G7 Helps Avert Crisis
The DJIA was down 1.7% and oil pushed up to $110 per barrel, when the G7 stepped in to release their oil reserves.
This helped pare off DJIA losses and push oil back to around $100.
This helped calm markets down, but I can't help but take a walk down memory lane, specifically to 2022, when Biden started releasing reserves to ease off oil prices, following Trump's buddy, Putin, invasion of Ukraine and Trump.
Former President Donald Trump accused President Biden Thursday of draining America’s strategic petroleum reserve, claiming he built it up to “100% full” despite seeing a reduction in the reserve under his administration as well.
At the time, Trump said: “So after 50 years of being virtually empty, I built up our oil reserves during my administration, and low energy prices, to 100% full,” “It’s called the Strategic National Reserves, and it hasn’t been full for many decades. In fact, it’s been mostly empty. It’s supposed to only be used for large-scale emergency or conflict,” Trump continued.
“Now I see where Biden has just announced he’s going to take what we so carefully and magically built, and [sic] what will be a futile attempt to reduce oil and gasoline prices. They will soon bring it down to empty again. It just never ends!”
Sure, he was lying about having rebuilt the reserves, but I'm sure MAGA no longer remember what Trump said 4 years ago.
This helped pare off DJIA losses and push oil back to around $100.
This helped calm markets down, but I can't help but take a walk down memory lane, specifically to 2022, when Biden started releasing reserves to ease off oil prices, following Trump's buddy, Putin, invasion of Ukraine and Trump.
Former President Donald Trump accused President Biden Thursday of draining America’s strategic petroleum reserve, claiming he built it up to “100% full” despite seeing a reduction in the reserve under his administration as well.
At the time, Trump said: “So after 50 years of being virtually empty, I built up our oil reserves during my administration, and low energy prices, to 100% full,” “It’s called the Strategic National Reserves, and it hasn’t been full for many decades. In fact, it’s been mostly empty. It’s supposed to only be used for large-scale emergency or conflict,” Trump continued.
“Now I see where Biden has just announced he’s going to take what we so carefully and magically built, and [sic] what will be a futile attempt to reduce oil and gasoline prices. They will soon bring it down to empty again. It just never ends!”
Sure, he was lying about having rebuilt the reserves, but I'm sure MAGA no longer remember what Trump said 4 years ago.
