Posted on 11/23/2021 8:26:43 AM PST by rktman
The White House announced Tuesday morning President Joe Biden plans to tap the strategic oil reserve as gas prices across the country continue to surge.
"Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply," the White House released in a statement. "The U.S. Department of Energy will make available releases of 50 million barrels from the Strategic Petroleum Reserve in two ways: 32 million barrels will be an exchange over the next several months, releasing oil that will eventually return to the Strategic Petroleum Reserve in the years ahead. The exchange is a tool matched to today's specific economic environment, where markets expect future oil prices to be lower than they are today, and helps provide relief to Americans immediately and bridge to that period of expected lower oil prices. The exchange also automatically provides for re-stocking of the Strategic Petroleum Reserve over time to meet future needs. 18 million barrels will be an acceleration into the next several months of a sale of oil that Congress had previously authorized."
As a reminder, President Joe Biden canceled the Keystone XL Pipeline within hours of his inauguration in January. He also halted oil and gas leases on federal land.
(Excerpt) Read more at townhall.com ...
From an older article in 2017 but I imagine the numbers are pretty much the same as far as refining:
https://www.marketwatch.com/story/heres-how-many-gallons-of-gasoline-you-can-get-from-the-oil-in-the-strategic-petroleum-reserve-2017-08-31
U.S. refineries produced an average of about 20 gallons of motor gasoline and about of 11 gallons of ultralow sulfur distillate fuel oil from one 42-gallon barrel of crude oil, according to the Energy Information Administration. Many other petroleum products are refined from crude oil.
And this:
1 million barrels of crude oil would produce about 500,000 barrels of gasoline—‘enough gasoline to fuel U.S. autos for an hour and 15 minutes.’
Like I said, send commie-la to opec to “KNEEgotiate”.
Biden is using oil that Trump stored away to try to save his own a$$?
1 million barrels of crude oil would produce about 500,000 barrels of gasoline - ‘enough gasoline to fuel U.S. autos for an hour and 15 minutes.’
—
how many minutes will the refined product keep the PLA rolling?
Biden is pissing in the ocean and trying to measure the change in yards.
50 million barrels is about 2.5 days of use, I believe.
Nobody is more bullish on oil than Joe Biden.
Dems trying to make it look like a crisis but they created the crisis ,LOL
it’s called STRATEGIC for a reason... this ain’t it
Like they tapped the SSI fund
Using up the “strategic” oil reserve, gives the American commies a cowardly excuse not to defend Taiwan, Ukraine or any other part of the world, including NATO obligation!
That’s exactly what the people who are running the country through bidet want to destroy us, taking no responsibility whatsoever.
Can you say, 0b0z0 and his ultra communist cabal?
This is the same SPR that brandon plugs just recently used to top off a Supertanker going to chicom land !!!!!!!!
Biden is an idiot and everybody knows it.
Lunch Box Joe they call him.
All he has in that lunch box is a dirty diaper.
The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events. The maximum drawdown capability is 4.4 million barrels a day, according to the Energy Department’s website, and it takes 13 days for SPR oil to reach the open market after a presidential decision.
But this decision wasn’t based upon shortages based upon natural causes. It was the work of the Biden administration to artificially create the shortage by shutting down the keystone and closing all new oil starts in the Rockies and the left coast that would have been necessary to maintain the US needs. And his action of going into the reserve is not, in my opinion, to get oil into the system for need, it is to try to drop the price, again artificially, to protect their mis-actions. It will also create a dependency on foreign oil that will raise the price again. also.
And there is at this time auctions of oil wells in the Gulf of Mexico that could be purchased by foreign countries thus allowing them to close off part of our economy and make the same oil another dependency.
wy69
Biden has been selling oil from SPR for months ... to ASIA
Quote from Bloomberg ..
‘’Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.
As far as I can tell, the administration has not explained why, with Americans struggling to keep up with rising fuel prices, it’s shipping our SPR to Asia.’’
50,000,000 barrels is a fart in a whirlwind compared to world demand each day. It hardly moves the needle.
All this action does is waste money and stir the pot. The SPR can only effectively accomplish one mission and that is to protect against an embargo. Releases from it are not sustainable and not material to the world market and even if they are it is only for a short time.
Stupid is as stupid does.
Exzacary.
and selling us back what we ALREADY PAID FOR!!!
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