[deleted] t1_isxuv5t wrote
Reply to comment by JohnnyUtah_QB1 in Biden to release 15M barrels from oil reserve, more possible by cacarca
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JohnnyUtah_QB1 t1_isxwo0v wrote
>We’re supposed to have it there in case of war or Arab oil embargo.
If these things happen we can just stop exporting our domestic supply. We largely solved this problem in the wake of Katrina and the huge oil prices in the 2000s. Those shake ups and lasting high prices incentivized the reestablishment of American oil production and we rebuilt our North American supply. That's a big reason why pre-Covid prices were so low compared to the decade prior. We finally had all that 2000s infrastructure coming online.
We currently sell off much of our domestic supply as that light sweet crude sells well on international markets, but if those things you're talking about come to bear we're just going to shut down exports.
The strategic reserve is the small button intended for market corrections. We have a much bigger button to press now if things really hit the fan.
[deleted] t1_isy757u wrote
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Turambar87 t1_isy0ci5 wrote
OPEC trying to get Republicans elected is an act of war against the US, they are trying to destroy the nation.
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