A national strategic reserve, such as the one the Americans maintain in the area of oil in order to react to emergencies or absorb peak demand, is a sensible institution to secure a society's most important raw material. It is therefore understandable that the respective executive branch must have access when its own wasteful use of money leads to ever-increasing inflation, as in the case of Joe Biden's administration. It is only understandable that one million barrels of the emergency reserve are now to be placed on the market in order to manipulate petrol prices before the elections in November. Of course, the government is also failing here as a speculator, as experience has shown that intellectually limited creatures tend to work for the state and will certainly fill up the strategic reserve again at peak prices. Then it's back to the taxpayer, most of whom don't even know that this oil reserve exists.
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93 sats \ 0 replies \ @siggy47 23 May 2024
Shoveling sand against the tide. It's cynical, wasteful, and possibly dangerous. Watching how it affects the price of oil reminds me how Japanese intervention affects the Yen's value. The impact wears off quickly.
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62 sats \ 4 replies \ @Undisciplined 23 May 2024
I hadn't considered the perspective that Biden is essentially recognizing his own mismanagement as a national emergency.
It's a hard position to argue against.
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31 sats \ 0 replies \ @GhostofTruth OP 23 May 2024
Hahaha. Good one
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21 sats \ 2 replies \ @Bell_curve 23 May 2024
And the mismanagement of his advisors.
Biden is not running things
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52 sats \ 1 reply \ @Undisciplined 23 May 2024
I was speaking loosely. I don't think Biden recognized anything, either.
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0 sats \ 0 replies \ @Bell_curve 23 May 2024
I know
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0 sats \ 0 replies \ @Bell_curve 23 May 2024
Strategic reserve of gasoline is dumb because gasoline has a shelf life unlike petroleum
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