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Biden prepared to use oil reserves again to lower gas prices
Washington Examiner ^ | June 17, 2024 | Washington Examiner Staff

Posted on 06/17/2024 9:54:37 AM PDT by Presbyterian Reporter

President Joe Biden is prepared to release more oil from the country’s strategic reserves if gas prices increase during the summer. This is the latest plan by the Biden administration to counter higher prices at the pumps and the more expensive prices on various goods due to inflation.

A Biden administration energy adviser suggested gas prices are “still too high” for many in the country and said he favors taking action to “cut them down a little bit further.”

“We will do everything we can to make sure that the market is supplied well enough to ensure as low [a] price as possible for American consumers,” Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein told the Financial Times. “I think that we have enough in the SPR if it’s necessary.”

Hochstein’s admission comes less than a month after the Biden administration announced it sold one million barrels of gasoline in the Northeast Gasoline Supply Reserve on May 21, less than a week before Memorial Day. At the time, the Department of Energy claimed the sale was “strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer.”


TOPICS: Business/Economy; Crime/Corruption; Front Page News; Government; News/Current Events; Politics/Elections
KEYWORDS: election; nationalsecurity; pandering; spr
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When Trump becomes President on January 20, 2025 oil prices will drop and Trump will refill the SPR at low prices.
1 posted on 06/17/2024 9:54:37 AM PDT by Presbyterian Reporter
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To: Presbyterian Reporter

Biden is going to leave it empty.


2 posted on 06/17/2024 9:55:48 AM PDT by Reno89519 (Trump Please Build the Wall, And Deport Them All. No amnesty for anyone. End H1B!)
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To: Presbyterian Reporter
"...oil prices will drop and Trump will refill the SPR at low prices.."
Just like he did in his first term.1
3 posted on 06/17/2024 9:57:25 AM PDT by budj (Combat vet, second of three generations.)
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To: Presbyterian Reporter

NATIONAL SECURITY RISK!!!


4 posted on 06/17/2024 9:57:32 AM PDT by stars & stripes forever (Blessed is the nation whose GOD is the LORD. (Psalm 33:12))
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To: Presbyterian Reporter

Translation: Biden’s handlers know it’s an election year.


5 posted on 06/17/2024 9:59:25 AM PDT by Tell It Right (Galatians 6:14 -- May I never boast except in the cross of our Lord Jesus Christ...)
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To: Presbyterian Reporter

The SPR needs to be drained so the US has no chance of winning the upcoming war against Russia.


6 posted on 06/17/2024 9:59:37 AM PDT by Erik Latranyi (This is the end of the Republic....because we could not keep it.)
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To: Reno89519

https://youtu.be/tl9nVK5Lx1c?si=GHYTp4V5f-fPKae8


7 posted on 06/17/2024 10:00:35 AM PDT by blackdog ((Z28.310) Be careful what you say. Your refrigerator may be listening & reporting you.)
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To: Presbyterian Reporter

like using social security to fund whatever besides...let’s say, resettling “refugees,” which is a current fad.


8 posted on 06/17/2024 10:00:52 AM PDT by xoxox
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To: Reno89519
Biden is going to leave it empty.

Things are looking grim for Taiwan.

9 posted on 06/17/2024 10:01:02 AM PDT by Carry_Okie (The tree of liberty needs a rope.)
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To: Presbyterian Reporter

https://www.energy.gov/ceser/northeast-gasoline-supply-reserve

Releasing Gasoline
Decisions to withdraw gasoline from the Reserve are made under the authorities of the Energy Policy and Conservation Act (EPCA). The U.S. Department of Energy has developed an online bidding system – an anonymous auction program – for the sale of product from the NGSR. Prospective bidders and other interested parties are invited to try out the system and give us feedback.

You must register to use the system to practice or to participate in an actual emergency sale.
Registration assures that you will receive email alerts of sales or other pertinent news. You will also have the opportunity to establish a user ID and password to submit bids.
If you establish a user ID, you will receive a temporary password by email, which you must then change to one of your own choosing.

The online bidding system is available as a non-binding demonstration. You can use the system to become more familiar with the bidding process in a realistic environment.

The Department plans to run simulated one-day sales, open to all interested registrants. When you register on the next page, you will receive email alerts describing simulations and providing more specific directions.

To register or practice on the demonstration system, proceed to the Northeast Gasoline Supply Reserve Online Bidding System.

In order to be eligible to conduct business with the Federal Government and purchase distillate from the NGSR, all bidder’s financial institutions must use the Fedwire Funds Service System. Prior to setting up the Fedwire Funds Service, your institution must have a Master Account with the Federal Reserve Banks.

Once Fedwire Funds Service is established, potential buyers may go to the Northeast Gasoline Supply Reserve (NGSR) auction website and register. Registration ensures that potential buyers receive email alerts of sales in the future.


10 posted on 06/17/2024 10:02:23 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Presbyterian Reporter

There’s only 24 days of reserves. It would on lower the price by 20 cents a gallon, at most for a month. My concern is this is treason…I believe it’s done intentionally to leave us without fuel for a period which makes us vulnerable.


11 posted on 06/17/2024 10:03:27 AM PDT by mikelets456
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To: Presbyterian Reporter
Slow Joe should be imprisoned for this as much as anything else.
He has put the country's military readiness at risk.
Of course, with all the trannies and gays in uniform we probably wouldn't need as much fuel for war anyway.
12 posted on 06/17/2024 10:04:49 AM PDT by TangoLimaSierra (⭐⭐To the Left, The Truth is Right Wing Violence⭐⭐)
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To: Presbyterian Reporter

https://www.reuters.com/business/energy/us-seeks-6-million-barrels-oil-strategic-petroleum-reserve-2024-06-07/

Buying crude and release gasoline?


13 posted on 06/17/2024 10:04:51 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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To: Presbyterian Reporter

Nations hostile to/competitive with The United States bribe the Democrat Crime Families to benefit themselves to the detriment of the citizens of The United States.


14 posted on 06/17/2024 10:05:12 AM PDT by blueunicorn6 ("A crack shot and a good dancer” )
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To: Presbyterian Reporter

Lol, what reserves?


15 posted on 06/17/2024 10:06:32 AM PDT by Resolute Conservative
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To: Presbyterian Reporter

NOT THE PURPOSE OF THE RESERVE!!!
It’s for a national emergency such as war.
It’s NOT TO BE a politicians piggy bank to get reelected.
Shameful .
Especially from this yahoo who cancelled oil pipelines his FIRST DAY IN OFFICE.


16 posted on 06/17/2024 10:06:50 AM PDT by HereInTheHeartland (Have you seen Joe Biden's picture on a milk carton?)
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To: Reno89519

Sure Joe, drain all the oil reserves then get us in a war before you go. That’s the plan right? To put us at the mercy of our enemies?


17 posted on 06/17/2024 10:09:01 AM PDT by Bullish (...And just like that, I was dropped from the ping-list)
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To: Presbyterian Reporter
Biden administration energy adviser suggested gas prices are “still too high”

Excuse me stewardess, I speak Democrat….. “he said we will lose the White House with these high gasoline prices….. “ suddenly the flashing red lights came on, the evil lady from Austin Powers appears with her megaphone and screams “RELEASE THE OIL RESERVES!”.

18 posted on 06/17/2024 10:09:21 AM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting…)
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To: PeterPrinciple

“Releasing Gasoline
Decisions to withdraw gasoline from the Reserve ...”

were made by congress’ decision to close that facility thus the need to sell the gasoline.


19 posted on 06/17/2024 10:09:25 AM PDT by TexasGator
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To: Presbyterian Reporter

https://www.spr.doe.gov/dir/dir.html

according to this just buying crude oil in 2024, not selling.

further thought, when you sell gasoline as posted before there is opportunity for much direct graft and corruption as well as source of cash for administration. selling crude isto limited buyers, selling processed gosoline there are many intermediates. Maybe Hunters friends might be buyers?

or the sales are offset into the purchases of crude oil? Or different piles off cash. selling crud


20 posted on 06/17/2024 10:10:33 AM PDT by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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