Deaf...

 

When President Biden announced the federal government would be releasing 50 million barrels of crude from the strategic petroleum reserve, expected prices to go down significantly and stay down. Instead, prices rose, and OPEC+ gave a heavy hint it might cut supply. 

Energy analysts warned that the SPR crude is sour, and refiners don't like it because it needs additional processing to reduce the sulfur content—a process that requires natural gas, which is also expensive currently. These explanations fell on deaf but determined ears. Now, analysts are warning about $100 Brent.

"It's not going to work simply because the strategic petroleum reserve — any country's strategic petroleum reserve is not there to try to manipulate price," said Stephen Schork, editor of the Schork Report, speaking to CNBC earlier this week. "There's a considerable amount of bets out there that we will see $100 a barrel oil," he added.

If it is not going to achieve lower prices, why do it? 

It is for local consumption, sound bites, the President is doing all what he can to etc. etc. ...... . Just to convince some that we are doing something, not worth it but something.

 Just a thought.