Biden Planning to Release One Million Barrels of Oil Per Day from Strategic Reserves

[mystery-ak]

Biden Planning to Release One Million Barrels of Oil Per Day from Strategic Reserves
Spencer Brown

Posted: Mar 31, 2022 9:00 AM

As inflation continues to run red-hot at levels not seen in four decades and gas prices continue to hover near their all-time highs reached earlier in March, President Biden is considering tapping the country's Strategic Petroleum Reserve (SPR) to release millions of barrels of oil.

As Bloomberg and The Associated Press first reported Wednesday evening, President Biden is preparing plans to release one million barrels of oil per day for several months in a bid his administration hopes will combat inflation. According to Bloomberg's sources in the White House, the total release "may be as much as 180 million barrels," indicating that the plans would run for as many days — lasting through the end of September and constituting the largest release from the reserves in their history.

While the SPR's current inventory page reported that its "services aren't available right now" on Wednesday evening, as of December 4, 2021, the inventory was 593.6 million. That means, if Biden does indeed follow through on the plan to release a full 180 million barrels, he'd be tapping nearly one-third of the United States' entire strategic reserve.

President Biden is scheduled to give "remarks on lowering gas prices" on Thursday at 1:30 p.m. that the White House says will outline his work to "reduce the impact of Putin’s Price Hike on energy prices and lower gas prices at the pump for American families."

But, as analysts told CBS News the last time Biden tapped into the country's strategic reserves, such action won't do much to curb rising prices. Back in November, President Biden faced criticism when he announced he would release 50 million barrels of oil from the SPR in a bid to lower prices when the average national price per gallon was at $3.40. The current national average, according to AAA, is $4.225.

more
https://townhall.com/tipsheet/spencerbrown/2022/03/31/biden-considering-tapping-1-million-barrels-per-day-from-strategic-reserve-n2605294

[libertybele]

How quickly will we run out? Better question, how quickly will Joe purposefully run our reserves to the ground?

[Wingnut]

 

So we are possibly headed to WWIII and this assclown is depleting the Reserve which was built to ensure enough fuel for the war machines?

What universe is this guy living in?

[mystery-ak]

https://twitter.com/kylenabecker/status/1509599377525985290

[Wingnut]

I don't know how much it cost the US tax payers to buy the oil that is currently in SPR but I will bet you this...it will cost us 10 times as much to replace it today.

Bidenomics 101

[Wingnut]

How quickly will we run out? Better question, how quickly will Joe purposefully run our reserves to the ground?

Your answer is here.  Rules for SPR withdrawals

https://www.gopbriefingroom.com/index.php/topic,465780.0.html

[DefiantMassRINO]

An empty gesture to create the impression that the Administration is actively working to decrease the price of energy and to reduce inflation.

It's akin to the Titantic's crew giving out free dinner vouchers as the ship sank.

[catfish1957]

Biden't flailing at the energy crisis is not only pointless, but sadly pathetic.

[mystery-ak]

Joe Biden to Americans: Buy an Electric Car and Save up to $80 a Month on Gas

Charlie Spiering 31 Mar 2022

President Joe Biden urged Americans on Thursday to purchase an electric car to escape high gas prices, promising to “double down” on his pursuit of green energy.

“We need to double down on our commitment to green energy,” Bided said in a speech at the White House on his plan to help reduce the cost of gas.

The president blamed Russian President Vladimir Putin for the spike in gas prices as well as the ongoing coronavirus pandemic.

He spoke at length about his green energy subsidy plans currently awaiting support from Congress.

“Under my plan, which is before the Congress now, we can take advantage of the next generation of electric vehicles, that a typical driver will save about $80 a month from not having to pay gas at the pump,” Biden boasted.

Biden was presumably referring to his Build Back Better Plan, which would offer as much as a $12,500 rebate for customers purchasing new electric cars.

The president also urged oil companies to produce more on their existing federal land oil leases, but said he would not back down on environmental standards or the pursuit of green energy.

“I’m open to ideas to strengthen the plan,” he said. “But I will not be put off and put it on hold.”

He said green energy policies would actually reduce the amount of oil that Americans would use.

“Between ramping up production in the short term and driving down demand in the long term, we can free ourselves from our dependence of oil around the world,” he said.

https://www.breitbart.com/politics/2022/03/31/joe-biden-americans-buy-electric-car-save-80-month-gas/

[libertybele]

Your answer is here.  Rules for SPR withdrawals

https://www.gopbriefingroom.com/index.php/topic,465780.0.html

That SOB!!!!       One way or another he will force us to all go electric!!!!

[IsailedawayfromFR]

I don't know how much it cost the US tax payers to buy the oil that is currently in SPR but I will bet you this...it will cost us 10 times as much to replace it today.

Bidenomics 101

Roughly cost $30 per barrel.  Selling it at about $100 per bbl gives the govt a tidy revenue stream of $18 billion.

Given that the SPR crude oil to be auctioned off over the coming weeks is likely to be sold at or close to the current market’s elevated prices, the DOE is almost sure to make a windfall of sorts. According to the department’s latest available numbers, the DOE paid an average of only about $30/bbl for the crude oil now stored at the SPR, suggesting it may see a “profit” of at least $60 or $70/bbl from its sales, which suggests a roughly $12 billion gain for 180 MMbbl in sales over the six-month period. In the White House’s statement on Thursday, it said that the revenue the DOE receives from the crude oil sales –– $18 billion if the oil sold for an average of $100/bbl — will be used “to restock the Strategic Petroleum Reserve in future years.”

Of course, that might depend on who is in the White House and where oil prices head from here. In fact, some WTI futures contracts for 2024 deliveries actually rose –– perhaps as traders anticipate the planned buyback or a more muted long-term production response due to lower near-term prices and increased uncertainty.
https://rbnenergy.com/i-want-to-break-free-the-real-life-impacts-of-the-planned-crude-oil-releases-from-the-spr

And Joe has promised that all that revenue will be used to restock the SPR in the future.

Raise your hand if you believe that storyline that it will not go toward buying EVs.

[cato potatoe]

So we are possibly headed to WWIII and this assclown is depleting the Reserve which was built to ensure enough fuel for the war machines?

What universe is this guy living in?

The one where his dopey tribe is behind in the polls, and his lil angel does not want to testify before congress.

[christian]

 It is already reported that the reserve release will be for 6 months, just long enough to give the democrats a little advantage in the coming elections.  The sukkas won't even have a clue that there is massive price hikes immediately after the election is over.  Fools helped the democrats get us in this mess, and now, fools being fools, they won't be getting us out.  But bawling like newborn babies seems to be their infantile answers after they get their way, like last election.