• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 7 days What fool thought this was a good idea...
  • 10 days They pay YOU to TAKE Natural Gas
  • 10 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 5 days A question...
  • 16 days The United States produced more crude oil than any nation, at any time.
Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

US Energy Boom vs Russian Energy Influence

It is with incredible equanimity that the media has digested the announcement of a 5 million barrel ‘test’ release from the Strategic Petroleum Reserve on Wednesday, but the market certainly hasn’t – WTI crude plummeted $2.30 on the news.

It doesn’t take much analysis, however, to see that this is a weak attempt to flex some muscle to use the US energy boom as a wedge against Russian energy influence in Ukraine and the rest of Eastern Europe.  

This ridiculous meme has gained traction in the last week and a half from mostly GOP leaders in Washington, suggesting that the United States ‘drill everywhere’ and begin exporting natural gas into Europe – a silly idea I’ve debunked several times this week in columns and on air  – but now this fantasy has gotten support from real policy in the White House in this latest SPR release.  

To put this in context, the last SPR release was in 2011 in response to a coordinated support of rebels in Libya, offsetting the 1 million barrels a day of lost Libyan supply caused by the war.  Before that, the SPR was used in the aftermath of hurricane Katrina and before that, during Desert Storm in 1991.  The pattern is clear:  the strategic petroleum reserve was designed to be used in the national interest in moments of extreme market stress – which is why this release is being falsely called a ‘test’ by the DOE.  

Test, nothing – this is President Obama looking to act tough and give credence to a wrong-headed and just plain…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News