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Joe Biden and the 'Impossible' Task of Refilling America's Oil Reserves

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corbe:
Joe Biden and the 'Impossible' Task of Refilling America's Oil Reserves

Six months into admin's 'replenishment strategy,' Biden has purchased zero reserve barrels

Collin Anderson
May 20, 2023

President Joe Biden in December began working to replenish the 180 million barrels he sold last year from the Strategic Petroleum Reserve. Nearly six months later, he still has zero barrels to show for it.

Biden's Energy Department on Monday announced its intention to purchase up to three million reserve barrels as a "continuation" of the president's "replenishment strategy." So far, however, that "strategy" has seen the Democrat fail to purchase a single barrel of reserve oil. The administration first tried to purchase three million reserve barrels in December, when Biden kicked off his "plan to replenish the SPR." One month later, Biden's Energy Department revealed it had rejected all offers it received to purchase the oil because those offers "were either too expensive or didn't meet the required specifications."

Republicans have hammered Biden for his management of the reserves, which sit at their lowest levels in four decades after the Democrat last year sold 180 million reserve barrels in an attempt to lower gas prices ahead of a difficult midterm election. While Biden responded by pledging to "refill" the reserves with oil his administration would purchase this year, the Democrat has so far made no progress. If Biden's Energy Department does manage to fulfill its recently announced purchase plan, the oil would be delivered to the reserves in August, meaning Biden would have secured just three million reserve barrels in eight months. At that pace, it would take the Democrat 40 years to procure the 180 million barrels he sold.

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https://freebeacon.com/biden-administration/joe-biden-and-the-impossible-task-of-refilling-americas-oil-reserves/

Hoodat:

--- Quote from: corbe on May 21, 2023, 01:05:26 am ---Nearly six months later, he still has zero barrels to show for it.

--- End quote ---

Six months later, the SPR has fallen another 28 million bbls.  We are now below 360 million.

Smokin Joe:
If he starts buying oil, that will put upward pressure on the price, which means gasoline and diesel would go up (along with heating oil, and bunker fuels).

He is running again, supposedly, and can't afford to bump the price of gasoline up now.

He has painted himself into a corner.

rangerrebew:
Joe Biden and the 'Impossible' Task of Refilling America's Oil Reserves
Six months into admin's 'replenishment strategy,' Biden has purchased zero reserve barrels
 
Collin Anderson
May 20, 2023
President Joe Biden in December began working to replenish the 180 million barrels he sold last year from the Strategic Petroleum Reserve. Nearly six months later, he still has zero barrels to show for it.

 
Biden's Energy Department on Monday announced its intention to purchase up to three million reserve barrels as a "continuation" of the president's "replenishment strategy." So far, however, that "strategy" has seen the Democrat fail to purchase a single barrel of reserve oil. The administration first tried to purchase three million reserve barrels in December, when Biden kicked off his "plan to replenish the SPR." One month later, Biden's Energy Department revealed it had rejected all offers it received to purchase the oil because those offers "were either too expensive or didn't meet the required specifications."

Republicans have hammered Biden for his management of the reserves, which sit at their lowest levels in four decades after the Democrat last year sold 180 million reserve barrels in an attempt to lower gas prices ahead of a difficult midterm election. While Biden responded by pledging to "refill" the reserves with oil his administration would purchase this year, the Democrat has so far made no progress. If Biden's Energy Department does manage to fulfill its recently announced purchase plan, the oil would be delivered to the reserves in August, meaning Biden would have secured just three million reserve barrels in eight months. At that pace, it would take the Democrat 40 years to procure the 180 million barrels he sold.

Energy Secretary Jennifer Granholm, whose office did not return a request for comment, has confirmed that the administration will be unable to refill the reserve to the levels Biden inherited. "We will begin that process this year, but to refill the full amount is impossible," Granholm admitted in March. For Wyoming's John Barrasso, who serves as the top Republican on the Senate Energy Committee, that answer is unacceptable.

 https://freebeacon.com/biden-administration/joe-biden-and-the-impossible-task-of-refilling-americas-oil-reserves/

rangerrebew:
WHAT A SENSE OF URGENCY!!

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