Biden is planning on taking more oil out of the strategic oil reserve bringing it to the lowest level in 40 years. While escalating war on the other side of the world, this is madness.
Newsmax reported yesterday:
The Biden administration said Monday it is selling 26 million barrels of crude oil from the Strategic Petroleum Reserve, a release that had been mandated by Congress in previous years.
The sale will likely temporarily push the reserve below its current level of about 372 million barrels, the lowest level since 1983. U.S. Energy Department said bids on the oil are due on Feb. 28 and that the oil would be delivered from April 1 to June 30.
The department had considered canceling the fiscal year 2023 sale of the 26 million barrels after the Biden administration last year sold a record 180 million barrels from the reserve. But such a cancellation would have required Congress to act. The administration sold the 180 million barrels of oil…
…Last year, Congress canceled sales of about 140 million barrels from the SPR …
Biden’s energy policy is to take from the nation’s oil reserves rather than allow American companies to drill and produce American oil.
FOX News reports that releasing the reserves is Biden’s way of attempting to keep gasoline prices down.
“Biden is front-loading SPR barrels to avoid a summer gasoline price spike,” said Phil Flynn, analyst Price Futures Group and FOX Business Network contributor. “There are growing concerns among the Biden administration that gas prices are headed back to $4.00 a gallon and the president is fearful of the political heat he will have to take.”
Price added, “By pushing barrels forward from previously announced sales he is robbing Peter to pay Paul but is discouraging future U.S. oil and gas investment. There should be some backlash from Republicans who are getting tired of using the SPR for political purposes and creating short-term price relief in exchange for much higher prices down the road.”
When Biden took office in January 2021, the SPR contained 638 million barrels out of a congressionally authorized maximum capacity of 713 million barrels. After a series of releases totaling more than 260 million barrels, the SPR is at about 371.6 million barrels as of February 2023 — the lowest level since December 1983, according to data from the Energy Information Administration (EIA). Selling another 26 million barrels from the SPR without adding new barrels of oil to offset the decline would take the SPR inventory to about 346 million barrels, which would be the lowest level since August 1983.
At the same time, Biden shut down efforts for American companies to drill US oil.
On his first day in office, Joe Biden killed off 42,100 jobs by ending the construction of the Keystone XL Pipeline and the end of construction of the Trump border wall.
The national average for a gallon of gas is $3.841 – nearly $2 a gallon increase since he took over.
President Trump filled the strategic oil reserves when he was President at low prices. Now to do the same the Biden administration would have to pay twice as much for the oil. However, Biden’s gang has made no mention of doing so.
President Trump also made America energy independent. The country was exporting more oil than it imported and was the world’s largest energy producer.
Ultimately Biden is helping Russia and the Middle East countries that are becoming rich on their oil production currently.
Biden’s energy policy hurts the US while helping other countries.
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