Posted on 10/26/2022 9:33:23 AM PDT by SeekAndFind
The Strategic Petroleum Reserve (SPR) is a national treasure. Frighteningly, Biden is rapidly despoiling this treasure.
The Reserve consists of four sites (Bryan Mound, Big Hill, Bayou Choctaw, and West Hackberry) with a combined storage capacity of 714 million barrels of crude oil. It is the largest strategic oil reserve in the world.
The OPEC oil embargo of 1973 and the resultant oil crisis contributed to western governments’ recognition of how vulnerable their countries were to disruptions in Middle East oil. As a result, SPR was authorized by the Energy Policy and Conservation Act of 1975 (P.L. 94-163), signed into law by President Gerald Ford on December 22, 1975. Construction on the Reserve began in 1977 and was completed in the early 1990s.
The SPR anchors the world’s collective energy security system. By ensuring that the SPR remains a reliable asset within the IEA collective action framework, the United States leads by example, encouraging other countries to maintain their own reserves of crude oil and petroleum products, and to deploy those reserves in a collective manner. This leverages the effectiveness of the United States strategic reserves and benefits the United States to a greater degree than would be possible with only the SPR.1
SPR crude oil is stored in underground caverns leached in salt domes at the four sites. There are approximately 60 caverns ranging in size from 6 to 37 million barrels in capacity. A typical cavern holds 10 million barrels and is cylindrical in shape with a diameter of 200 feet and a height of 2,500 feet.2
(Excerpt) Read more at americanthinker.com ...
Refilling the Reserve will be a political decision. The cost of refilling the Reserve, assuming oil purchases in the $67-$72 per barrel price range will be between $26.1 billion and $27.3 billion. According to the Wall Street Journal, the price of crude could go as high as $120 per BBL.12 At that price, refilling the Reserve would cost a whopping $47 billion.
If Congress was reluctant to spend $3 billion two years ago, how willing will Congress be to spend eight times that much in 2023? Even if Republicans take control of Congress, will they have enough votes to override a possible presidential veto?In March of 2020, former President Donald Trump wanted to fill up the SPR, and wanted to include in a stimulus package before Congress $3 billion to take advantage of lower oil prices that had fallen earlier that month. Democrats, in their infinite wisdom, removed the $3 billion out of the stimulus package.13
liberals are a threat to national security.
Biden is a vegetable. He decides nothing.
His left-wing handlers and string-pullers, are, typically of all leftists, will do ANYTHING, no matter how outrageous, for the sake of short-term power.
They will sell the SPR down to zero if their immediate goals depend on it.
Shouldn’t Congress have a say-so over the Reserve? They have the ‘Power of the Purse’. That is a valuable piece of property and is fungible................BTW, who gets the money when it is sold off? and where does it go?....................
Sometimes i wonder if there is any oil in those caverns kinda like fort knox ???
Biden is flat out evil. He just doesn’t care about anything but Joe Biden.
Biden’s claim to be doing “everything” in his power to reduce gas prices runs contrary to the White House’s energy policy since day one of his administration.
Biden immediately closed off public lands from new oil and gas leases for 18 months upon his inauguration, freezing investment in the capital- and labor-intensive industry while a cascade of taxes and regulations from the Department of the Interior suppressed production even further.
Biden also blocked plans for a major oil refinery in the Virgin Islands, keeping U.S. refining capacity on a downward trajectory after decades of decline.
Biden has repeatedly turned to the oil reserve throughout his first two years in office whenever gas prices approach new records, antagonizing voters who are already stressed by four-decade-high inflation.
Last November, the president tapped the reserve for 50 million barrels of oil ahead of Thanksgiving. Months later, Biden looked to the reserve again for 30 million barrels at the onset of Russia’s war with Ukraine.
The White House followed up that release with the unprecedented 180 million barrels drawn out to coincide with the midterms season. His decision now to tap another 15 million barrels just before Election Day signals he’s doing everything in his power to avoid unleashing domestic power production, contrary to his claims at the White House last week.
By the end of the year, Biden will have purged 275 million barrels of oil from the reserve, which has an authorized capacity of 714 million. According to the Department of Energy, the reserve now holds less than 400 million barrels of petroleum, marking its lowest level since 1984.
The emergency petroleum reserve, established in the 1970s to prepare the U.S. for a sudden and severe disruption in supply such as a hurricane hampering gulf coast refineries, has been transformed into the president’s personal oil bank to cash in on for political capital.
As to how effective the president’s releases have been at suppressing gas prices, consumers faced record pain at the pump this summer when the nationwide average gallon of regular unleaded gasoline eclipsed $5. In other words, gas prices continued to reach new peaks despite millions of barrels of oil flowing onto the market.
All it’s really doing is distorting the market and covering up Biden’s seeking to limit and curtail the domestic production of oil in the United States.
So, you’re right - Joe Biden Will Keep Exploiting Our Strategic Petroleum Reserve Until Congress Stops Him.
While House Democrats have repeatedly blocked Republicans’ attempts to address our nation’s Strategic Petroleum Reserve, Biden has continued to deplete it. If Republicans win the majority, addressing the SPR will be a part of our comprehensive focus on increasing American energy production and security.
IF PETROLEUM IN THE GROUND IS ‘BAD’, THEN WHY IS PETROLEUM IN A SALT DOME IN LOUSIANA ‘GOOD’?...............
Its being used for purely political purposes, to keep democrats in power at all costs.
Joe Biden is interfering with elections and should be arrested for it
Democrats tap into any government asset to help fund the welfare state
The STRATEGIC MIDTERM RESERVE.
Biden is not only destroying our strategic oil reserve, he is intentionally destroying the entire country, Captain Obvious.
Yep
And half of America is clueless
Of course he is destroying the SPR! He only gets $400k plus $50k of expenses per year, as President. A mere pittance compared to how many times more money he and his criminal family get from PRC, Ukraine, and WEF, just to name three. These countries/organizations pay for RESULTS! The XiJinBiden gang doesn’t want to disappoint!
LET’S GO BRANDON!
BINGO
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