For context, the Biden administration has cut the SPR to a record low 22 days worth of supply...
Posted on 10/18/2022 7:44:38 AM PDT by SeekAndFind
* The Biden administration is set to release more oil from the US emergency reserve, Reuters reported.
* It is expected to announce the sale of 14 million barrels this week, the last of the massive SPR drawdown.
* Biden wants to cool rising gas prices ahead of midterm elections in November, sources told Reuters.
The Biden administration is set to release 14 million barrels of oil from US reserves in an effort to cool rising gasoline prices ahead of the midterm elections in November, Reuters has reported.
The announcement of the drawdown from the Strategic Petroleum Reserve is expected this week, the report Monday said, citing people familiar with the matter.
It would mark the last release from the Biden administration's plan to draw down 180 million barrels from the SPR, announced earlier this year.
"The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," one source said, per Reuters.
"The White House did not like $4 a gallon gas, and it has signaled that it will take action to prevent that again," the source added.
The White House did not immediately respond to Insider's request for comment.
With the midterm elections in focus, President Joe Biden has been keen to lower prices at the pump for American drivers. His administration has considered a ban on exports of US gas, and Biden himself has called on gas station operators to immediately cut prices.
Gas prices spiked above $5 a gallon in June as western sanctions against Russia squeezed crude oil supplies. They dropped to $3.87 a gallon Tuesday, according to data from the AAA.
(Excerpt) Read more at news.yahoo.com ...
He has to make us vulnerable to our enemies.
BidenIdiot not going to be satisfied till the SPR is bone empty.
Drop in the bucket. It probably is going to cause the opposite. If you tell markets ahead what you release, they are going to adjust and not sell until all your pile is gone. Idiots.
Anwer: A) HARDLY ANY
We have a confluence of factors causing oil prices to spike.
Chief among them is the UNFRIENDLY stance this administration has towards what they call “Fossil Fuels”
Also, refining capacity has been reduced over the years, and also, there’s seasonal maintenance underway.
This will have to end soon, the Reserve is being depleted. Then the price will rise as the weather turns colder.
That Reserve was filled at a cost of $24 a barrel. Guess what happens this time around.
This is crazy. It should be impeachable! That oil is for wartime use.
QUESTION:
WHO GETS THE MONEY FROM THE SALE?...............................
And if not empty, the Saudis are simply going to withhold until it gets empty and then gain back even more by jacking it up and recouping.
This is a deliberate attempt to weaken America’s national security. It does little to lower gasoline prices. It does a lot to weaken our strategic national defense.
Strategic “midterm election” reserve.
They want to keep power come hell or high water. It’s sickening.
this is outright treason.
It isn’t a lack of Oil, it’s a lack of refinery capacity and Joe can’t create more of that.
US uses 18.7M barrels/day.
None at all, We have a refinery problem, no new ones have been built in over 40 years.
Not to worry, if and when America goes to war; there won’t be ANY EMERGENCY OIL LEFT! But that is the left’s goal, bring American down to an even 4th grade nation.
The releases also serve to infuse cash into the federal coffers, effectively disguising the amount of spending damage Bidet has inflicted.
Drop in the bucket.
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.