The Russian invasion of Ukraine has exacerbated the energy crisis and opened a new front of confrontation between the West and Russia. Europe, historically linked to importing energy commodities from Vladimir Putin’s country, has been working to become more independent since the conflict broke out. A goal that is not easy to achieve, but essential given the recent moves by the President of the Federation to demand payment in rubles. A condition that the European countries are apparently not willing to submit to. The position of Joe Bidenwhich, due to its reduced dependency and larger reserves and deposits, could make a surprising move that could open up new scenarios in the energy war.
Following the imposition of the embargo on Russian energy products, the US President decided to draw heavily on US strategic oil reserves and announced the release of one million barrels a day over the next six months. That means overall 180 million barrelsto combat inflation and expensive petrol “caused by the invasion launched by Vladimir Putin”.
The US President presented the maneuver as “the greatest release of oil reserves in the story, “and stated that the additional shipments” will alleviate the suffering of Americans “who” will “pay for a dictator’s decisions” and “serve as a bridge until the end of the year, when domestic production is set to increase.” “The President also said there is evidence that Russian President Vladimir Putin has selfisolated and has begun to punish and fire some of his most trusted advisers. “There’s a lot of speculation, but it seems that I know do not say for sure he has fired or banned some of his advisers. But I don’t want to stress that too much now because we don’t have a lot of concrete evidence,” he added.
But that’s not all, because Joe Biden also aimed his arrows oil majors Americans enjoying their record profits of “$80 billion last year” because they are no longer pumping crude to fight energy inflation, but are taking advantage of warinduced price increases. “Some like this increase,” accused the US President. Biden’s surprise move anticipated the OPEC+ meeting, which was limited to a gradual and modest increase of just 432,000 barrels per day, despite urging from the international community to significantly increase crude production. A trifle given the situation. However, Biden’s move forward has already paid off on international stock exchanges with a 4% drop in oil prices.
With the use of special oil stocks, Joe Biden has put another piece in his pocket war economyafter asking Congress to fine oil companies that do not produce in the states they are licensed for and invoking a 1950s martial law to ensure production of key minerals.