Posted on 07/27/2022 5:12:10 AM PDT by TigerClaws
The Biden Administration has announced that it is releasing the next Notice of Sale for crude oil from the nation’s Strategic Petroleum Reserve (SPR) for 20 million barrels.
As part of the Tuesday announcement, the White House cited a “new analysis” from the Department of Treasure that estimates that the previous SPR releases that the White House pegs at 125 million barrels—along with the releases of crude oil from foreign partners as well—has reduced gasoline prices by “up to about 40 cents per gallon”. Not compared to what they were, but “compared to what they would have been absent these drawdowns.”
The Biden Administration also announced steps to repurchase oil for the SPR “in future years, likely after FY2023” to help encourage more nearterm supply.
The 125 million barrels that the White House cited in the press release includes 70 million barrels that have made their way to buyers already. The rest are “planned to be delivered to customers in the weeks and months to come.”
The press release stressed the impact the SPR releases have had so far, in response “to the energy market disruptions posed by Russia’s invasion,” referring to the “Putin price hike.”
(Excerpt) Read more at oilprice.com ...
As long as we don’t pump oil out of the ground.
They play the same games with our military when they’re in charge. what’s the use of having the SPR if they’re going to do this?
There ought to be a Check on this action, like approval from Congress or at least the Speaker of the House and Majority Leader of the Senate......................
The Bidenistas want to make sure that if we do get into a war with China we won’t be able to fight for long.
Smoke and mirrors. Keystone?
China needs to finish filling its SPR with our oil so they can invade Taiwan and continue to function despite any sanctions that get placed on them.
What good are these current clowns? They would support it.
Putting a bandaid on cancer.
They have reelection concerns that are more important to them....................
This is a “Green” strategy. Stop all exploration, make fossil fuels too expensive, and drain the SPR so there is no way to fill the gap. These are evil people.. Evil must be defeated by force.
The people doing this are evil, very evil.....
As long as nobody but the Gobblement makes any money off the deal.
Guaranteed they figured out a way to personally make money off the oil sales.
Biden is selling off the oil Trump bought for the repository at a higher price and taking his customary 10% off the top
These guys are such frauds. They say their ‘extra supply’ really dropped the price of oil and gas but in reality its just recession setting in. Demand of pretty much everything on earth will begin to erode.
And not a peep from the gutless POS Repukelicans...
It’s why the own the democrat party they have the morals of a $2.00 whore.
A double whammy to American energy independence.
1. Start out with giving notice to the fossil fuels industry that you intend to end American use of what they deliver; effectively killing the idea that they should continue to put new capital work increaing their production of fossil fuels.
2. Start selling off the Strategic Petroleum Reserve.
The two things combined could put American security at risk of extreme failure in a crisis.
Why are we standing still for Biden selling our S.R. oil to a country that is preparing to attack us to regain Taiwan for China?
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