S&P 500 Futures - Mar 22

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  • Biden is releasing US strategic oil reserves in an attempt to reduce international price of oil ! Funny story really,, till 2020, US was net exporter of oil (thx to that Red Ape) and wanted high oil prices ! Then came Biden, and by 2021 US is net IMPORTER of oil ,, hehe,, and US is desperate to REDUCE oil prices  hahahar har ! I guess, Biden himself did not realize how good he is in shutting down oil producers at such high speed ! Well done Biden now understand, if you have to IMPORT what you stopped producing,,,, then,,, is this another thing you didn't think thru ?
    • Extract,,,"What is explicitly holding US producers back from drilling and fracking more ? It’s mainly investor demands for higher financial returns ! ESG (environmental, social, and governance) concerns have also weighed — and are building as the Biden administration unleashes its climate plan ! Investor demands for higher returns from shale existed before Biden arrived ! They were prompted by massive capital destruction by shale producers in the years before the pandemic struck ! Then, when the bottom fell out of prices a year ago, these demands were super-charged ! The same could be said for ESG ! These concerns existed before Biden, but his climate policies send a stronger message to producers and investors about Washington’s hesitancy to remain a top oil and gas producer ! So, now the ESG concerns have been turbo-charged by Prez policies like the termination of Keystone, the attempt to halt federal oil and gas lease sales, and aggressive efforts to regulate methane emissions ,,,"
    •  ,,  While Biden may not be totally responsible, he is indeed largely responsible for lack of enthusiasm in US producers even with prices of $80,,, as per industry insiders (per my previous post)
    • “Refineries shuttered across the globe” during the past year, latest Reuters report on high oil prices and why every country is playing catch up, not just the USA
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