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Thread: Biden admin cancels plan to refill emergency oil reserve amid high prices

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    Default Biden admin cancels plan to refill emergency oil reserve amid high prices

    The Biden administration has abruptly canceled a plan announced last month to purchase up to three million barrels of oil as part of its effort to refill the Strategic Petroleum Reserve (SPR).

    The SPR – which Congress established for emergency situations – currently contains 363.6 million barrels of oil, a 43% decline from January 2021 when President Biden took office, federal data shows. Biden began depleting the reserve in late 2021 to combat high fuel prices.

    The Department of Energy said that while it remains committed to refilling the SPR, it would pull back its most recent solicitation for oil amid increasing prices. On March 14, DOE's Office of Petroleum Reserves announced the solicitation for three million barrels of oil to be delivered in August and September to its Bayou Choctaw site in Louisiana, one of four major SPR storage facilities.

    "Keeping the taxpayer’s interest at the forefront, we will not award for the Bayou Choctaw SPR site in August and September, and will continue to solicit available capacity as market conditions allow," a DOE spokesperson said. "As always, we monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset."

    When DOE first announced the Bayou Choctaw refill plan last month, it said it would aim to purchase oil priced at $79 per barrel or below. Since then, oil prices have increased, with the U.S. benchmark hitting $85.71 earlier on Wednesday.

    The solicitation, though, is one of several to be announced by DOE. The agency has in recent months executed several of those purchases, but the reserve still remains at a historically low level.

    Overall, the president ordered DOE to release a total of about 260 million barrels of oil from the SPR in 2021 and 2022. Although the administration has recently initiated the process of refilling the reserve, Republican lawmakers and energy experts have warned its actions make the U.S. vulnerable to short-term supply shocks.

    "It’s pure insanity to watch the Biden administration cut American oil production and then claim they can’t refill our critical reserve because of the price," said Daniel Turner, founder and executive director of watchdog group Power the Future.

    "Joe Biden drained the SPR for political reasons, cut our domestic production for his climate agenda, and now he’s leaving our critical reserve more vulnerable because he’s incompetent," he continued. "As a result, Americans are paying more at the pump, more at the grocery store and our SPR is less full during a time of rising turmoil in the Middle East."

    https://www.msn.com/en-us/money/mark...a9085c7d&ei=33

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    Default


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    Default

    This needs to be repeated:


    "Joe Biden drained the SPR for political reasons, cut our domestic production for his climate agenda, and now he’s leaving our critical reserve more vulnerable because he’s incompetent," he continued. "As a result, Americans are paying more at the pump, more at the grocery store and our SPR is less full during a time of rising turmoil in the Middle East."
    IMPEACH 46 FOR TREASON
    Biden/Harris 2024
    IT'S A NO BRAINER!


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    1 - There is no use (NONE) of the strategic reserve that is not a political consideration. Biden used it in the same manner every other POTUS has used and he has done it better than most.

    2- re 'doing it better than most', it is smart and strategic to take advantage, if you can and use it when prices are at highs and wait to fill it back up when prices are low. Much like with any commodity trading or currency trading smart people (like Biden) can take advantage of the fluctuating price, at times, to make the American people a profit and add more revenue in to government coffers.
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    Quote Originally Posted by ExpressLane View Post
    This needs to be repeated:
    It really does not as it is stupid. Like you.
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    I told you as it was being drained that it would not be refilled...it has nothing to do with price....it is ideology.
    I choose my own words like the Americans of olden times........before this dystopia arrived.

    DARK AGES SUCK!

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    Quote Originally Posted by Hawkeye10 View Post
    I told you as it was being drained that it would not be refilled...it has nothing to do with price....it is ideology.
    Account bet it gets refilled?
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    7/7/22

    Quote Originally Posted by Hawkeye10 View Post
    The goal is to eliminate the reserve, it is only the why that is in question, but it sure does look like our ach enemy the chinese already run the place and are conducting a controlled implosion.
    I choose my own words like the Americans of olden times........before this dystopia arrived.

    DARK AGES SUCK!

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