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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Biden's release of oil reserves 'political', signals panic

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Nov 2022 16:32
3 Min Read

Biden's policies is going to run the US oil reserves into the ground.

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  • Crude oil storage tanks in the U.S. state of Oklahoma. Crude prices in October climbed to their highest since 2014 and continue to hover above $70 a barrel. Reuters
    Crude oil storage tanks in Oklahoma. (Reuters)

US President Joe Biden's decision to release additional oil from the Strategic Petroleum Reserve (SPR) before the midterms is a political move, and is not likely to lower the prices because it signals panic, according to a former commissioner in the Texas Railroad Commission speaking to Sputnik. 

Biden, since November 2020, gave authorization for the withdrawal of over 200 million barrels from the SPR and may be releasing more in the winter if he had to. 

"Absolutely," former Texas oil regulator Ryan Sitton said when asked if Biden's decision was political. "In fact... prices aren't dropping very much as a result of that announcement. In fact, what you're going to see is they're going to go up because as Biden signals a panic, that's going to fuel the market saying maybe there really is demand, there is supply problems." 

Read next: US recession 100% certain in 12 months, Bloomberg forecasts

Biden is reinforcing the narrative that there is a supply problem when he releases additional oil from the US strategic reserve, Sitton said, calling Biden's plan of releasing oil from the reserves a "bad strategy."

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"When people start realizing how low the reserve is, and in contrast that demand is not shrinking with the recession, we're gonna see incredibly high oil prices," Sitton said. 

 The US emergency oil reserve is less than 2 million barrels away from reaching below the required benchmark, 400 million barrels, after around 3.5 million barrels were outflowed last week. 

Last month, Biden announced his intention to put a final 15 million barrels on the market from a record release of US strategic oil reserves, with more releases possible if energy prices spike, a senior US official said. 

Biden urges oil companies to stop "war profiteering", or suffer taxes

On Monday, the US President called on oil and gas companies to use their record profits to lower energy costs for US citizens and increase production - or, pay a higher tax rate. Biden is dealing with midterm elections and crippling energy prices.

Biden has recently criticized major oil corporations reeling in heaps of profit while Americans are paying substantial numbers to fill their vehicles with fuel. 

His urgency comes after failed talks to get Saudi Arabia to increase oil production rather than cut it, with Biden warning Riyadh that he will have to reconsider his relationship with it after its decision. 

Read more: Biden threatens KSA with 'consequences' over OPEC oil output cut

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  • Joe Biden
  • United States

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