MacroVoices #349 Rory Johnston: Crude Oil Outlook & SPR Discourse
Macro Voices
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The Biden Administration Never Had a Sincere Intent, Rory.
If you were going to be intellectually honest about this, you wouldn't even try to refill the SPR. It would take what 300 million barrels to get back up to full from here. They're giving lip service to the idea of buying long dated contracts when the price gets down to 68 to 72. But the long dated contracts are already at 68 to 72, and they're not buying them. I don't buy any of this that I don't think they're sincere about any part of it.
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