SPR Release News To Be Released Today -- November 23, 2021

SPR release: that's the buzz, but it could change at the last moment. But as it stands now, expect Brandon to make a convoluted statement on releasing oil from the SPR. 

Note that a release is a "swap," not a sale. All oil released from the SPR must be re-paid later on down the road. 

Related:

• in additon to SPR release, small but vocal group of US House dems also want ban on US oil exports; link here;
• a bit of background first, public policy; Ballotpedia;
• a ban could certainly happen; Obama supports a ban, apparently;
• it's almost a bridge too far, but quite possible
• huge chance that Dems will make a huge mistake on oil export ban
• crude oil under $80 isn't even that expensive in the big scheme of things
• a release would have only a temporary effect, and it's possible the price of oil will be much higher six months from now
• Forbes not convinced it would be a good idea; link here;
• would disrupt global channels that have been years in the making
• would immediately raise Brent, and gasoline prices historically follow Brent pricing (per some talking head; I'm not convinced; one would think US gasoline prices linked closer to WTI)
• questionable whether it's even legal; like many of Brandon's executive orders could be overturned by the courts;
• US crude oil exports reached record levels in 2020 and remain high in 2021; EIA;