September 25, 2022

Wire Service Canada

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Biden attacks the major American oil companies. On Putin: “He is isolated.”

The Russian invasion of Ukraine exacerbated the energy crisis and opened a new front of confrontation between the West and Russia. Europe, historically associated with the import of energy raw materials from the country of Vladimir Putin, has been working to become more independent since the outbreak of the conflict. A goal that is not easy to achieve but indispensable, given the recent moves of the President of the Federation, who demands payment in rubles. A condition that European countries do not seem ready to succumb to. position of Joe Bidenwho did not have such a strong bond of subordination, having at their disposal more stocks and deposits, was able to carry out a surprising move that could open up new scenarios in the energy war.

After he launched the embargo on Russian energy products, the US president decided to rely heavily on US strategic oil reserves, and announced the release of 1 million barrels per day for the next six months. This means that the total 180 million barrelsIn order to combat inflation and high gasoline pricesBecause of Vladimir Putin’s invasion“.

The US President presented the maneuver as “The largest version of oil reserves in historyHe explained that more supplies.They will ease the suffering of Americans“who-that”They pay for the dictator’s choices and “will serve” as a bridge until the end of the year, when local production increasesThe president also said there are indications that Russian President Vladimir Putin is isolating himself, as well as that he has begun to punish and dismiss some of his most trusted advisers.There is a lot of speculation, but it seems – I’m not sure – that he did Fired Or download some of his advisors. But I don’t want to focus too much on this right now, because we don’t have much solid evidence“, he added.

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But that’s not all, because Joe Biden also aimed his arrows major oil companies Americans, enjoying their record earnings, okay”80 billion dollars last year“Not by pumping more crude oil to fight energy inflation, but by taking advantage of the war-related price hikes.”Some like this increase“, the US President accused that Biden’s sudden move foresaw the OPEC + meeting, which, despite urging the international community to significantly increase crude oil production, was limited to a gradual and modest increase of only 432,000 barrels per day, which is insignificant given the situation, however Biden’s move forward has already paid off on international exchanges, with a 4% cut in the price of oil.

With the use of his own oil reserves, Joe Biden put another piece in his war economyafter urging Congress to impose fines on oil companies that do not produce on licensed federal lands, and invoked the War Act of the 1950s to ensure production of important minerals.