Author Topic: U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace (Read 167 times)

IsailedawayfromFR · « **on:** November 18, 2021, 02:31:12 pm »

Appears the Strategic Petroleum Reserve is not for America's benefit but for the benefit of others.
I bet the law that created this did not permit this oil to be exported in the first place
Another symptom of a lawless regime.

Quote

If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month. About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve -- a monthly record -- was shipped out in October, according to data from market intelligence firm Kpler. Three cargoes were loaded onto a supertanker in the U.S. Gulf Coast and are headed to Asia. “Given the ongoing pace of the current SPR release -- 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels -- it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler. The White House has been mulling a range of options to ease soaring pump prices and Democrats are pressing for a potential ban on oil exports as well as the release of crude from the nation’s strategic reserves.
https://www.bloombergquint.com/markets/record-spr-crude-leaves-u-s-gulf-coast-as-biden-mulls-release

IsailedawayfromFR · « **Reply #1 on:** November 18, 2021, 07:18:42 pm »

It is a real kick in our ass that Biden is using the SPR to sell oil to other countries.

The authority of the SPR comes from S. 622 (94th): Energy Policy and Conservation Act of 1975

Among other provisions of this Act:

- Requires the President to prioritize the construction of coal plants to supply electric power, as well as provide loans for their construction

- Requires the President to restrict exports of coal, natural gas and natural gas liquids to other countries

- Requires the President to prioritize equipment and construction of oil and gas drilling and production needed by that industry

- Requires the President to maximize production of crude oil or natural gas, or both, to be produced from fields on Federal lands, including Offshore
https://www.govtrack.us/congress/bills/94/s622/summary#libraryofcongress

Kamaji · « **Reply #2 on:** November 18, 2021, 07:21:32 pm »

WTH are we selling our strategic oil reserves to other countries?

IsailedawayfromFR · « **Reply #3 on:** November 18, 2021, 09:25:20 pm »

Quote from: Kamaji on November 18, 2021, 07:21:32 pm

WTH are we selling our strategic oil reserves to other countries?

We can only speculate.

The legislation authorizing the SPR had no instances of extracting oil from the SPR to sell to other countries.

As far as I can deduce, he is in violation of the law passed by Congress.