Posted on 02/15/2023 6:23:17 AM PST by rktman
The Biden administration’s Department of Energy (DOE) announced plans Monday to sell an additional 26 million barrels of oil from the Strategic Petroleum Reserve (SPR), and bringing the SPR to its lowest level since 1983, Reuters reported Monday.
The Biden administration sold a record-breaking 180 million barrels of crude oil from the SPR last year in a bid to lower gas prices following Russia’s invasion of Ukraine, and Monday’s sale — fulfilling a congressional mandate from 2015 — is set to bring its level to roughly 372 million barrels, Reuters reported. The administration had previously rejected the initial bids made by oil companies to begin refueling the SPR with 3 million barrels of oil because they were not a “good deal” for taxpayers. (RELATED: Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves)
The SPR was created in 1975 to both protect the U.S. economy from sudden shocks to oil supply as well as defend the U.S. from efforts by oil-producing countries to pressure the U.S. into giving up foreign policy concessions for oil, the Council on Foreign Relations reported. By draining the SPR at such an aggressive rate, the private sector has fewer incentives to maintain its own adequate reserves to meet demand, and the U.S. now stands far less prepared to respond to future supply shocks, according to senior research fellow Benjamin Zycher, of the American Enterprise Institute.
“The SPR has a long history of protecting the economy and American livelihoods in times of emergency oil shortages,” the DOE press release reads. “However, this action is specific to meeting its sale requirements to Congress.”
(Excerpt) Read more at dailycaller.com ...
Chinese Communist Party needs more Oil and Joe needs his 10%
> bringing the SPR to its lowest level since 1983 <
What’s the big deal? It’s not like Russia and China are both issuing war-like threats against us.
Oh, wait. Russia and China are both issuing war-like threats against us. So I guess it is a big deal.
And as a side note, I am troubled that a president (any president) can do this on his own. That’s a king-like power. Such actions should require Congressional authorization. I’m dreaming, I know.
Well, I don’t think he actually went down there and turned any valves. 😂👍
.
Bidens handlers will keep the prices of oil high right up until a few months before the next election, then prices will drop as they finagle some deal, and the low,info voters will thunk Biden is a genius and a,great leader- despite 4 years of destruction he and ilk have done to the us.
It’s like the deficit. Out of sight/mind. You’ll never notice until you’re in trouble.
The Meat Puppet and his illegitimate administration of clowns, deviants, thieves and perverts represent a clear and present danger to America. Odungo laughs at each idea brought up on “How to Screw Over America and Bring It To Its Knees” by his beloved evil Valerie Jarret. Don’t tell me a former president buys a mansion right in the heart of DC so he can “retire”. He wanted to position himself in a handy spot to run his shadow government behind his meat puppet’s throne. Instead of wasting missiles on Chinese balloons, THAT house should be their target.
Why is congress allowing this !
The Manchurian President is depleting our strategic oil reserves and weapons stocks at the behest of China.
🤑🤑🤑🤑🤑🤑
The Congress allows it because Deep State controls the Congress.
> Why is congress allowing this ! <
That’s kinda related to my post #3. And it’s a good question. I’m guessing at least half of Congress is okay with Biden’s actions here. Remember, Democrats only think about what’s good at the moment. They never think ahead. So forget about a law to stop Biden. And forget about threats of impeachment.
A federal judge might be able to issue an order to stop this. But then Biden would argue that some regulation somewhere gives him the power. The judge would nod yes, and then go back to sleep.
Our government is broken and soon our taxpayers will be broke.
Biden Admin crippling America only two years left to finish the job.
We wish it was only 2.
Folks in the USA and round the world...where the heck is Democrat, Fake, illegal, Criminal, POTUS, Joe Biden. He is hiding somewhere.....brain dead as he always is. American people and voters are not the sharpest knives in the drawer!!! Sad for the once great, grand, USA which Biden destroys with each passing day...Americans, voters. Wake up Wise up Biden must go, Harris must go All Democrats must Go....period!!!
May not be any thing left after two or even before then at the rate they are doing things Chaos Inc. on the job.
WHY? Who is going to make big bucks over this? Where is Biden’s cut?
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