Posted on 09/24/2022 4:40:42 PM PDT by SeekAndFind
What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR that has taken place this year? Let’s discuss.
In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo. Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.
(Excerpt) Read more at oilprice.com ...
With our new electric tanks, ships and planes, it’s
not that important. /s
Libtards shouldn’t be in charge of anything you want to protect
“Well yes, there was a certain amount of...shrinkage”
He was replenishing them, however he did draw them down 10% during his administration.
If the price of gasoline comes down with our SPR timed to empty on election day, and the Democrats win it all, then what’s the downside? LOL.
Gas will be five dollars in 2023…the oil men can make more money not drilling…
Or only drilling with cash on hand….
Saudi Arabia needs 100 dollar oil…
“Gas will be five dollars in 2023”
Nothing personal, but most people here have NO CLUE as to what the Democrats plan to do, should they get the power, or even if they don’t.
Given that, I’d be surprised if we’re under $8 by the end of next year.
In 2020, when oil prices were very low, Trump wanted to fill the Strategic Petroleum Reserve to its maximum capacity, but Democrats blocked the plan, calling it a “bailout for big oil”.
Went to 2 gas stations this evening.
One was closed the other had only premium gas.
FJB
Where did the money go? Where will the money come from to fill it again?
As puns go, that one was really unorthodox
So why are gasoline prices going back up? Prices are up a bunch here over the past few weeks.
US refinery capacity is pretty much maxed out.
How is draining the SPR going to help reduce gas prices?
My bet is there’s something else going on.
Where is here?
Review later.
It was intentional by Obama. He wants to force us to electric cars, etc., knowing this will shrink the economy.
Los Angeles
Late on the pricing curve.
SF tends to be early.
There is a post from KTLA about your sticker shock in LA
They claim prices should ease by November……but the January increase because of the winter blend will make life miserable
I feel for you
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.