Oil

[Boris Norris]

For those who criticise Biden and his policy, this will make you cringe.
Remember how it was all his fault but no one says a word now it's falling.

Biden Administration to Buy Three Million Barrels of Oil

The move appears to signal an end to the government’s effort to sell oil from a strategic reserve to help tamp down energy prices, which soared after Russia’s invasion of Ukraine.

www.nytimes.com

 

[pjmret]

its an interesting question..how important is the SPR? we are the world's biggest oil producer, we have 1 billion barrels of crude in inventory, 1 billion of distillates in inventory. Certainly the more you have stored the better in a general sense, but its not like we are, say, europe which has to import its oil and gas and can be really hurt by losing supply (as we are seeing today). For us, global disruptions usually impact us by higher prices for oil..which benefit US producers of oil (while hurting consumers).

i'm much more worried about things like:
The United States is 100% import reliant on 14 minerals on the critical minerals list (aside from a small amount of recycling). These minerals are difficult to substitute inputs into the U.S. economy and national security applications; they include graphite, manganese, niobium, rare earths, and tantalum, among others. The United States is more than 75% import reliant on an additional 10 critical minerals: antimony, barite, bauxite, bismuth, potash, rhenium, tellurium, tin, titanium concentrate, and uranium

i sure hope we have a strategic reserve on these.

and of course, semiconductor chips is a whole different discussion.