😡😡😡 This is becauee Biden, AOC, and the other Green New DUMBocrats will not let public schools drill for oil on their land.
It's true. Biden's objectives put fracking in schoolyards, not oil. Oil is for the ocean, obviously.
Right, and obviously the consequence is that if there are further interruptions to oil supply, there would be a risk of some significant shit (perhaps even serious shit, but probably excessively high fuel prices which is bad enough) since the reserves would be gone, but it's not the same as "society will collapse in 34 days"
Also the "34 day clock" only starts ticking if oil imports dropped to exactly 0. It could possibly be emptied out faster than that, and a scenario where imports drop to exactly 0 instead of dropping somewhat means you have bigger issues on your plate than $20/gallon gas.
I suspect that means 33 days if it were being drawn from and not replenished, and if it were the sole source from which oil were being used. Remember this is an "emergency supply".
This is like the individual, "How long would you be able to survive on your savings if you were suddenly and unexpectedly unemployed?" but for the whole U.S., and oil rather than money.
it ain't a big change on the graph, only around 10% dumped, we'll have to see if the trend continues because that could spell trouble
Wait has the price of oil only gone down because they're doing this? I've found no other explanation for it yet.
So first off, I'd stop looking for "explanations" for things like commodity prices, since the market is so irrational that they often don't hold weight. But the primary reason oil is down right now is because of covid headwinds in China and elsewhere. If covid gets out of control in China, that fucks all the supply chains and demand for oil will drop because everything's so slow you don't need to buy any more to move stuff around as nothing's getting moved anyway. The headwinds of slowed economic activity due to another potential lockdown, as covid is also kicking off in Europe again, are stronger than the winds blowing the opposite way re: Russian oil embargoes.
Bu$hitler and Trumphitler both topped it off and it was full when they left office. Seems like a wise choice to keep it until it's necessary. But Obama and Biden both just get rid of it, for no apparent reason.
