What A Bunch Of Crock -- "No Good Options" -- Jasmin Melvin -- February 25, 2023

SPGlobal: Biden faces "no good options" to keep gasoline prices in check.

What a bunch of crock.

Two things.

1. Currently, there's so much crude oil (and gasoline for that matter) sloshing around there's no imminent shortage between now and driving season. Most recent EIA data (last week):

• days crude oil in storage: 31.7 (an increase from the week before, 31.2); link here; fourth consecutive week that storage has increased;
• any storage greater than 21 days is excessive
  
• gasoline demand, link here:

2. Driving season in the US is three months away. If next week, President Biden went full monty in supporting US oil, all this crazy talk would stop overnight. Full monty? Let's start:

• executive order: citing Russian sanctions, direct the EPA to to call a moratorium on all new regulatory activity against "oil";
• executive order: citing Russian sanctions, direct the EPA to roll back alll regulations adversely affecting "oil" that have been put in place since January 20, 2020;
• executive order: direct the US Congress to rescind the Merchant Marine Act of 1920 ("the Jones Act") and by executive order, and, in the meantime, temporarily suspend the act for 365 days;
• executive order: direct federal permitting to be expedited; all permits to be automatically approved within 60 days with only the president able to delay any approval greater than 60 days, and he has one month to act;
• return Federal royalty rates to pre-1980 rates for 365 days;
  
• incentivize frack spreads;
  
• approve COP's five-well request for the company's Alaskan Willow Project;
• direct US Congress to send him a bill similar to the "Chips Act" to expedite development of the Uinta Basin; 
• direct US refiners to operate at max capacity; citing the Ukraine War, put the US on a war footing with regard to refining.