One can only ask what else was discussed with Biden’s three hour phone call with XI. Let’s empty our oil reserves that are only to be used for a national emergency. Recall Trump’s comment that when he assumed office the reserves were depleted. Thanks to Obama who no doubt wanted us vulnerable. This is insane. And there are rumors that they want to dump Harris as VP? Impeach this senile old fool now. Save Taiwan. For sure it will be lost otherwise. Don’t forget Russia, now ready to move on Ukraine.
First thing Xi does is stick it to Biden in his opening remark.
The two main options being discussed: releasing oil from the US Strategic Petroleum Reserve (SPR) and/or instituting a ban on US crude exports; are both expected (by experts) to result in higher oil/gasoline prices (and only provide very brief, if any, relief at the pump).
Well now we know there is/was a third option being considered…
The South China Morning Post reports that President Biden asked President Xi, during their virtual meeting overnight, to release China’s oil reserves as part of an economic cooperation pact.
According to a person familiar with the matter, the US has asked China to release oil reserves to help stabilize soaring international crude oil prices.
The issue was also broached during a phone conversation between Chinese foreign minister Wang Yi and US Secretary of State Antony Blinken two days earlier.
“One of the pressing issues for both sides is energy supply,” the person said, which made us wonder just what China would want to give up some of that ‘supply’ for to help out its arch-competitor on the global hegemon stage?
SCMP reports that “currently, the energy departments from both sides are negotiating the details,” the person said, adding that China is open to the US request but has not committed to specific measures yet, citing the need to consider its domestic consumption needs.
The big question – obviously – is what did President Biden offer in return for this ‘favor’ from China?
Quid pro quo?
Does this kind of “political lobbying” reach impeachment-level actions? And what exactly is the US SPR for if not for this (ignoring the fact that, as we detailed previously, a modest SPR release would do little to help the average joe filling up his tank, and in fact could make it worse). Did Biden just tell China just how exposed he is domestically, politically?
Make America China-Dependent Again?
H/T: Zero Hedge
Meanwhile Biden continues to cut off any further drilling in the United States
The best of the swamp today.