US Oil Reserves At Record Lows What Now Joe?

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   Sharlee01posted 2 years ago

   
   
   In my opinion, Biden uses the nation’s insurance policy to help him and his party during the November election. His order to rap the reserves will end in October 2022. Our reserves are at the lowest level since 1984. He has made the claim he will replace the oil...
   
   His attempt to keep gas prices down before the election will most likely send gas, and energy costs sky high in the very near future. 
   
   Reuters ---   "HOUSTON, Sept 12 (Reuters) - U.S. emergency crude oil stocks fell 8.4 million barrels last week to 434.1 million barrels, their lowest since October 1984, according to U.S. Department of Energy (DOE) data released on Monday.
   
   The release from the Strategic Petroleum Reserve (SPR) in the week ended Sept. 9 was the steepest draw since May. It comprised about 6.3 million barrels of sweet crude and around 2 million barrels of sour crude.
   
   President Joe Biden in March set a plan to release 1 million barrels per day over six months from the SPR to tackle high U.S. fuel prices, which have contributed to soaring inflation.
   
   The Biden administration is weighing the need for further SPR releases after the current program ends in October, Energy Secretary Jennifer Granholm told Reuters last week. A DOE spokesperson later said the White House at that time was not considering new releases beyond the 180 million barrels.
   
   The Biden administration is less likely to release barrels from the SPR after October if benchmark oil futures continue to drop. Last week, the 50-day moving average of U.S. and European prices both fell below the 200-day moving average, noted research analyst Paul Sankey said.
   
   The SPR stocks also have declined due to sales from congressional mandates and Biden's price initiative. The oil is sold to qualified oil companies via online auctions, and prices are set using five-day average bracketing the date of delivery.
   
   The DOE has proposed to replenish the SPR by allowing it to enter contracts to purchase oil in future years at fixed, preset prices. The administration said it believes the plan would help boost domestic oil production."   https://www.reuters.com/markets/us/crud … 022-09-12/
   
   Where we are today versus 2020
   
   "Following its historic shift to being a net EXPORTER  of petroleum in 2020, the United States continued to export more petroleum (which includes crude oil, refined petroleum products, and other liquids) than it imported in 2021. According to our February 2022 Short-Term Energy Outlook (STEO), we expect net crude oil imports to increase, making the United States a net importer of petroleum in 2022."
   https://www.eia.gov/todayinenergy/detail.php?id=51338
   
   So, Not sure many realize as we pumped oil into the world oil market, we also bought our own oil back...  Go figure
   
   In my view, Biden cancels oil drilling permits and stops the pipeline( that would be up and pumping oil now), and begs OPEC to pump more oil. They ignore him and say no.  Biden uses the nation’s insurance policy to help him and his party during the November election. The SPR was not intended for this.  Can one even imagine what it will cost to replenish the reserves? Was Biden's ploy to keep gas prices artificially down a good way to solve the problem of high gas prices?
   
   Any thoughts on what will happen when Joe's oil dumping comes to an end in October?

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2. 70

   Ken Burgessposted 2 years ago

   Exactly as you noted, once the elections are over, the prices will rise again.
   
   Once the election is over the charade of the war being Ukraine vs. Russia will end as well.
   
   And once the election is over, they will disregard the constitution, the law, and begin a "campaign" against those they feel are "threats to our Democracy".

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      Sharlee01posted 2 years agoin reply to this

      This is getting scarier daily.  And some here wonder why this bunch could be described as evil. 
      
      I really can't believe our Congress is letting this very confused man in office. This morning he once again warned gas station owners not to gouge gas prices. Oil prices were up today, Yes, it fluctuated but remain higher than in the past few days. The prices here in Michigan have been going up, for now, until the fourth day.   This White House should not let this man out in public. He can not control his thoughts, and just says anything that comes into his head. He needs to step down or be impeached. My God it makes me wonder what kind of person his wife is, letting her husband be made such a fool of.

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3. 85

   Sharlee01posted 2 years ago

   NOT SURE HOW I MISSED THIS !!!! Joe has decided to dump more oil in NOVEMBER.
   
   Did he buy your vote????
   
   US to sell 10 million barrels of crude oil from reserves amid soaring energy prices
   The US Department of Energy announced that it would sell reserve oil by November to help lower consumer costs.
   
   "The US Department of Energy (DOE) announced on Monday that it would sell up to 10 million barrels of oil from the Strategic Petroleum Reserve (SPR) for delivery in November. A statement from the department said that it aims to help reduce consumer energy prices.
   
   US President Joe Biden authorised the DOE to release up to 180 million barrels from the SPR to suppress soaring energy prices. Disrupted supplies of Russian oil exports have continued to inflate prices since the invasion of Ukraine."
   https://www.offshore-technology.com/new … gy-prices/
   
   Evil with a capital E.

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4. 70

   Ken Burgessposted 2 years ago

   I am actually surprised there is as much left in the "reserves" as there is.
   
   Perhaps they thought it was needed for October and November, when they will do their best to drive down oil and gas prices.
   
   There should be no shock in what is to come, they have stated it plainly enough. 
   
   Whether it was the President having a big speech to announce those who support Trump as "threats to Democracy" or whether it was when the President said we would face food shortages this winter... nothing has been hidden.
   
   The IRS is hiring 87,000 agents, thanks to Biden’s infrastructure package, doubling the size and giving more power to the agency.
   
   The DOJ hired 131 additional lawyers just to prosecute Americans from the January 6 "insurrection", this was a line item of the Biden administration's budget.
   
   In total, the Biden administration requested nearly $40 billion in discretionary funding for the Justice Department.  That's a lot of discretion!
   
   The White House, and its “battle for the soul of America” will be a real one.  When the President has come out and labeled the opposition as terrorists, threats to democracy, extremists, etc.  how can anyone expect that he won't act against them?
   
   Prices will jump back up after the Nov 2022 elections and continue to climb.
   
   Americans will be labeled threats, and they will be arrested, Trump included.
   
   Biden will make the Ukraine - Russian conflict our own, as it already is.

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      Kathryn L Hillposted 2 years agoin reply to this

      ... to what end?

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