Following up on this morning's "The U.S. Department of Energy Will Make Available 50 Million Barrels For Release".
Front WTI futures are up $1.46 (1.90%) at $76.21.
From ZeroHedge:
The much anticipated - and much poo-poo'd - release from global reserves (of 50 million barrels) was announced this morning as the Biden administration desperately tries to stop the freefall in its approval ratings.
So they "did something" - but it's not working.
As @GreeKFire32 notes so succinctly: "this accomplishes nothing... we consume 20 million barrels a day!"....
....MUCH MORE
Among the tweets that ZH gathered is one from Kyle Bass that we will be returning to:
Get ready for explosively higher oil. 7 years of dramatic underinvestment in hydrocarbons fueled by ignorance like this will inevitably generate $100+ crude oil and $5+ prices at the pump for years to come.We all would love to see an overnight transition to alternative energy 1/3 https://t.co/fwJkRZzgQs
— 🇺🇸Kyle Bass🇺🇸 (@Jkylebass) November 23, 2021
