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Originally Posted by freebeard
I read the news today, Oh boy....
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The U.S. has allowed more than 5 million barrels of oil from the Strategic Petroleum Reserve to be exported to Europe and Asia, a move that contradicts President Biden's statements about trying to bring down the cost of soaring prices at the pump.
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There is no contradiction there. Oil is a global commodity and is sold to the highest bidder. The more oil sloshing around the world the lower the price.
If the USA wanted to decouple from the global market Congress would have to reinstate a ban on exporting oil. Since we are a net exporter with time we would have a glut of oil in the USA. Of course that would drive some US oil producers out of business and make the rest quite unhappy.