River.”

Levin said his office has been in contact with federal agencies “to make sure that those carrying out the cleanup have all the resources they need to complete the cleanup job as quickly as possible.”

How many rounds of golf it will take before the Feds do something is open to question though.

Maybe Michigan will beat the Gulf state's Obama inaction record and have something to boast about?

Update: Michigan is taking this envy thing way to far and there's no need to compete with the gulf on this, really - the spill is now up to more than 1 million gallons.