“Joe Biden made the oil trade of the year”
From Tim Fernholz at Quartz via Yahoo.
Biden sold 180 million barrels of the strategic petroleum reserve at about $96ish per barrel and is now refilling it at about $73ish per barrel.
The US govenment will realize a $4 billion profit (180,000,000 X $22).
(it’s actually not that simple, but in the ball park)
“Gas prices were a major story in 2022: Russia’s invasion of Ukraine roiled energy markets and some predicted the US dollar might be subsumed by a new, commodity-backed trade currency.
Instead, it appears the US government made the oil trade of the year: Releasing 180 million barrels of crude from the Strategic Petroleum Reserve between March and the end of this year in an effort to blunt the effect of rising prices, the US government appears to have made about $4 billion, as prices have fallen dramatically over the course of the year.
Selling when crude oil prices were high, the US captured billions in value. By one widely-used measure, the price of crude oil in Texas peaked at about $124 a barrel in March, and the average price during the SPR sales period was about $96; today that oil costs just $73 per barrel. “
Republicans (derisively) “Let’s Go Brandon”
The World “Holy Crap! Look At Brandon Go”
Competence. We has it. For a while.
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