Biden admin cancels plan to refill emergency oil reserve amid high prices

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ExpressLane

Verified User
Biden admin cancels plan to refill emergency oil reserve amid high prices
The Biden administration has abruptly canceled a plan announced last month to purchase up to three million barrels of oil as part of its effort to refill the Strategic Petroleum Reserve (SPR).


The SPR — which Congress established for emergency situations — currently contains 363.6 million barrels of oil, a 43% decline from January 2021 when President Biden took office, federal data shows. Biden began depleting the reserve in late 2021 to combat high fuel prices.

The Department of Energy said that while it remains committed to refilling the SPR, it would pull back its most recent solicitation for oil amid increasing prices. On March 14, DOE's Office of Petroleum Reserves announced the solicitation for three million barrels of oil to be delivered in August and September to its Bayou Choctaw site in Louisiana, one of four major SPR storage facilities.....

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So Trump wanted to refill the SPR to the top which is about 900 million barrels. The Democrats in Congress blocked Trump when oil was less than 30 a barrel and now oil is too expensive for us to replace the oil Biden sold.
 
ExpressLane said:
Trump wanted to fill the SPR when oil was less than a third the prices now Biden wants to replace some of the oil he squandered but can't afford to do it. Thanks Brandon.
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Don't you think you should see a doctor about your delusions?

According to data from the Energy Information Administration (EIA), when Trump took office in January 2017, the SPR contained 695 million barrels. When he left office four years later, the SPR contained 638 million barrels.
https://www.forbes.com/sites/rrapie...-strategic-petroleum-reserve/?sh=4918d8b45c65
 
Poor Richard Saunders said:
I see you have now decided to attack Biden because he isn't increasing the deficit.
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PolitiFact
During his first three years, Biden already accumulated $6.32 trillion in debt. For his final year, the nonpartisan Congressional Budget Office has projected a deficit of $1.582 trillion. Add those two figures together and you get $7.902 trillion as Biden’s four-year total.
 
goat said:
PolitiFact
During his first three years, Biden already accumulated $6.32 trillion in debt. For his final year, the nonpartisan Congressional Budget Office has projected a deficit of $1.582 trillion. Add those two figures together and you get $7.902 trillion as Biden’s four-year total.
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We just added a Trillion in debt in just 100 days.

Buckle Up!
 
Might be that we issued a trillion in new debt in 100 days...I would need to go back a look but my grapevine is chattering a lot about this...we are the debt junkie about to hit bottom...

Which is going to hurt like a son of a bitch.
 
Hawkeye10 said:
We just added a Trillion in debt in just 100 days.

Buckle Up!
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No one will buy our debt once the dollar is worthless. We'll have to wait and see what Xi has to say to Yellen. My guess is he lends the US more money.
 
Phantasmal said:
Oh, those pesky facts!
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Fact: Biden sold oil on the open market for $95/barrel.

Fact:32 million barrels have been replaced at $79/barrel.

Some of the oil was loaned out and will be replaced. With the U.S breaking production records, the supply of global oil is fairly stable regardless of the fact that Ukraine is destroying Russia's oil production.

We pump light sweet crude, but we are mainly set up to refine sour crude.

Otherwise we could just use our own oil for spr
 
goat said:
No one will buy our debt once the dollar is worthless. We'll have to wait and see what Xi has to say to Yellen. My guess is he lends the US more money.
Click to expand...

I just yesterday saw on X an argument that the Regime are genius....that they will buy Americas debt back at a fraction of list price as the world dumps it....this is free money.

It wont work out that way.
 
goat said:
No one will buy our debt once the dollar is worthless. We'll have to wait and see what Xi has to say to Yellen. My guess is he lends the US more money.
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LMAO.

Treasuries are paying more than 5%. Americans are buying American debt.

Along with everyone else.
 
Althea said:
LMAO.

Treasuries are paying more than 5%. Americans are buying American debt.

Along with everyone else.
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It won't be long before the dollar is no longer the world's reserve currency and the US defaults on its debt.
 
goat said:
It won't be long before the dollar is no longer the world's reserve currency and the US defaults on its debt.
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It will be. No other currency in the world is as stable as the dollar.

The debt is due to nobody paying taxes.
 
Althea said:
It will be. No other currency in the world is as stable as the dollar.

The debt is due to nobody paying taxes.
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From Cyberia
In a world where the economic landscape is in a constant state of flux, the idea of a currency backed by tangible assets is gaining traction. Enter the concept of the BRICS currency backed by gold—a potential game-changer in the realm of global finance.
 
ExpressLane said:
Biden admin cancels plan to refill emergency oil reserve amid high prices
The Biden administration has abruptly canceled a plan announced last month to purchase up to three million barrels of oil as part of its effort to refill the Strategic Petroleum Reserve (SPR).


The SPR — which Congress established for emergency situations — currently contains 363.6 million barrels of oil, a 43% decline from January 2021 when President Biden took office, federal data shows. Biden began depleting the reserve in late 2021 to combat high fuel prices.

The Department of Energy said that while it remains committed to refilling the SPR, it would pull back its most recent solicitation for oil amid increasing prices. On March 14, DOE's Office of Petroleum Reserves announced the solicitation for three million barrels of oil to be delivered in August and September to its Bayou Choctaw site in Louisiana, one of four major SPR storage facilities.....

=================
So Trump wanted to refill the SPR to the top which is about 900 million barrels. The Democrats in Congress blocked Trump when oil was less than 30 a barrel and now oil is too expensive for us to replace the oil Biden sold.
Click to expand...

Poor ExcessLies got his ass whupped good.
 
goat said:
From Cyberia
In a world where the economic landscape is in a constant state of flux, the idea of a currency backed by tangible assets is gaining traction. Enter the concept of the BRICS currency backed by gold—a potential game-changer in the realm of global finance.
Click to expand...
LOL. They keep trying. We'll see how that works out.
 
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