With Strategic Petroleum Reserve at Historic Lows, Biden Cancels Replenishment Order
Apr 13, 2024 19:53:15 #
"After drastically depleting the nation’s Strategic Petroleum Reserve to buy votes during the midterm election, President Joe Biden’s Department of Energy has announced it will not purchase up to 3 million barrels of oil from a site in Louisiana in August and September, as originally intended. ...
Reportedly, the current oil prices are scaring away the DOE from purchasing, as current oil barrel prices are around $85 — above the $79 a barrel it’s aiming for. ...
The reserve was intended to function as an emergency source of fuel for the nation in times of crisis, ensuring essential functions such as our country’s military wouldn’t be ruined by a shortage.
Today, it doesn’t seem that same understanding is seen.
The four underground storage facilities for the SPR, located along the Gulf of Mexico, currently have an “authorized capacity” of 714 million barrels, according to the Department of Energy.
In 2022, the Biden administration announced plans to sell 180 million barrels “in an attempt to lower gasoline prices after Russia invaded Ukraine,” Reuters reported.
Biden’s sale that year was in addition to 38 million barrels that Congress had ordered sold, a practice lawmakers came up with to fund government programs, according to the outlet.
Those sales drained the SPR to its lowest level in about 40 years. It now stands at 363.6 million barrels, according to Reuters. That’s just over half of where it should be in the best of times — and these certainly are not the best of times.
“When former president Donald Trump attempted to fill the SPR to the brim when oil prices were at a rock-bottom price of $24 a barrel, congressional Democrats blocked the purchase, claiming it would be an oil-industry bailout,” the outlet reported.
The saddest part is that Biden is doubly responsible for the issue at hand, being responsible for both the low levels of the SPR and the high prices of oil.
MY COMMENT: Biden cancels oil pipelines, cancels leases on federal land for oil drilling, sells off our strategic oil reserve to a 40 year low, foments war with Russia, and now is caught with his pants down, and can't afford to refill the oil reserve, which would raise gas prices prior to an election. Gee, what could possibly go wrong!
https://www.westernjournal.com/strategic-petroleum-reserve-historic-lows-biden-cancels-replenishment-order/?utm_source=Email&utm_medium=newsletter-CT&utm_campaign=dailypm&utm_content=conservative-tribune
Reportedly, the current oil prices are scaring away the DOE from purchasing, as current oil barrel prices are around $85 — above the $79 a barrel it’s aiming for. ...
The reserve was intended to function as an emergency source of fuel for the nation in times of crisis, ensuring essential functions such as our country’s military wouldn’t be ruined by a shortage.
Today, it doesn’t seem that same understanding is seen.
The four underground storage facilities for the SPR, located along the Gulf of Mexico, currently have an “authorized capacity” of 714 million barrels, according to the Department of Energy.
In 2022, the Biden administration announced plans to sell 180 million barrels “in an attempt to lower gasoline prices after Russia invaded Ukraine,” Reuters reported.
Biden’s sale that year was in addition to 38 million barrels that Congress had ordered sold, a practice lawmakers came up with to fund government programs, according to the outlet.
Those sales drained the SPR to its lowest level in about 40 years. It now stands at 363.6 million barrels, according to Reuters. That’s just over half of where it should be in the best of times — and these certainly are not the best of times.
“When former president Donald Trump attempted to fill the SPR to the brim when oil prices were at a rock-bottom price of $24 a barrel, congressional Democrats blocked the purchase, claiming it would be an oil-industry bailout,” the outlet reported.
The saddest part is that Biden is doubly responsible for the issue at hand, being responsible for both the low levels of the SPR and the high prices of oil.
MY COMMENT: Biden cancels oil pipelines, cancels leases on federal land for oil drilling, sells off our strategic oil reserve to a 40 year low, foments war with Russia, and now is caught with his pants down, and can't afford to refill the oil reserve, which would raise gas prices prior to an election. Gee, what could possibly go wrong!
https://www.westernjournal.com/strategic-petroleum-reserve-historic-lows-biden-cancels-replenishment-order/?utm_source=Email&utm_medium=newsletter-CT&utm_campaign=dailypm&utm_content=conservative-tribune
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