Slow Joe Biden drained them before an election to boost Dems in pre-election polls. Not a patriot. You know, the same Joe Biden who spawned the wastrel son leaving cocaine around the White House.
Biden never read Aesop's "Ant and the Grasshopper".
Posted on 07/17/2023 12:19:19 PM PDT by george76
Stroll through the West Hackberry oil facility on the US Gulf Coast and there’s not much to see: some pipelines and other industrial equipment. But buried deep beneath the surface are storage caverns so massive they’re tall enough to house the Empire State Building with plenty of room to spare.
These reserve sites are supposed to hold enough backup supply to ensure the US never runs short of oil. Right now, they’re sitting half empty.
It only took about six months for the Biden administration to sell off 180 million barrels from the federal stash in the fastest withdrawal on record. But refilling it to capacity will likely take decades, if it happens at all.
...
with the reserve at its lowest level in 40 years, the US could be vulnerable to oil price shocks. It also means that during domestic supply crunches, the nation will be left to the mercy of global exporters like Saudi Arabia, Russia and the rest of the OPEC+ cartel.
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The Strategic Petroleum Reserve, known as the SPR, currently stands at 346.8 million barrels, the lowest level since 1983 and equal to about about 18 days worth of supplies. The total authorized storage capacity is 714 million.
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Oil prices are now much higher than when most of the inventory was originally bought — the average price paid for oil in the reserve was $29.70 per barrel, which compares with the current benchmark cost for US crude futures at about $75.
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The emergency cache was first set up in the 1970s after the Arab oil embargo
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SPR still serves an important function, like a kind of doomsday insurance against catastrophes and geopolitical turbulence that can disrupt the flow of shipments.
(Excerpt) Read more at finance.yahoo.com ...
If the democrats get their way they’ll blow them up
Treason. Pure and simple.
Thanks Joe. And you’re still a perverted shitbag.
Everything Biden does makes America weaker and vulnerable. Those yuan have really paid off.
The raping of America’s wealth. Just one more way the Biden administration is doing it.
as long as the big guy gets his 10%....
They want to make driving so expensive you just sell or junk your car as you’re pushed onto buses and trains.
It’s why they drain our energy and oil resources. It’s all intentional. Just like these open borders. It’s all intentional. Globalist have no need for borders or independent sovereign countries like the United states.
It’s so discouraging. Congress stripped billions earmarked for refilling the reserve. These are supposed to be our representatives!
Didn’t the fake president sell our reserve oil to China?
The sheeple will stay willfully blind.
Let’s go LEFTISTS!
Their policies are sabotage.
I think the dirtbag is afraid Hunter will out him for some coke and a piece... So he's keeping him close while destroying the country.
Biden did it to artificially lower his exploding fuel prices.
Another Biden lie.
Biden sold off a majority of US oil reserves as a short-term political stunt late in 2021 and 2022, to try push down inflation and “jawbone” the market.
Kind of like HIMARS or Cluster-bombs to Ukraine, or promising student loan forgiveness - EVERYTHING he and his admin does is a short-term, ad hoc, PR maneuver.
Thanks, “Joe,” How much did #TheProdigalJunkie and you make on that “deal”
Slow Joe Biden drained them before an election to boost Dems in pre-election polls. Not a patriot. You know, the same Joe Biden who spawned the wastrel son leaving cocaine around the White House.
Biden never read Aesop's "Ant and the Grasshopper".
Empty, like America’s soul now. Just like biden’s.
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