Hoping They Release 260 Million Barrels Of Oil From The SPR -- March 10, 2022

I can hardly wait to see the reaction of politicos and mainstream media tomorrow morning.

Previously posted:

A reader suggested I check in on Steven Hayward over at PowerLine together. 

Shortly after that was posted, this was released by Senators Markey and Heinrich:  

This legislation would also provide relief to Americans by advancing the direct the near-term sale of the more than 260 million barrels of oil by 2023 that are in the Strategic Petroleum Reserve.

Holy mackerel! Folks get excited when 50 million bbls of oil is released from the SPR. I wonder what they will think when five times that amount is released.

I think this is fascinating.

I'm not going to go through it again, it gets tedious, but a release of oil from SPR is generally followed by an increase in the price of oil.

Note: I am not suggesting any direct cause and effect between releasing oil from the SPR and an increase in the price of oil. All I'm saying is that in general, when oil is released from the SPR, the price of oil goes up, not down.

I am really, really hoping they go ahead with this sale. I would like to see if my hunch is correct: that the release of crude oil from the SPR will be followed by an increase in the price of oil if nothing else is done. Again, I'm not implying a direct cause and effect. Just saying there will be an increase in the price of oil.