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You might feel like you're seeing a lot of stories about strategic oil reserves on Wednesday. That’s because the U.S.-Israel conflict with Iran has caused volatility on the market, and the International Energy Agency (IEA), a Paris‑based intergovernmental organization that counts over 30 countries among its members, is releasing 400 million barrels to tackle the problem. Senate Minority Chuck Schumer (D-NY) meanwhile has been “demanding” that we tap into our reserves (why does a minority leader get to “demand” anything?), and Sen. Tom Cotton (R-AR), is, as RedState’s Becca Lower wrote, “asking the Energy Department (DoE) to look into what...

Maintenance problems affecting the Strategic Petroleum Reserve are in the spotlight after oil releases under former President Joe Biden. President Donald Trump pledged to replenish the nation’s Strategic Petroleum Reserve after the Biden administration sold nearly 200 million barrels of its stock — but that won’t be as simple as buying more oil. Energy Secretary Chris Wright told the House Energy and Commerce Subcommittee on Energy this week that SPR drawdowns under former President Joe Biden resulted in structural damage to facilities. More than $100 million of repairs are needed to bring the storage facilities back to full capacity, Wright...

"The USA Strategic Oil reserve is an imporatant safeguard to buffer the effects of any event that could cause problems to the general supply and price of the main products such as diesel or gasoline. So, how's it looking?" My latest blog analyzing data to see how long would it really take to refill the Strategic Oil Reserve.

About two years ago, Sonar21 released an article detailing how the Biden Administration tapped the Strategic Petroleum Reserve (SPR) to reduce oil prices and bolster the faltering economy, a move aimed at gaining political advantage during the 2022 midterm elections. Biden released approximately 260 million barrels rapidly, potentially damaging the aging salt caverns through deformation and shrinkage. In 2000, the SPR office estimated that the facilities had a remaining life span of twenty-five years, assuming routine maintenance. Assuming refiling the SPR at three million barrels a month, it would take a staggering seven years to replace the 260 million barrels....

The Biden Administration announced Tuesday that it would release 42 million gallons of gasoline from the Northeast Gasoline Supply Reserve. The release, the Department of Energy explained, is “strategically timed and structured to maximize its impact on gas prices.” This will, according to the DOE, help lower prices at the pump during the summer months when prices tend to go up along with demand. The Northeast Gasoline Supply Reserve was created in 2012 following Superstorm Sandy, which damaged two refineries and shut down 40 terminals in New York Harbor. Some New York gas stations went as long as 30 days...

Bidenomics is really about insane money printing after Covid and the installation of Biden as President. Biden and The Federal Reserve are both pushin’ too hard. Biden to fundamentally change the US and The Fed trying to cope with the inflation reaction. With Covid and then Biden’s selection as President, Federal outlays exploded (blue line) and remain elevated under Biden. To help finance the (outrageous) spending The Federal Reserve massively increased the M2 Money supply (green line). Now, The Fed has withdrawn some of the excessive monetary stimulus, but there is a staggering amount monetary stimulus still swimming around the...

President Joe Biden’s administration dropped its plan to buy oil to refill the Strategic Petroleum Reserve (SPR) due to rising oil prices. The oil would have gone to Louisiana’s Bayou Choctaw SPR site in August and September. The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s. U.S. Won’t Buy Oil to Refill Strategic Petroleum Reserve The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s. Posted by Mary Chastain Wednesday, April 3, 2024 at 05:00pm 18 Comments FacebookTwitterTelegramLinkedInWhatsAppRedditEmail President Joe Biden’s administration dropped its plan...

The Biden Regime canceled its plan to refill the Strategic Petroleum Reserve because oil is “way too expensive.” Biden drained the U.S. Strategic Petroleum Reserve to its lowest level in 40 years. Now, the Biden administration is CANCELLING their plans to refill it because oil is "way too expensive." pic.twitter.com/NYqEZ2Aosa — RNC Research (@RNCResearch) April 3, 2024 This comes as gas prices are once again skyrocketing. Recall that Biden drained the SPR to its lowest level in 40 years. Biden sold the U.S. Strategic Petroleum Reserves (SPR) to Europe, India and China. Joe Biden depleted the SPR to help China....

Joe Biden’s America. The Strategic Petroleum Reserve is near historic lows after Biden drained the SPR down to just 17 days of supply as war broke out in the Middle East. And Biden has no plans to refill it anytime soon.

Global benchmark Brent crude futures soared to $87.20 per barrel on Monday morning, while West Texas Intermediate futures in the United States landed on $85.7 per barrel, having initially passed $86. This represents an increase in oil prices of over 3.1 percent globally and over 3.5 percent domestically, as the markets react to Israel declaring war over the weekend in response to an armed incursion from Gaza. The United States is particularly exposed to the price surge. President Joe Biden drained much of the nation’s Strategic Petroleum Reserve last year in an effort to hold down the price of gas,...

The rising gas prices are causing a familiar concern for Americans as they approach the $4.00 mark once again, reminiscent of the situation in August 2022. However, a key difference is that back in August 2022, the US Strategic Petroleum Reserves (SPR) had 100 million more barrels of oil in its arsenal, providing a cushion against price spikes. Similarly, in March 2022, gas prices had breached the $4.00 threshold, but back then, the SPR boasted an even more substantial 220 million additional barrels of oil, offering a sense of stability. Fast forward to the present, and we’re grappling with a...

Another week under Biden, another economic disaster. This time, its the mortgage market with mortgage demand (applications) down 6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 29, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 11 percent lower than the same week one...

Its hard to watch Biden and The Progressive Greens destroy the enegy security of this great nation. Biden is draining the Strategic Petroleum Reserve, probably in a misguided attempt at ensuring we never go back to abundent petroleum again. Crude oil inventories are now the lowest since 1985. Authored by Simon White, Bloomberg macro strategist, Household spending has kept the US economy afloat, but as growth slows a continued rise in oil and gas prices is poised to push personal consumption expenditure (PCE) lower and thus trigger a near-term recession – with stocks and bonds unpriced for such an outcome....

While Resident Biden is on good terms with the Mexican drug and sex trafficing cartels that control our southern border, the oil cartel just stuck their fingers in Biden’s eyes by cutting oil productions. Cartel removes more than 1 million barrels a day from market Analysts say the decline in oil inventories will accelerate Today, crude oil futures are up 6.62% to over $80 per barrel. Sunday’s surprise OPEC+ production cuts have redefined the outlook for crude prices, bringing $100 a barrel back into the frame. Prior to the announcement, the cartel’s own numbers suggested the group would need to...

U.S. oil refining margins, also known as the 3-2-1 crack spread, jumped to a three-month high on Tuesday — and that’s an indication the country faces an ongoing product shortage that might lead to higher gasoline and diesel prices at the pump. The 3-2-1 crack spread is a great indicator to gauge fuel product tightness. High spreads indicate gasoline, diesel, jet fuel, and other petroleum products are in short supply, while low spreads mean an abundance of supply. Spread direction is also important — if rising, it would mean fuel inventories are declining. The simple calculation of refining margins is...

We are truly living in Strange Days under Joe Biden. And with Elon Musk’s release of Twitter’s suppression of the Hunter Biden laptop scandal, they call Joe Biden the Sleaze. As The Federal Reserve tries to crush Bidenflation, we are seeing Fed Remittances to the US Treasury soaring (white line). At the same time, we see the Biden Administration draining the Strategic Petroleum Reserve (orange dashed line). And as The Fed tightens, M2 Money growth crashes (green line). And with tech layoffs, I predict that 2023 job growth will be pretty bad. As I have discussed before, I am a...

Aided by Mitch McConnell, the Biden administration is selling U.S. oil reserves to offset a portion of his profligate spending. ... Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump. This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have...

Summary The US Strategic Petroleum Reserve released its last primary batch of oil this week, soon ending a significant source of commercial oil inventories. US and global oil production has plateaued and may decline over the coming months as drilling activity is below necessary levels. The sharp decline in the US dollar could boost oil prices if it continues as the Federal Reserve becomes less hawkish. USO is an attractive investment due to ~12% "roll yield" through persistent backwardation in the oil futures curve. An economic shock could upset the oil price rally, but global oil demand may not moderate...

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...

Republican lawmakers have been criticizing President Joe Biden on Wednesday over his plan to release 15 million oil barrels from the strategic petroleum reserve. The GOP also renewed its calls for Biden to tap further into sources of domestic energy production, as gas prices continue to fluctuate after reaching an all-time high average price per gallon in June. 'It's strategic petroleum reserve, not the political petroleum reserve,' House Foreign Affairs committee ranking member Rep. Michael McCaul of Texas told Fox News host Harris Faulkner.