The European Union is set to declare a FULL embargo on Russian oil after France’s upcoming presidential election, which could cost the price per barrel of oil to skyrocket yet again — maybe up to 185 DOLLARS, JP Morgan has warned. And the worst part? With China, Turkey, and India buying whatever oil supplies Europe won’t take, it’s unlikely this embargo will hurt Russia. But it WILL affect you. Plus, a new report alleges Biden is not only releasing oil from our strategic reserves to help Americans at the pump, but the administration could be giving that oil to Europe too. So, does anyone else find it INSANE that we’d willingly sacrifice so much of our oil RESERVES while the threat of a World War looms…?
Below is a rush transcript that may contain errors
GLENN: All right. Before I get into the strategic oil reserve, let me just give you something that Reuters reported last night. The EU is set to declare a full embargo on Russian oil, after this week's French election. Now, that election is happening, I believe this weekend. Is it not?
And it's between Macron, and Le Pen. It is close. I mean, remember last time, do you happen to know those numbers? The last time Macron ran against Le Pen. Wasn't it like 80/20 or something?
STU: I want to say it 70/30. 80/20, something in that general -- once they have a big election, like to go to a runoff. In that runoff, it adds up to 100 percent because there's only two candidates and everyone has to vote. Pick somebody.
So it was a blowout though. It was not close. It was like, I can't believe she got into the runoff, was the reaction to it. And then the runoff was not close. That's not the case this time.
GLENN: Yeah. It's 45/55, Macron. And once again, the elites are deciding an election. You know, in World War I. Right before we went into World War I, Wilson said, as his campaign slogan. I'm not going to get you into war. Within just a few weeks after, he was in office.
For his second term, after the election, we were at war. He sent the troops to war. The elites always think they know better. And so they will keep things from you. And that's exactly what the European Union is doing, with the French people. They don't want to upset the election, because it's so close. And what they're about to do, would push it in Le Pen's favor. They are about to declare a total embargo on Russian oil. They're supposedly, according to Reuters, going to do this next week.
This will cause a massive spike, in the price of oil.
I'll give that to you, here in a second. But first, let me ask you, is this really hurting Russia?
Because they've found other buyers for all of their oil.
They have found buyers in China and Turkey and India. And these people are saying that if this happens, they'll buy more.
So they have remarkably, according to JP Morgan, the Russian crude exports, are actually averaging 360,000 barrels above preinvasion volumes.
Huh. Now they're saying, that they're going to cut -- Europe will cut, all of that.
And when they do, according to JP Morgan Chase, the price of Brent crude oil, $185 a barrel.
$185 a barrel. That because of inflation, is about where the price of oil was. About 125. For how long, in 2007 or eight?
This is what caused the collapse of our economy.
It was oil prices. The entire western world is -- is built, on the back of energy prices, being no more than $100 a barrel. Every time it's over $100 a barrel, it hurts the economy. And it stops it. If you can get it down to -- what did Trump have it down to, like $60 a barrel? When you get it down there, you're starting to hurt Russia. But high prices help Russia, Saudi Arabia, and hurt us. The entire West. At $185 a barrel, I don't even know what gas prices would be. But we're probably all paying $5 plus, California, good luck.
How long can the Western world survive that?
Now, here's what's interesting. India, and China, and Turkey, have already said, they would take this oil.
Europe is not thinking about just pulling all of the oil, and stopping it cold Turkey. They are thinking about maybe doing it more slowly. Over a period of months. Well, that gives Russia time, to make all the deals.
That -- who wins in that scenario? You don't have oil. They have buyers.
How it -- what is that? By the way, the Russian break even, for oil, is less than $10 a barrel.
So they're talking also about price caps, we'll only pay $20 a -- you're still giving them $10 on every barrel. I mean, I don't understand.
You're just hurting yourself with this. And, you know, I'm beginning to wonder. You remember Biden had the emergency strategic oil reserve. Petroleum reserve.
And he said, he was going to release 180 million barrels of oil. 180 million barrels of oil, from the strategic petroleum reserve. That's 1 million barrels a day, for 180 days. And it would end shockingly, just right after the midterm elections. Okay? So he was going to do that. And remember what he said. I'm going to do this, because I want to help the average person at the gas pump. Well, somehow or another, the definition of an emergency, and helping you, now includes making a profit at the expense of American consumers. Because sooner or later, a real emergency will hit, and we will need the fuel, according to Matt Smith, oil analyst and commodity data firm Kepler, we are now exporting our strategic oil reserve crude, and we've been doing it since last November.
So when Biden said, we're going to release some, and it's going to help the average person. No, that's not true. Unless you -- unless you consider the citizens of Europe, the citizens of the United States.
Why didn't we know this? Why is he doing this?
This is really not going to help -- I mean, unless he's buying the support, from Europe. Why would we buy the support from Europe?
Support for what?
STU: Two years ago, what were oil prices?
GLENN: I don't know.
STU: Today, it's 100 -- what is it $104.
GLENN: Four. Yeah.
STU: Two years ago today, oil prices, $16.94.
GLENN: Sixteen dollars!
STU: Now, an asterisk, in that, we were in the worst part of the pandemic at that point. Which was a massive. That is the lowest it went. But that was two years ago, exactly today. $16.94. It's now over $100. And, you know, once we rebounded off that -- the real catastrophic drop of the pandemic, it was around $40 after that. And now we're at 104.
GLENN: Forty to $60 is a dream.
STU: Yeah. Forty to sixty, that's where it was throughout 2019, most of 2017. A little higher at times in 2018. But had leveled off, between 50 and $60, before the pandemic hit. And then, of course, all the way down to $16. That was amazing. I wish I would have bought oil back then.
GLENN: So, Stu, can you tell me what exactly is happening, with the strategic oil reserve being released some of it, at least. To Europe.
That's not for Europe. That's for us. And that is actually not for price relief. That is to run our ships, our Navy, our Air Force.
STU: Well, it's supposed to be certainly.
GLENN: Exactly right. Okay?
And then we seem to be going closer and closer. Remember, Joe Biden said, I don't want to do anything that's going to look like we're supporting Ukraine in any military fashion. We're not going to replace those planes for Poland, if they do that. We're not going to be involved in that at all, okay? Because that would be akin to an act of war. He was very clear on that, wasn't he?
STU: It seems like it. No, it seemed like it.
GLENN: Yesterday, NBC News cited five U.S. officials, that said a -- a new package, a new arms package, which will bring our military aid to 3 billion dollars, is going to be announced. Listen to this. We are now selling them howitzers, antiaircraft systems, anti-ship missiles, armed drones, armored trucks, personnel carriers, and even tanks!
Now, that sounds to me, as bad, if not worse, than some old planes, from the 1960s. That we weren't even going to do.
Why are we doing this? By the way, Russia sent a warning, to us. That if we start delivering these, quote, most sensitive weapon systems to Ukraine, it will bring unpredictable consequences.
I don't think they're unpredictable. You keep using that word. I do not think it means what you think it means. I don't think it's unpredictable. Are we -- are we shooting ourself in the foot, by giving away our oil reserve?
Even selling our oil reserve. Just touching our oil reserves, at this point.
STU: It's crazy.
GLENN: While we're antagonizing the bigger bully. And maybe the biggest bully on the block.
STU: With over 6,000 nuclear weapons. Yeah. That seems like a problem to me. Now, if you're going -- we know the back sort of -- the backstory, as far as the reporting goes, seems to indicate, basically, we're trying to say to Europe, you guys need to stop buying Russian fossil fuels.
And we are -- they say, well, what are we going to use? And this is part of our answer. Right? Well, we'll send you some from our strategic oil reserves, to help, you know, lower the burden. As you --
GLENN: How about this? We just open up our system. You know, yeah. It's going to take us six months. But we're already six months into this. We're going to open our systems again. We're going to start pumping it like we were. And we'll sell it to you, for $60 a barrel. And we'll leave our strategic oil reserve alone. I mean, it's really getting simple.
STU: It's fascinating to watch this. You mentioned this before. Wasn't he really clear about this?
And he was really clear, when he said, that we were not going to do anything that was going to escalate us into war. But to say he was clear, really about any of this. Overall, is really difficult to say. He's gone back and forth over and over again.
Remember, this guy ran a platform, saying, we're going to get rid of fossil fuels. We're going to eliminate them. We're going to be net zero. All of these things he said to environmentalists to get their vote. Then he gets in front of the -- the public, and people say, hey, you keep saying, you're going to get rid of all these fossil fuels, now we're having an oil crisis. What's the deal? Your gas prices are going through the roof. It's hurting families. And he says, we haven't done anything. We haven't done anything to stop production. What are you talking about?
Now, there's a court ruling, that say, they have to open up new leases. Not their action. The court said, you have to open up these new leases. So the environmentalists are mad. And he's saying, again, we're not doing anything. This isn't us. So they've gone back and forth on this, so many times, because they're telling the left, that they're absolutely attacking fossil fuels. And then telling the American people, we're not doing anything on that front, at all. All these oil companies are just, oh, so greedy. And that's the problem here.