Imagine Biden started a war and said something like that.
Head-Spinning Reversals
The Wall Street Journal discusses President Trump’s Head-Spinning Pivot on an Emergency Oil Release
In a rapid reversal that left U.S. allies stunned, the Trump administration shifted from opposing the largest-ever intervention in oil markets to cajoling allies into moving forward with the maneuver in a matter of hours.
Tensions in the global oil market seemed to be easing on Tuesday just as Western governments and their allies were debating a major release of emergency oil reserves to calm prices. President Trump said the war with Iran would be over soon, and some European nations were questioning whether governments should intervene at all, U.S. and European officials familiar with the discussion said.
According to the officials, U.S. Energy Secretary Chris Wright gave his counterparts in the Group of Seven nations the White House’s position Tuesday morning: A massive intervention in oil markets was premature because the price of oil had recently dipped below $90 a barrel.
Less than two hours later, U.S. officials reversed their earlier position and pushed their counterparts for a major release of oil, said people familiar with the matter. The 180 degree turn was entirely due to a change of heart by President Trump, said a senior administration official.
Wright’s earlier stance reflected Trump’s views, according to the administration official. The president began the day opposed to release of oil, but changed his mind after advisers persuaded him that such a move was necessary to quell volatile oil prices, the official said. Trump told Wright to push for market intervention.
“It is 100 percent incorrect that Secretary Wright advocated against a release at the IEA meeting Tuesday,” an Energy Department spokesman said. “In fact, quite the opposite, he rallied the member nations to support President Trump’s plan.”
[These obvious lies make Trump look all the more ridiculous]“President Trump previously stated that he would responsibly use the Strategic Petroleum Reserve at the right time, and that time is now,” White House press secretary Karoline Leavitt said.
Some IEA member states that initially opposed the move acquiesced to the Trump administration’s demands, shelving their concerns that a major intervention wouldn’t do much to lower prices while the strait remained closed.
[At best, it won’t do anything at all. And if reserves are wasted just to bring prices down it could backfire spectacularly.]The whiplash reflects the volatility of the Trump administration’s decision-making as it prosecutes the war with Iran.
“The fundamental thing I’ve been shocked by is the lack of preparation for the energy-market consequences of this,” said Arnab Datta, managing director of policy implementation at Employ America, a Washington research group that has advocated for more aggressive use of strategic reserves. “There was nothing ready. Absolutely nothing.”
Still, skepticism abounds about whether the 400 million barrel release will be enough to keep prices below $100 a barrel. The size of the release accounts for only about 20 days of shipments through the Strait of Hormuz, officials say. Details on the plan remain scarce, and the pace of the release will dictate its effect on prices. The IEA said more details are forthcoming.
[20 days through the strait is the wrong way of looking at things. Oil is fungible. The global release is a mere 4 days. But OK they could and will release this slowly. The impact will be meaningless.]“The rate at which IEA members can provide emergency barrels to the market cannot concurrently cover the loss of supply in the Middle East, even if the hostilities were to end soon,” said Hamad Hussain, an economist at Capital Economics in London.
[Correct]The U.S. will supply the lion’s share of the release, more than 100 million of the 400 million barrels, according to people familiar with the matter. U.S. reserves could be less than half full if the Trump administration ends up releasing all of that onto the market, the lowest level since at least 2008. In his inaugural address, Trump pledged to fill the nation’s reserves “right to the top.”
[The US will release the most. This is despite the fact that US reserves are low.]Some energy ministers worked through the night, consulting each other and seeking advice from leading energy experts. The chief executive of a major U.S. investment bank warned one European minister that firing the biggest bazooka so early in the war could backfire, signaling to markets that Trump was losing his nerve.
But governments quickly dropped their resistance to avoid a public show of discord that they feared would trigger even greater market volatility.
[It’s not a bazooka. It’s a kid’s cork gun. We are talking about 4-day’s worth of supply. In other word, meaningless.]Germany’s energy minister Katherina Reiche appeared to offer arguments against the release even as she announced that Germany would take part in it.
“We are far from the $110 per barrel and the markets seem to be reacting positively,” Reiche told reporters Wednesday.
[Market’s reacting positively?! Brent is up $9 to $101 and US WTIC is up $9 to $96. If positive means up, that’s positive all right. And note that Brent and WTIC are moving nearly lockstep. That’s proof oil is mostly fungible (although there are grade requirement differences]
We Did the World a Favor
Who doesn’t like higher oil prices, higher diesel prices, higher fertilizer prices, higher food prices due to higher fertilizer prices and higher diesel prices, higher aluminum prices, higher bond yields, and reduced chances of rate cuts by the Fed?
If higher prices across the board are not a favor, then what the hell is?
But that’s OK because, as Trump says higher prices are a “small price to pay“.
Fact Check True! (From the point of view of the Israeli lobby, Lindsey Graham, and Benjamin Netanyahu)
The War Is Over
“”We won. We won. In the first hour it was over.” The cult cheered.
Please step back and Imagine Biden did and said anything like this.
Right in the Middle of His Gaslighting, Guess What
Have We Discussed Fertilizer Yet?
But that’s OK because it’s all part of the “small price to pay”.
Related Posts
March 10, 2026: What If the Iran War Ended Today? How Long Before Oil Is Normal?
That’s a big IF that isn’t happening, but what IF?
March 10, 2026: An “Angry” Senator Blumenthal Says “Path Is Boots on the Ground” in Iran
OK Mish, What Are the Odds of Boots on the Ground?
March 11, 2026: IEA Will Release the Most Oil in History Hoping to Lower Prices. Impressive?
The IEA will release 400 million barrels of oil hoping to tame crude prices. So what?
March 11, 2026: Three Oil Tankers on Fire Following Trump’s Advice, Crude Jumps Again
Hey, I thought the war was over.
Article posted with permission from Mish Shedlock
