Posted on 11/23/2021 7:02:19 PM PST by massmike
The federal government will pull oil from the country’s emergency stockpile in an effort to bring down stubbornly high fuel prices, the White House said Tuesday.
Over the next several months, the U.S. Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, where it’s currently storing just over 600 million barrels in four underground caverns.
In total, the release would amount to about two-and-a-half days of U.S. oil consumption: Before the COVID-19 pandemic curtailed both demand and production, the U.S. consumed roughly 20.5 million barrels of oil per day.
In recent months, Biden has also pushed international oil producers to boost output, angering Wyoming producers.
“Begging OPEC and Russia to increase production and now using the Strategic Petroleum Reserve are desperate attempts to address a Biden-caused disaster,” Sen. John Barrasso, R-WY, said in a statement Tuesday. “They’re not substitutes for American energy production.”
The Petroleum Association of Wyoming, meanwhile, pointed to the unpopularity of high gas prices to explain the administration’s decision to tap into the oil reserve.
“Polls show people don’t like high prices at the pump,” Ryan McConnaughey, director of communications for the Petroleum Association of Wyoming, said in a statement.
After surpassing $4 per gallon this summer, the price of regular gasoline has averaged about $3.45 per gallon in Wyoming over the last several weeks, more than a dollar higher than it was a year ago. The Petroleum Association doesn’t think those elevated prices justify releasing stockpiled oil.
“This move will have as much long-term benefit as slapping a band-aid on a sprained ankle,” McConnaughey said. “We humbly suggest the Administration set aside its meaningless and harmful efforts to end public lands energy development so we in Wyoming can once again help make the United States energy independent.”
(Excerpt) Read more at trib.com ...
WTF?
VIDEO: Biden’s Energy Secretary does not know how much oil the US uses per day.
https://rumble.com/vppms2-bidens-energy-secretary-does-not-know-how-much-oil-the-us-uses-per-day..html
Biden: Yeah, but for those two and a half days I’ll look like a hero on TV on all the news shows——the President who cares and who feels the pain just thinking about the gas pump prices per gallon as much as the lunch bucket Joe guys like me going to their jobs.
Is The Lizard missing in action on this?
Yes, and they're incredibly short-sighted. Supply is only a problem because Dementia Joe caused the problem. This is a band-aid on arterial bleeding.
Presumably, he plans to replace this with $200/barrel oil. Lets go Brandon!
Brandon does not give a rat’s a$$ about high gas prices. He caused them. His real motivation is to obtain the $4 billion or so from the sale. (50 million barrels x $80 per barrel = $4 billion)
So what is the capacity of the SPR if it were filled? I wonder how much per barrel it cost to fill it up.
Average cost of the oil in the reserve is $29.70 per barrel. https://www.worldoil.com/news/2020/3/13/trump-to-fill-us-strategic-petroleum-reserve-to-the-very-top
Jeepers-like Trump you’re the man. Since the rats will always use it for their political purposes I’ll bring it up again and ask how long it would last if given to Cuba once the communists are thrown out? It would ‘fuel’ their turnaround/transformation.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.