XPost: alt.fan.rush-limbaugh, alt.politics.miserable-failure, sac.politics XPost: talk.politics.guns
On 24 Nov 2023, Fat Old Gasbag from Queens <
patriot1@protonmail.com>
posted some news:ujrnbo$2ln8g$
8@dont-email.me:
Biden, Harris and the Obama retreads they brought in should all be
stood up against the Whitehouse fence and executed.
China stockpiles grow as US strategic reserve sits at lowest level since
the 1980s
The Energy Department is asking for bid prices to add around 3 million
barrels to the strategic petroleum reserve. Administration officials say
the additional oil will begin to be added in January. It’s just a drop
in the bucket compared to the nearly 300 million barrels President Biden
has released since he took office. While the U.S. stockpile was
declining, China was adding to its reserves.
"I think China is looking ahead at the future and seeing that
geopolitically, economically, there's a great deal of uncertainty and volatility in the world," American Exploration and Production Council
CEO Anne Bradbury said.
In November 2021, President Biden announced the U.S. and other countries
would release millions of barrels from their oil stockpiles. At the
time, even China had said it would tap its reserves.
"They all agreed to release additional oil from the reserves, and China
may be doing so as well," Biden said in December 2021.
EXPERTS RAISE ALARM AFTER BIDEN STRIKES AGREEMENT WITH CHINA TO SHUT
DOWN FOSSIL FUELS
It appears China never sold from its reserves after Biden’s remarks.
"We have no evidence to show that China drew down its strategic reserves
in conjunction with the November 2021 strategic draw," Managing Director
of Clearview Energy Partners Kevin Book said. "The reason probably has something to do with China's own perception of its security. They
probably didn't want to put themselves at any more risk."
BIDEN'S WAR ON OIL DRILLING THREATENS TO KILL HIS OWN GREEN ENERGY
GOALS: 'A LOT OF UNCERTAINTY'
China’s National Food and Strategic Reserves Administration said at the
time that the sales would occur close to the Lunar New Year. That fell
on Feb. 1 in 2022. On Feb. 4, 2022, Russian President Vladimir Putin met
with Chinese President Xi Jinping in Beijing for the Winter Olympics.
Russia’s invasion of Ukraine was just 20 days away.
As Russian troops gathered at the Ukrainian border, the White House
threatened sanctions against financial institutions. The administration
pushed back against concerns China could help Russia avoid the
sanctions.
"China may want Russia as its junior partner for gas or cheap oil. But
let's not pretend it's anything else," White House Deputy National
Security Adviser Daleep Singh said during the announcement.
Days later, the invasion officially began, prompting U.S. economic
sanctions against Russia. By March, the U.S. had added oil sanctions.
The European Union reached an agreement in May, announcing it would back
most Russian oil by the end of 2022. By then, the U.S. and allies had
agreed to release millions of barrels from their reserves over several
months to combat high prices. Meanwhile, China was buying and
stockpiling cheap oil.
US SEIZED NEARLY 1 MILLION BARRELS OF IRANIAN OIL BEING SMUGGLED TO
CHINA
"When Putin weaponized energy, basically it sent a shock wave to Europe,
our allies, and we weren't able to help them because we weren't energy
secure ourselves," Sen. Joe Manchin, D-W.Va., said.
European Union member states are mandated to have at least 90 days of
crude oil in reserves. After the drawdowns, nearly half of European
countries fell below their 90-day target.
"The EU is really ground zero for supply disruptions over the last
couple of years as they try to wean themselves off of Russian oil and
natural gas," Bradbury said. "The strategic reserves are critical, and
they're going to continue to be critical moving forward."
The U.S. sold some of its reserves to China. The Energy Department
announced Unipec America Incorporated purchased nearly 1 million
barrels. The company is a wholly-owned subsidiary of China International
United Petroleum and Chemical Co. Ltd.
"China loves a bargain," Book said. "They are the biggest oil importing
country in the world. And when they can save a barrel, they're probably
going to save a barrel. When they can save money on a barrel, they're
probably going to do that too."
China does not disclose how much crude oil flows in or out of its
strategic reserves, but analysts point to an increase in imports from
cheap sellers like Russia and Iran. Trade data reveals China could be
sitting on a massive stockpile of oil.
"China depends on imported energy for about 25% of the energy it
consumes. So having energy in reserve when you're that dependent on
imports is extremely important," Book said.
Data from S&P Global estimates China’s crude oil inventory, which
compromises its commercial and strategic petroleum reserve, could be
more than 1.1 billion barrels.
"We know that Russia and China are working together and that China has
very few qualms about purchasing Russian oil and about putting its own
energy security first and foremost," Bradbury said.
China imports cheap oil from countries facing U.S. sanctions, like
Russia and Iran. Imports from Russia increased by nearly 23% in the
first half of 2023 to more than 2 million barrels per day. China is
Iran’s top customer, buying an estimated 1 million barrels per day in
2023.
Iranian oil is often relabeled as originating from countries like
Malaysia, the UAE or Oman to avoid sanctions. However, oil market
experts say China’s oil strategy has had little impact on the overall
market.
"It doesn't directly affect the global market in the sense that the oil
price essentially reflects the global supply and demand balance," Book
said. "If China didn't buy the oil from Russia and Venezuela and Iran,
then maybe somebody else would."
whyyoucrying
5 hours ago
America’s strategic oil reserves are depleted, tire manufacturers have
all but completely been bought out by China and moved from American
soil, the majority of medications and medical supplies are made by
foreign countries. But there’s nothing to worry about I’m sure!
lageff
17 minutes ago
I'm quite certain that their Chinese defense minister will warn the US
if they are going to do anything mean towards us. Yeah, right. Makes
you really wonder who we have at the top of the US military.
MyOwnOpinion916
5 hours ago
China is gearing up for war with the US. Stockpiling oil is a smart move
to ensure Naval vessels, jets, tanka, etc. have unlimited supplies.
Meanwhile the US has placed itself low on reserves. Brilliant, just
brilliant.
https://www.foxnews.com/politics/special-report-spotlight-energy-matters- china-adds-oil-inventories-massive-amounts
--- SoupGate-Win32 v1.05
* Origin: fsxNet Usenet Gateway (21:1/5)