Biden Draining Our Stategic Oil Reserve

Can anyone here tell me how this helps this country... just curious because I see no good reason other than to make Biden look better with lower prices.

He is bankrupting the nation in order to win an election. No one man should have this power.

Rick wrote: Can anyone here tell me how this helps this country... just curious because I see no good reason other than to make Biden look better with lower prices.

Sure, Rick. This is to help keep the cost of gasoline down in the summer months, further helping the American public. You think that's a bad thing?

Here's an article explaining that concept.
www.cnbc.com/2024/05/21/biden-to-release...ahead-of-july-4.html

The Biden administration will release 1 million barrels of gasoline from reserves held in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season.

“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state [region] and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement Tuesday.

Retailers and terminals will receive the gasoline no later than June 30, according to the Department of Energy. The supply will be released in quantities of 100,000 barrels to ensure a competitive bidding process that maximizes the impact on prices at the pump, according to the DOE.

The barrels will be sold from storage sites in New Jersey and Maine that are part of the Northeast Gasoline Supply Reserve, which was established after Superstorm Sandy knocked out refineries in 2012.

BTW - 1,000,000 gallons from the SPR is hardly anything. Currently, there are 371,000,000 barrels in the SPR. Here is the data to tell you about the SPR.
ycharts.com/indicators/us_ending_stocks_...ic_petroleum_reserve

You do realize that our military is 100% useless without oil, right? Have you seen our enemies joining forces lately?

Trump filled the reserve with cheap oil, now we have to pay much more to fill it back up and nobody on the left is talking about replenishing it after Biden keeps tapping into it.

But Rick, Biden has been replenishing it. Did you look at the charts? It has yearly SPR levels so that you can compare. It even shows that over 20 million barrels have been added since last year.

BTW - the release of the oil is not a gift, it is sold to the highest bidder.

Biden buys it up at peak high prices and re-sells it at a lower price to lower inflation and increase his chances of winning in November. This increases the deficit that our children and grandchildren will have to pay. Plus this added debt is at 6%. So the cost of paying the interest on that debt is now over one trillion dollars a year.

I would love if a fiscal conservative was actually running for President. These two old codgers don't have to worry about 2030. They will be gone by then.

The Biden Administration Is Not Refilling The Strategic Petroleum Reserve

Since hitting a low level of 347 million barrels in June 2023, the Biden Administration has returned about 14 million barrels of the 291 million removed (4.8%).

The DOE has consistently promised to refill the SPR as market conditions allow. Although previously indicating they would refill the Strategic Petroleum Reserve (SPR) by the end of 2024, the DOE recently canceled solicitations.

The size of the SPR (authorized storage capacity of 714 million barrels[\b]) makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy.

Since nearly 300 million barrels were removed from the SPR, these small purchases would hardly qualify as “refilling the SPR.” Further, as they did previously, the administration could once again cancel the SPR solicitations.

www.forbes.com/sites/rrapier/2024/05/13/...c-petroleum-reserve/

Lest we not forget this:

Then-Senate Minority Leader Chuck Schumer criticized former President Donald Trump for allegedly trying to bail out big oil after the president suggested filling up the Strategic Petroleum Reserve for a low cost during the pandemic.

Trump suggested filling up the Strategic Petroleum Reserve in March of 2020 to stabilize the oil industry after it took a massive hit during the onset of the pandemic. A barrel of oil was $24 at the time[\], and Republicans suggested spending $3 billion to fill the reserve.

Now oil is around $80 a barrel
dailycaller.com/2022/10/19/flashback-sch...e-a-big-oil-bailout/

FredHayek wrote: Biden buys it up at peak high prices and re-sells it at a lower price to lower inflation and increase his chances of winning in November. This increases the deficit that our children and grandchildren will have to pay. Plus this added debt is at 6%. So the cost of paying the interest on that debt is now over one trillion dollars a year.

It doesn't appear that your assertion is correct.

www.energy.gov/ceser/articles/biden-harr...payers-and-announces

Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the acquisition of 3.3 million barrels of U.S.-produced crude oil for the Strategic Petroleum Reserve (SPR). The contracts awarded today represent a fully subscribed solicitation for October delivery following the Request for Proposal (RFP) that was announced on May 7, 2024. The 3.3 million barrels are being purchased for an average price of $79.38, well below the average of about $95 per barrel that SPR crude was sold for in 2022, securing a good deal for taxpayers. To date, DOE has purchased a total of 35.6 million barrels of oil for the SPR for an average price of $77.18 as well as accelerated nearly 4 million barrels of exchange returns, pursuant to its strategy to refill the SPR. DOE will continue to evaluate options to refill the SPR while securing a good deal for taxpayers, taking into account planned exchange returns and market developments.  

Lots more expensive than $24 a barrel. Perfect example of Biden inflation. Trump buys oil at $24 dollars. Biden has to buy it back at three times the cost!

America can't afford four more years of Biden.