Biden administration cancels purchase for Strategic Petroleum Reserve, citing high prices

[corbe]

Biden administration cancels purchase for Strategic Petroleum Reserve, citing high prices

By Breanne Deppisch
April 3, 2024 11:05 am

The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.

In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel.

Prices for global benchmark Brent crude and U.S.-based West Texas Intermediate soared well higher Tuesday, with Brent prices nearing $90 per barrel and WTI climbing slightly above $85 per barrel, amid worries about supply from Russia and producers in the Middle East.

“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” DOE officials said, adding that they “will continue to monitor market dynamics” for future refills.

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https://www.washingtonexaminer.com/policy/energy-and-environment/2951001/biden-administration-cancels-purchase-strategic-petroleum-reserve-citing-high-prices/

[Sighlass]

keeping the taxpayer’s interest at the forefront

Odd, one would think that their selling of our oil (some to China) was the exact opposite of "keeping our interests at the forefront"

[libertybele]

Plain evil.  He has absolutely no intention of doing anything in the best interest of our country.

[DefiantMassRINO]

Biden wants high oil prices and limited availability to distort the energy market to accelerate electrification ... working Americans be damned.

[mystery-ak]

Biden administration cancels purchase for Strategic Petroleum Reserve, citing high prices
By
Breanne Deppisch
April 3, 2024 11:05 am
.

The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.

In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel.

Prices for global benchmark Brent crude and U.S.-based West Texas Intermediate soared well higher Tuesday, with Brent prices nearing $90 per barrel and WTI climbing slightly above $85 per barrel, amid worries about supply from Russia and producers in the Middle East.

“We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” DOE officials said, adding that they “will continue to monitor market dynamics” for future refills.

Energy Department officials first announced the Bayou Choctaw purchase last month, saying they would buy up to 3 million barrels of oil.

more
https://www.washingtonexaminer.com/policy/energy-and-environment/2951001/biden-administration-cancels-purchase-strategic-petroleum-reserve-citing-high-prices/

[rustynail]

And can also be the reason for more sales of the Reserve.

[DefiantMassRINO]

Did the Government's check bounce?

[Timber Rattler]

Peter Doocy Turns KJP Into a Sputtering Mess Over Biden's Perpetually Depleted US Oil Reserve

https://twitchy.com/dougp/2024/04/03/peter-doocy-turns-kjp-into-a-babbling-mess-over-the-depleted-us-oil-reserve-n2394721

https://twitter.com/i/status/1775580441791103014

[MOD7]

Merged topics

[mountaineer]

Mike Lee
@BasedMikeLee
Apparently Biden doesn’t want to replenish America’s backup supply of petroleum — a fuel source he wants to eliminate.
Sure wish he’d have told us that when he decided to raid the Strategic Petroleum Reserve — just to make the deficit look slightly less obscene.

https://twitter.com/EndWokeness/status/1775585659933045071

[Elderberry]

Legal Insurrection by Mary Chastain Wednesday, April 3, 2024

The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s.

President Joe Biden’s administration dropped its plan to buy oil to refill the Strategic Petroleum Reserve (SPR) due to rising oil prices.

The oil would have gone to Louisiana’s Bayou Choctaw SPR site in August and September.

The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s.

The emergency supply holds 600 million barrels. The supply is at 363 million barrels.

Then again, the administration planned only to buy three million barrels. It’s still better than nothing, though:

    The Energy Department has been slowly refilling the emergency oil supply after it reached a 40-year-low following the administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine. It currently holds about 363 million barrels, according to Energy Department data, down from almost 600 million at the start of 2022.

More: https://legalinsurrection.com/2024/04/u-s-wont-buy-oil-to-refill-strategic-petroleum-reserve/

[Timber Rattler]

Mike Lee
@BasedMikeLee
Apparently Biden doesn’t want to replenish America’s backup supply of petroleum — a fuel source he wants to eliminate.
Sure wish he’d have told us that when he decided to raid the Strategic Petroleum Reserve — just to make the deficit look slightly less obscene.

That, and plus somebody noticed that gas prices have shot back up to $3.79 per gallon (at least here in south central Pennsylvania), and that refilling the reserve right now would drive them even higher by taking that oil off the market.  Can't have that in an election year, now can we?

[mountaineer]

Daniel Turner
@DanielTurnerPTF
Joe Biden sold off more than 40 percent of the Strategic Petroleum Reserve.
He just canceled plans to refill the reserves.
Now Biden plans to drain additional reserves for political purposes ahead of the November election.
9:29 AM · Apr 17, 2024