Posted on 09/12/2022 5:19:48 PM PDT by george76
Biden’s administration is getting more and more desperate as the Midterms loom as the pace at which they are draining the nation’s so-called ‘strategic’ reserve of crude oil just went to ’11’.
Last week saw almost 8.54 million barrels withdrawn from the SPR – the biggest weekly drain in history.
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This unprecedented collapse of the Strategic Petroleum Reserve to its lowest since September 1984 has helped lower oil prices (from their record highs)…
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the price of gas at the pump is still up 76% since Biden was .
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But ‘average joe’ doesn’t care about ‘president joe’ actions to weaken the nation’s “strategic” reserve to save his party from a bloodbath in the Midterms
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But, do not launch the “Mission Accomplished” campaign quote yet as even Treasury Secretary Janet Yellen is warning that oil prices may increase in the winter
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And if oil goes up… so will gas prices.
Of course, what few want publicly discussed is the need to refill the SPR at some point soon… and the natural marginal bid that will place under the price of crude (but hey, that will be Republicans’ problem
Trump gave us $1.79 a gallon gas.
Bidung screwed up bigtime.........now Bidung has to bring down sky high gas prices to get midterm votes. Read on.
U.S. Strategic Petroleum Reserve Hits Lowest Level Since 1985 (See SHTF Graph)
Energy Central ^ | Energy in Depth
Posted on 9/1/2022, 9:05:57 AM by Hostage
The U.S. Strategic Petroleum Reserve (SPR) hit historic lows this week as President Joe Biden continues to order a record release of barrels from the emergency stockpile. The SPR now sits at around 453 million barrels – the lowest level in 37 years.
For perspective, the U.S. Energy Information Administration estimates that in 2021, the United States consumed an average of about 19.78 million barrels of petroleum per day. If oil and gas production were to halt completely, today’s SPR would have just enough supply to fuel the United States for 22 days.
I believe I read some weeks ago that Joe is not removing our reserve oil for the benefit of American drivers.
Oh no! I’ve heard that Joe has authorized most of this reserve oil be sold to China, of all places.
Knowing Uncle Joe’s ‘logic’, do you doubt this is possible?
Biden is unleashing all this evil carbon on Mother Earth.
Why aren’t liberals rioting over this?
The world is a bit unstable especially with the Russian invasion of Ukraine. So wrong time to be releasing barrels from the emergency stockpile. We should be buying, instead of selling from it.
It is back up to around $88 right now. High this year was $120 but that was a short lived peak, it traded above $100 for about two months between late May through early July then faded.
Compared to pre-pandemic, over several years it ranged from around $45-$65 which is a profitable price range for domestic suppliers. Under $30 or so it is not very profitable for US producers but is for most of OPEC. They could crush the domestic market if they wanted to, but they don't have to our policy is doing that already and making OPEC+ rich in the process.
Policy makers don't care about the economic consequences or who it hurts. They only care about the policies they want, the policies that lobbyist pay for, or the interests of whatever business their ne'er-do-well cousins and sons-in-laws work with... or the companies they want to jump to when they leave public service.
We will use those all electric vehicles and planes to fight a war.
Shut down domestic drilling and drain the Petroleum Reserve
“authorized most of this reserve oil be sold to China, of all places.”
I think that’s common knowledge. It’s been discussed on War Roomb for a while.
I have a bad feeling about this!
Selling off the Strategic Reserve is of a piece with using up our advanced weaponry that takes years to replace and destroying the morale of the military and purging the effectives. Our government is preparing for war with China.
Is he still giving it to China for hunter?
Pretty much a guarantee for an across the board, democrat failure
This has nothing to do with lowering American gasoline prices.
These Marxists are doing everything in their unchecked power to weaken the United States. It’s obvious.
They’ve faggotized the military, drained the oil reserves, shut down our energy industries, and monetized everyone’s bank account (see student loan bailout).
Sinopec, U.S. Strategic Oil Reserves, and Hunter Biden: Connecting the Dots.. Unipec is the trading arm of Chinese state-run energy giant Sinopec.. Hunter was associated with a company called BHR Partners, which held a stake in Sinopec..
There are two aspects to the U.S. selling oil to Sinopec. First, many are questioning selling the strategic oil reserves to China since the oil was meant to ease supplies for U.S. refineries..
The other side of the controversy is related to Hunter’s connection with Sinopec.
https://freerepublic.com/focus/f-news/4081228/posts
Bite Me is NOT doing this...his handlers are doing this.
Gas will be five bucks by Election Day…
Because the country shut down. Nobody wants a country shut down for those prices. Oil went negative.
Biden the Traitor
We have to stop saying “Biden did this or that” and figure out who exactly is calling the shots and call them out. Big Mike’s wife may be the first in line, but he’s not that smart. A lot of this smells like him and he did say it would be “fun” to have a puppet in there so he can have his third term. I’m just frustrated with all of this...
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