>>> SIX DECADES AGO, A BUNCH OF WILL PRODUCING COMPANY, BANDED TOGETHER TO FORM OPEC, AND ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES. CARTELS HAD A MASSIVE INFLUENCE ON AMERICAN POLITICS EVER SINCE. JUST LOOK WHAT HAPPENED AFTER OPEC DECIDED TO PUT AN EMBARGO ON THE UNITED STATES DURING THE ARAB-ISRAELI WAR IN 1973. >> THIS WINTER, AMERICANS WAITED IN LINE FOR GASOLINE. THEY CONSIDERED FUEL AND TURNED OFF LIGHTS. THE PAID MORE FOR OIL, FUEL, FOOD. SOME OF THEM LOST THEIR JOBS. >> THEN, 1979, PRICES AT THE PUMP WERE AGAIN, WHEN IRANIAN OIL PRODUCTION DROPPED AFTER THE IRANIAN REVOLUTION, AND OPEC ALMOST TRIPLED OIL PRICES. OF COURSE, THE FALLOUT KNOCKED JIMMY CARTER RIGHT OUT OF THE WHITE HOUSE. AMERICAN PRESIDENTS HAVE BEEN BEDEVILED BY OPEC EVER SINCE, UNTIL NOW. BECAUSE TO QUOTE FORMER CONGRESSIONAL ADVISER, JOE BIDEN JUST BROKE OPEC. AND HE DID THAT THROUGH A TRULY INCREDIBLE BIT OF OIL MARKET TRADING. HERE IS HOW THE ECONOMIST DESCRIBES IT. IN 2022, WHEN HE RELEASED 180 MILLION BARRELS OF CRUDE, HE SOLD IT AT AN AVERAGE OF $95 A BARREL. IN JULY OF LAST YEAR, WHEN OIL WAS $67 A BARREL, HE BEGAN TO REFILL THE RESERVE. HE HAS REPLACED ABOUT 1/5 OF WHAT HE SOLD, POSTING A PROFIT OF $582 MILLION, HAS MANAGED TO TIME THE MARKET TO PERFECTION. AND BIDEN'S STREAK IS STILL GOING. HERE TOO! AND IT ALL IS DAN DECKER, ONE OF THE FOREMOST EXPERTS, FOUNDER OF THE ENERGY NEWSLETTER. AND BACK IN OCTOBER, HE REALLY CALLED THIS WHOLE THING JOE BIDEN IS THE GREATEST OIL TRADER EVER. THIS HAS GOTTEN VERY LITTLE COVERAGE. I THINK IT IS A WILD STORY. TAKE US BACK TO THE ORIGINS OF THIS. >> SO TWO YEARS AGO, WHAT WE HAD WAS THE MOST BULLISH OIL MARKET. >> BULLISH MEETING PRICES ARE HIGH. >> THEY'RE GOING TO GO HIGHER BECAUSE COMING OUT OF THE PANDEMIC, WE GOT THIS PENT UP DEMAND. PEOPLE WANT TO GO TRAVELING, THEY WANT TO GET BACK. >> THEY WANT TO FLY, THEY WANT TO DRIVE. >> OIL PRICES ARE GOING TO GO UP. OIL COMPANIES GOT DECIMATED BY THE PANDEMIC. THEY CAN'T COVER THE OIL THAT IS BEING DEMANDED AT THE TIME. TO ADD ON TOP OF THAT, YOU GOT A NEW WAR, UKRAINE AND RUSSIANS. AND NOW WHAT THE EUROPEANS WANT TO DO, ACTUAL BIDEN WANTS TO DO IS THEY WANT TO FREEZE RUSSIAN SUPPLIES OUT USING SANCTIONS. THEY WANT TO BE SURE THAT THEY CAN'T, THE RUSSIANS CAN'T USE THEIR OIL MACHINE TO FINANCE THE WAR. >> BECAUSE THEIR OIL MACHINE IS THE BIGGEST EXPERT THEY HAVE. >> ALL THIS COMBINED MAKES FOR THE MOST BULLISH POCKET I EVER SAW. >> PEOPLE WERE GOING AROUND PUTTING STICKERS ON GAS, GAS STATIONS, WITH JOE BIDEN. >> WE HAD 5 1/2 DOLLAR GAS, SEVEN A HALF, EIGHT DOLLAR GAS IN CALIFORNIA. JOE BIDEN GOES TO SAUDI ARABIA, AND HE BEGS THE SAUDI'S FOR OIL. >> AFTER BEING VERY HARSH ON THEM, OF COURSE. AFTER BEING VERY HARSH ON THEM, RIGHTLY, AFTER HE HAD ORDERED THE EXECUTION OF AMERICAN NEWSPAPER COLUMNIST, GOES BACK, DOES WHAT AMERICAN PRESIDENTS DO, -- >> MBS TOLD HIM TO GO STUFF HIMSELF. HE IS NOT A TRANSACTION KIND OF DEAL THAT HE GOT. DONALD TRUMP, WHO FORGOT ABOUT THE SHOW. SOLD HIM AT 35, FIGHTERS, THIS WHOLE TRANSACTIONAL DEAL. AND AT THIS POINT, YOU'RE GOING TO GIVE ME SOMETHING. AND BIDEN SAYS NO, I HAVE NOTHING BUT THE UNITED STATES TO GIVE YOU. AND YES, FORGET IT. HE GOES BACK HOME AND HE HAS THIS ENORMOUSLY INTERESTING AGGRESSIVE PLAN TO USE THE STRATEGIC PETROLEUM RESERVE, WHICH IS OUR NATIONAL EMERGENCY RESERVE SYSTEM TO TRY AND HEDGE DOWN OIL PRICES. >> OKAY, I WANT TO BE CLEAR HERE, WE ARE SITTING ON A BUNCH OF BARRELS, THAT ACTUALLY EXIST IN A CAVE SOMEWHERE. >> THEY DO, ABOUT FIVE AND 80 SOME ODD MILLION BARRELS OF THIS. >> THE IDEA IS, IF WE ARE EVER IN AN EMERGENCY WHERE WE DON'T HAVE ANY ACCESS TO OIL, THIS IS THE STRATEGIC RESERVE. >> WE USED, FOR EXAMPLE, IN HURRICANE KATRINA. THAT WAS A MAJOR TIME. BUT IN KATRINA, THEY RELEASED MAYBE 25, 26 MILLION BARRELS OF OIL. IN THIS CASE, OVER THE COURSE OF YOUR, THEY RELEASED 180 BILLION BARRELS. >> NO ONE HAD EVER DONE ANYTHING LIKE THIS? >> VERY AGGRESSIVE >> AS HE IS INCREASING THE SUPPLY, HE IS SAYING YOU WANT TO KEEP PRICES HIGH? GUESS WHAT? WE'RE GOING TO PUT A BUNCH OF OIL ON THE MARKET AND DRIVE THE PRICE DOWN. AND WE ARE GOING TO SELL IT INTO THE MARKET. >> SOLIDS INTO THE MARKET, AND MORE THAN THAT, WE'RE GOING TO LOCK ALL THE OTHER TRADERS IN THE EYE AND SAY TO THEM, IF YOU WANT MY OIL, THE GUY STANDING ON THE OTHER END OF THIS TRADE IS THE U.S. TREASURY. THE GOVERNMENT OF THE UNITED STATES. AND THAT SCARED THE BEE GEES IS OUT OF EVERY TRADER. THEY WERE HELPING DRIVE THE PRICE OF OIL DOWN, THE GOVERNMENT WAS SELLING IT BECAUSE NOBODY WANTS, WHETHER THE U.S. GOVERNMENT IS TELLING ALL TRADERS, WE WANT TO SEE PRICES, WE ARE GOING TO DO WHAT WE NEED TO DO TO MAKE THOSE RIGHTS. >> THEY'RE COMING TO THE MARKET AND SAYING TWO THINGS, WE WANT THIS PRICE TO GO DOWN. AND WE WERE SITTING ON THESE BARRELS AND WE ARE GOING TO SELF UNTIL IT DOES. AND WATCH. >> THAT IS EXACTLY WHAT HE DID. AND SO THE AMOUNT OF MONEY HE MADE FOR THE U.S. TREASURY, THIS IS A FUN PART OF IT, HE SOLD BASICALLY AROUND $100 A BARREL. AND HAS BEEN, THAT IS $30 HE HAS MADE ON 200 MILLION BARRELS. YOU KNOW, SOMEWHERE BETWEEN FIVE, $6 BILLION AT THE U.S. TREASURY. THAT IS WHY I SAID THAT JOE BIDEN IS THE GREATEST OIL TRADER EVER. >> THEY JUST SHOWED THIS ON APRIL 2nd THAT THEY WERE ABOUT TO DO SOME PURCHASES TO REPLENISH THE RESERVE. HE CANCELED IT. SO THAT IS WHERE THAT'S WHERE IT WAS. THIS IS BY NOW, NOT SELLING. YOU WANT TO SELL HIGH, BUY LOW. FOR A SECOND, WE ARE DOWN, WENT INTO THE MARKET MAY 7th, BUT IT HAD DROPPED FIVE DOLLARS. >> RIGHT, AND AT THIS POINT HE HAS SUCH A, SUCH A FEAR FROM TRADERS OF WHAT THE U.S. WILL DO NEXT THAT HE REALLY HAS TO THREATEN ONE WAY OR THE OTHER TO MAKE OIL MARKET MOVE. >> THIS WASN'T DONE BEFORE, THIS WAS AN INNOVATION IN USING THE SPR TO BASICALLY PUT A GUARD RAIL ON OIL PRICES AND TO WILDLY DIMINISH THE CARTELS. >> BY THE WAY, I THINK THAT BIDEN UNDERSTANDS THAT, AS WELL AS BEING A SELLER OF LAST RESORT, AT THE TOP OF A MARKER, HE IS GOING TO BE A BUYER OF THE LAST RESORT AT THE BOTTOM OF THE MARKET, AND ALSO PROTECT THOSE OIL COMPANIES TO MAKE SURE THAT THEY ARE PROFITABLE, AS WELL. THE POINT IS THAT, YOU GOT TO PUT GUARDRAILS ON BOTH SIDES OF THIS. AND BY DOING SO, YOU CREATE A LAYING FOR RENEWABLES. EXACTLY IN FACT, IF YOU LOOK AT THE STOCK MARKET TODAY, YOU LOOK AT THOSE GREEN MARKET STOCKS, NOTHING BUT SHOOTING UP. BASICALLY BECAUSE BIDEN HAS CREATED A STABLE OIL MARKET FOR THE FIRST TIME IN OUR HISTORY, THAT SOME OF THE MOST CRAZY MOMENTS IN THE OIL MARKET, WHEN YOU HAVE SEEN NOTHING LIKE STABILITY, WE HAVE SEEN NOTHING BUT STABILITY. IT IS A TREMENDOUS STRESS. >> YOU KNOW WHAT? IT IS A REALLY STORY, I THINK IT DOES CONNECT WITH THE GREEN TRANSITION. PRICE VOLATILITY
