Tag: Oil
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Is the petrodollar the real reason we’re fighting Iran?
Iran cannot be allowed to develop a nuclear weapon. That’s the justification we’ve been given. But is that the ultimate end goal of Trump’s actions in Iran? We may be watching an all-of-government approach to weaken China and preserve the value and utility of the petrodollar. The petrodollar refers to the system where oil is…
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Update: Simple chart shows price of gas during the Biden Administration
I last blogged this information back in March 2022 just before President Biden announced the largest release of oil from the nation’s Strategic Petroleum Reserves. Gas prices over that time has dropped a little under $0.50 and has left the reserves at their lowest level since 1984. Prices still average $1.40 higher than they were…
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U.S. oil reserves at lowest level since 1984. Thanks Joe Biden
We better hope there are no further oil shocks across the world. What could go wrong when Joe Biden depletes the nation’s Strategic Oil Reserves? The U.S. Energy Information Administration said Wednesday that the Strategic Petroleum Reserve declined by nearly 7 million barrels in the week ended Sept. 16, leaving it at roughly 427 million…
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GM’s clean electric car powered by 90% coal
Which burns cleaner again? Gasoline or coal? Stick that in your charging socket and smoke it.
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U.S. refines 1 million barrels of oil a day less than before pandemic
U.S. refineries closed less profitable plants during the pandemic, are performing maintenance on some, and have no plans to open new ones in the foreseeable future. They’re operating at 90% which can’t be good should something go wrong anywhere. As fuel demand crashed during the pandemic, refiners around the world permanently closed older and less…
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Strategic Petroleum Reserves at lowest level since 1987
The Biden Administration is firing on all cylinders! Gasoline inventories are declining which translates to higher prices at the pump. Refineries are operating at 93% capacity right now and continue to ramp up. What happens to our energy supply should a refinery or two go down? We’re burning the candle at both ends and running…