The Joe Biden’s administration has plans to sell 26 million more barrels of oil from the Strategic Petroleum Reserve (SPR) to stave off price hikes from the “summer gas surge.” All because Putin is planning to cut oil output by 500,000 barrels in March. To get ahead of the price of gas that is expected to increase significantly, the administration is going to sell more oil. Oil that we don’t have because Biden is an idiot and destroyed America’s ability to generate our own on his first day in office. So, he’s been selling off oil from the Strategic Petroleum Reserve – which was created for emergencies during wartime.
“Biden is front-loading SPR barrels to avoid a summer gasoline price spike. There are growing concerns among the Biden administration that gas prices are headed back to $4 a gallon and the president is fearful of the political heat he will have to take.” Phil Flynn, analyst at Price Futures Group and Fox News Contributor
Congressional action would be required to stop the releases of oil in 2023. The Omnibus bill cancelled releases from 2024-2027. The summer gas surge is another excuse Biden is using as a political tool.
The U.S. Department of Energy had considered cancelling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act.
Monday’s announced sale will likely temporarily push the reserve below its current level of about 372 million barrels, its lowest level since 1983.
The DOE said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30. Reuters
It was reported that the SPR may not be replenished until after 2023. The Government wants to purchase the oil at $70 per barrel, but the price has risen to $80 per barrel. Congress cancelled releases of about 140 million barrels that were set for 2024 – 2027. When Biden took office, the SPR was at 638 million barrels, which was lower than the mandated 713 million maximum. This release will cause a serious depletion and drop the amount down to 346 barrels. So, Biden is trying to use the summer gas surge as a way of getting votes.
“The Administration is focused on replenishing the SPR in a way that provides the best deal for taxpayers by aiming to repurchase crude at a lower price than it was sold for, while providing certainty to the industry in a way that helps encourage near-term production.” Department of Energy
The DOE plans to replenish the oil through various means, but according to reports, it is unlikely to do so until after the end of this year.
Electric vehicles won’t save us, especially if any war action breaks out. The obvious answer? Ramp up US production and make us energy independent again. But the enviro-junkies are sitting in the catbird seat and refuse to allow it. They are on a collision course to destroy America, and few recognize the agenda.
- Did Biden’s Removal Of 251 Million Barrels Of Oil From The Strategic Petroleum Reserve Impact Prices At All? Or Was It Just A Drop In The Bucket?
- Hunter Biden Tied To Chinese Company That Bought Oil Joe Released From Strategic Reserve
- Strategic National Reserves Going Down Biden’s Drain
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