ZeroHedge: The Biden administration had no problems aggressively draining the SPR by 1mmb/d at market prices in the immediate aftermath of the Ukraine war, in hopes of lowering the price of gasoline ahead of November’s elections and avoiding an inflationary midterm rout. However, when it comes to refilling the SPR, now that US emergency inventories are down to the lowest level since November 1983 and not too far from an all time low which threatens the structural integrity of the salt caverns the oil is deposited in…
… the White House has “unexpectedly” gotten cold feet.
One month after the White House said it will start refilling the Strategic Petroleum Reserve, and made an initial order of 3mm barrels of sour crude (a tiny fraction of the 200 million released in 2022), in what it said was a clear message to oil companies that they can freely invest capital in boosting output cause, well, Biden’s got their backs, overnight we learned that there was a rather sizable caveat in the White House’s brilliant plan.
According to Bloomberg, the Biden administration has delayed the replenishment of the nation’s emergency oil reserve after deciding the offers it received were either too expensive or didn’t meet the required specifications. Citing “people familiar” the report adds that “the Department of Energy rejected the several offers it got for a potential purchase in February.” In other words, absent a brutal US or global recession which drags oil far lower – courtesy of the Fed which is doing Biden’s bidding of containing inflation by crushing the US economy with the highest interest rates in a generation – the SPR won’t get any more oil.
While the DOE will put off the purchase it had originally planned for next month, the proposed program, which used a new approach that accepts fixed-price offers, will continue, one of the people said. Of course, it will “continue” only as long as oil is below a certain White House mandated threshold, anything above that – as we now can see – means no refills. As a reminder, last year there were reports that the Biden administration had planned to start buying crude when it dropped around $70 a barrel; and while oil fell during the fourth quarter and US benchmark prices fell close to those levels last month, they have since rebounded, with the SPR refill price serving as a market support level. more
“White House Delays Refill Of Strategic Oil Reserve”
…because we’re not done losing the war yet.
Just doing their best to deplete all reserves before the mock war comes.
Or they could be using that money fill trucks with Fake ballots.
What percent of our strategic weapons reserve have they given away?
“What percent of our strategic weapons reserve have they given away?”
Rumor has it you can’t find a had held rocket launcher, of any type, on a U.S. military instillation.
They WANT it to run out.
[visualize a “Change My Mind” sign taped below this comment]
Here’s how low the oil reserve is:
htt ps://www.forbes.com/sites/rrapier/2022/09/07/the-strategic-petroleum-reserve-is-at-its-lowest-level-since-1984/?sh=5181181077c7
Remember who filled the strategic petroleum reserve?
The only thing lower than our oil reserves is the democrats ability to function as a governing body that adheres to true American values.
Good plan! Wait until it’s a $150.00 a barrel and then fill it as fast as possible, which drives the price to $200.00+ per barrel. What a no good TRAITOROUS BASTARD!!!
Perfect. Good news for China. They can take Taiwan because we are broken, and our strategic oil is running on empty.
Let’s go Brandon.
The DOE has never produced the the first btu of energy. It should be eliminated.
All I have to do is print a few $ trillion to pay to refill the oil thing. Not a joke.
Gotta save our money so we don’t miss a Ukraine payment and end up with Russia repossessing it.
So now we have no oil, a weak military, corrupt govt, corrupt culture, open borders, rampant crime.
If it weren’t for all us gun owners in this country now would be the time to attack.
^^^^^^^^^^^
Time for another country to attack that is.
IOW, we’re broke.
You don’t need no stinkin oil. Buy one of your newest buddy’s EV’s go ahead Elon wants your money. He is going to need it when Twittler goes bankrupt.
@Jellybean: The only thing lower than our oil reserves is the democrats ability to function as a governing body that adheres to true American values.
Yep they sure showed the dems getting the House speaker voted on. But hell we all love watching a good ole cat fight, moe popcorn please. Shit they’ll have trouble deciding on where to get lunch. Kentucky Fried or McD’s.
Biden is simply following his orders from his Chinese Communist Party overlords.