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This is budget skullduggery of the highest order, REQUIRING mandatory sale of oil from the national reserve, & so after Joey's sell off, the real amount actually left as reserve is more than a little alarming.

Never read about any of this over the 3 different budget periods where it was implemented, every single time with The Turtle's help & approval..............twice by The Muslim, & now by The Demented One.

We be badly fooked & deceived to say nothing of being left in a more than very precarious position, strategically...............& still no plan to begin US production again.

Hang onto yer azz, boy's & girl's, ride is going to get even rougher on energy in the face of the unknown. With almost no safety net.

As of right now & the foreseeable future at the current price & AVAILABILITY, there is no way to refill the petroleum reserve.........................& this is an extremely dangerous & fully avoidable situation.

MM

Federal Oil Reserve in Worse Shape Than You Know

Long but good read for those that don't want to follow the link.

Biden And McConnell Have Left Our Strategic Petroleum Reserve In Worse Shape Than You Think

BY: PAUL MATTHEWS

NOVEMBER 18, 2022


Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump.

This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have declined modestly since this policy was enacted in March, this decision, in conjunction with other legislation passed by this administration, has left the United States oil reserve in an extremely precarious position.

When President Joe Biden was sworn into office in late January 2021, SPR inventories stood at 638,086,000 barrels. In the most recent U.S. Energy Information Agency (EIA) report dated Nov. 11, 2022, SPR inventories have declined to 392,119,000 barrels, a drop of 245.97 million barrels (-38.55 percent).

With this decline to fewer than 400 million barrels, SPR reserves now stand at their lowest level since late March 1984. However, these headlines fail to tell the truth about Biden’s effort to deplete the SPR — which now essentially stands at about 100 million barrels, some 75 percent less than the “official” EIA inventory number. Let me explain.

In August 2022, Biden, in collaboration with House Democrats and feckless Republican Senate leadership, passed and signed into law HR 3684, otherwise known as the Infrastructure Investment and Jobs Act. This bill passed the House of Representatives on a 228-205 vote, with all 220 Democrats and 8 Republicans voting in favor. In the Senate, this bill passed on a 69-30 vote (Sen. Mike Rounds of South Dakota did not vote), with support from all 50 Democrats and 20 Republicans, including support from the entire Senate Republican leadership (Sens. Mitch McConnell, John Thune, and Mike Crapo).

Tucked away in this monstrous bill (see page 914) was authorization mandating that the secretary of energy, “shall draw down and sell from the Strategic Petroleum Reserve 87,600,000 barrels of crude oil during the period of fiscal years 2028 and 2031.” The bill further added, “Amounts received from the sale … shall be deposited in the general fund of the Treasury during the fiscal year in which the sale occurs.”

In other words, in order to pay for a portion of this $1 trillion in new spending, this law requires the additional sale of oil from the SPR. And by legislating this “trick,” the Congressional Budget Office (CBO) “score” improved, giving the appearance that the infrastructure bill would be less costly to the American taxpayer. However, this was not the first time Biden has used the sale of oil from the SPR to offset a portion of his profligate spending during his tenure as president or vice president.

The genesis for this budget chicanery began in the late stages of the Obama administration. In October 2015, the Obama-Biden administration worked with the same Senate Republican leadership to pass the Bipartisan Budget Act of 2015. This act raised the debt ceiling, increased discretionary spending in fiscal years 2016 and 2017, and averted a potential government shutdown. Tucked in this bill was a mandate to sell 58 million barrels of oil from the SPR during fiscal years 2018-2025. Once again, this act was shepherded through the Senate under the leadership of Majority Leader Mitch McConnell.

Not to be outdone, the Obama-Biden administration dipped into this well a second time with the passage of the 2015 FAST Act in December 2015. This bill mandated the sale of 66 million barrels of SPR oil during fiscal years 2023-2025. And once again, the bill was moved through the Senate by McConnell.

Subsequent pieces of legislation including the 2017 Tax Revision Act, the Bipartisan Budget Act of 2018, and America’s Water Infrastructure Act of 2018 also followed suit authorizing the sale of an additional 104.5 million barrels of oil from the SPR. All told, mandated SPR oil sales from these various laws now total 358.6 million barrels, of which 288.1 million barrels have yet to be sold.


**Table assumes the 87.6 million barrels of SPR sales authorized by the 2022 Infrastructure and Investment Jobs Act are sold in equal installments over fiscal years 2028-2031
And with the Biden administration extending its SPR sales by an additional 15 million barrels in mid-October, the current SPR inventory will soon decline to fewer than 380 million barrels. However, when future legislatively mandated sales of 288.1 million barrels are included, America’s strategic oil inventory will soon fall to fewer than 100 million barrels, a supply of just 5.3 days given our daily use rate of 18.68 million barrels.


Although the Biden administration recently announced its intention to refill the SPR if oil prices fall to $67-$72, this pledge rings hollow. For the past several years, the endless pursuit of environmental, social, and governance (ESG) policies and the anti-fossil fuel sympathies of the Biden administration have severely curtailed investment in oil patch. Additionally, the establishment of a new floor price for crude oil will not precipitate American oil producers to increase production. Even if new oil reserves are discovered and developed, roughly 5 to 7 percent of world production must be replenished each year, just to offset the natural rate of depletion from existing wells.

Given the numerous production/supply headwinds, world oil prices have remained range-bound between $80 to $100 per barrel, despite extremely sluggish Chinese demand (as they continue rolling Covid lockdowns). And once the roughly 1 million barrels a day of supply from U.S. SPR sales are removed from the world market, oil prices are not likely to head much lower.

Unless oil is added to the SPR, America’s emergency supply of oil in the case of war or a major national disaster will remain at dangerously low levels for the foreseeable future. Let us hope that the short-sighted policies enacted by our current president and our go-along-to-get-along Senate minority leader do not jeopardize American economic and national security any further.

BP-B2

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We're F'kd


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Another POS politician owned by the Chinese! memtb


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memtb and Raeford both put it in perspective and they are spot on.


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This is the kind of routine skullduggery that is rarely ever brought to light & represents maybe the biggest & most dangerous intentional governmental action I've ever seen.

MM

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Ha, this just scratches the surface of Mitch's betrayal.

Don't forget, 39 Republicans just voted to keep him and his corruption in power.

Think these 39 are void of a piece of Mitch's pie.


Give a man a fish and he eats for a day. Give a man a welfare check, a forty ounce malt liquor, a crack pipe, an Obama phone, free health insurance. and some Air Jordan's and he votes Democrat for a lifetime.
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Not just the turtle, 70% + of the .gov are controlled by the deep state and some people think the patriots are slow walking the recovery of the nation.

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Looks like these criminals ran out of Social Security Trust Funds to steal, so started ripping off another national asset.

Probably sell the National Park system to the ChiComs next.

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No surprise that Biden flew over just gave immunity to the Saudi Prince in the Kashoggi murder and OPEC is going to open up the spigots

look at oil prices the past week

https://www.wsj.com/articles/biden-...-immunity-in-khashoggi-trial-11668752387


Remember when Bush flew out the Saudi Royal families the day of 911 then we started 20 year wars in Iraq and Afghanistan for no reason.

Look at the nationalities and who gave support of the 911 high jackers


Phuggin clown show

slav a Ukraine!!!! Slava Biden!!




Originally Posted by MontanaMan
This is budget skullduggery of the highest order, REQUIRING mandatory sale of oil from the national reserve, & so after Joey's sell off, the real amount actually left as reserve is more than a little alarming.

Never read about any of this over the 3 different budget periods where it was implemented, every single time with The Turtle's help & approval..............twice by The Muslim, & now by The Demented One.

We be badly fooked & deceived to say nothing of being left in a more than very precarious position, strategically...............& still no plan to begin US production again.

Hang onto yer azz, boy's & girl's, ride is going to get even rougher on energy in the face of the unknown. With almost no safety net.

As of right now & the foreseeable future at the current price & AVAILABILITY, there is no way to refill the petroleum reserve.........................& this is an extremely dangerous & fully avoidable situation.

MM

Federal Oil Reserve in Worse Shape Than You Know

Long but good read for those that don't want to follow the link.

Biden And McConnell Have Left Our Strategic Petroleum Reserve In Worse Shape Than You Think

BY: PAUL MATTHEWS

NOVEMBER 18, 2022


Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump.

This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have declined modestly since this policy was enacted in March, this decision, in conjunction with other legislation passed by this administration, has left the United States oil reserve in an extremely precarious position.

When President Joe Biden was sworn into office in late January 2021, SPR inventories stood at 638,086,000 barrels. In the most recent U.S. Energy Information Agency (EIA) report dated Nov. 11, 2022, SPR inventories have declined to 392,119,000 barrels, a drop of 245.97 million barrels (-38.55 percent).

With this decline to fewer than 400 million barrels, SPR reserves now stand at their lowest level since late March 1984. However, these headlines fail to tell the truth about Biden’s effort to deplete the SPR — which now essentially stands at about 100 million barrels, some 75 percent less than the “official” EIA inventory number. Let me explain.

In August 2022, Biden, in collaboration with House Democrats and feckless Republican Senate leadership, passed and signed into law HR 3684, otherwise known as the Infrastructure Investment and Jobs Act. This bill passed the House of Representatives on a 228-205 vote, with all 220 Democrats and 8 Republicans voting in favor. In the Senate, this bill passed on a 69-30 vote (Sen. Mike Rounds of South Dakota did not vote), with support from all 50 Democrats and 20 Republicans, including support from the entire Senate Republican leadership (Sens. Mitch McConnell, John Thune, and Mike Crapo).

Tucked away in this monstrous bill (see page 914) was authorization mandating that the secretary of energy, “shall draw down and sell from the Strategic Petroleum Reserve 87,600,000 barrels of crude oil during the period of fiscal years 2028 and 2031.” The bill further added, “Amounts received from the sale … shall be deposited in the general fund of the Treasury during the fiscal year in which the sale occurs.”

In other words, in order to pay for a portion of this $1 trillion in new spending, this law requires the additional sale of oil from the SPR. And by legislating this “trick,” the Congressional Budget Office (CBO) “score” improved, giving the appearance that the infrastructure bill would be less costly to the American taxpayer. However, this was not the first time Biden has used the sale of oil from the SPR to offset a portion of his profligate spending during his tenure as president or vice president.

The genesis for this budget chicanery began in the late stages of the Obama administration. In October 2015, the Obama-Biden administration worked with the same Senate Republican leadership to pass the Bipartisan Budget Act of 2015. This act raised the debt ceiling, increased discretionary spending in fiscal years 2016 and 2017, and averted a potential government shutdown. Tucked in this bill was a mandate to sell 58 million barrels of oil from the SPR during fiscal years 2018-2025. Once again, this act was shepherded through the Senate under the leadership of Majority Leader Mitch McConnell.

Not to be outdone, the Obama-Biden administration dipped into this well a second time with the passage of the 2015 FAST Act in December 2015. This bill mandated the sale of 66 million barrels of SPR oil during fiscal years 2023-2025. And once again, the bill was moved through the Senate by McConnell.

Subsequent pieces of legislation including the 2017 Tax Revision Act, the Bipartisan Budget Act of 2018, and America’s Water Infrastructure Act of 2018 also followed suit authorizing the sale of an additional 104.5 million barrels of oil from the SPR. All told, mandated SPR oil sales from these various laws now total 358.6 million barrels, of which 288.1 million barrels have yet to be sold.


**Table assumes the 87.6 million barrels of SPR sales authorized by the 2022 Infrastructure and Investment Jobs Act are sold in equal installments over fiscal years 2028-2031
And with the Biden administration extending its SPR sales by an additional 15 million barrels in mid-October, the current SPR inventory will soon decline to fewer than 380 million barrels. However, when future legislatively mandated sales of 288.1 million barrels are included, America’s strategic oil inventory will soon fall to fewer than 100 million barrels, a supply of just 5.3 days given our daily use rate of 18.68 million barrels.


Although the Biden administration recently announced its intention to refill the SPR if oil prices fall to $67-$72, this pledge rings hollow. For the past several years, the endless pursuit of environmental, social, and governance (ESG) policies and the anti-fossil fuel sympathies of the Biden administration have severely curtailed investment in oil patch. Additionally, the establishment of a new floor price for crude oil will not precipitate American oil producers to increase production. Even if new oil reserves are discovered and developed, roughly 5 to 7 percent of world production must be replenished each year, just to offset the natural rate of depletion from existing wells.

Given the numerous production/supply headwinds, world oil prices have remained range-bound between $80 to $100 per barrel, despite extremely sluggish Chinese demand (as they continue rolling Covid lockdowns). And once the roughly 1 million barrels a day of supply from U.S. SPR sales are removed from the world market, oil prices are not likely to head much lower.

Unless oil is added to the SPR, America’s emergency supply of oil in the case of war or a major national disaster will remain at dangerously low levels for the foreseeable future. Let us hope that the short-sighted policies enacted by our current president and our go-along-to-get-along Senate minority leader do not jeopardize American economic and national security any further.

Last edited by ribka; 11/18/22.
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Eternity in Hell is a long time.


I am..........disturbed.

Concerning the difference between man and the jackass: some observers hold that there isn't any. But this wrongs the jackass. -Twain


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Originally Posted by SupFoo
Looks like these criminals ran out of Social Security Trust Funds to steal, so started ripping off another national asset.

Probably sell the National Park system to the ChiComs next.
There is no Social Security Trust Fund. I don't know where you get that idea. Social Security has always gone into and come out of the General Fund.


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Originally Posted by steve4102
Ha, this just scratches the surface of Mitch's betrayal.

Don't forget, 39 Republicans just voted to keep him and his corruption in power.

Think these 39 are void of a piece of Mitch's pie.


The Derby Donkey named Mitch has presided over the Wholesale Plunder of Treasury..

Not Mention the Ungawdly amount of Legislative Language Tyranny he Shepherded into the Federal Registry ..

These Senators have Voted to continue this Abomination of “ We the People “..

These People are Not your Countrymen these People are Criminal Combatants..

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Originally Posted by steve4102
Ha, this just scratches the surface of Mitch's betrayal.

Don't forget, 39 Republicans just voted to keep him and his corruption in power.

Think these 39 are void of a piece of Mitch's pie.


Both of the POS, gutless republicans from Wyoming voted to keep the treasonous bastard!

‘I’ve come to expect that from the “carpet bagger” POS from NY, but am very disappointed in our new senator! memtb


You should not use a rifle that will kill an animal when everything goes right; you should use one that will do the job when everything goes wrong." -Bob Hagel

“I’d like to be a good rifleman…..but, I prefer to be a good hunter”! memtb 2024
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most likely this is just the tip of the iceberg


Sam......

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You guys are pieces of work.

"I voted straight-ticket R, like a real patriot!"

"These Republicans are pieces of shiit!"

Do you not realize how retarded you sound?


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Bat Rastards 🤬


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Originally Posted by HuntnShoot
You guys are pieces of work.

"I voted straight-ticket R, like a real patriot!"

"These Republicans are pieces of shiit!"

Do you not realize how retarded you sound?

Maybe someone should explain the definition of RINO to you!

I too vote straight republican, likely before you were born, the lesser of two evils! memtb


You should not use a rifle that will kill an animal when everything goes right; you should use one that will do the job when everything goes wrong." -Bob Hagel

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Mitch is owned by his wife.
His wife is owned by China.
It's that simple.

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Originally Posted by ElkHtrNevada
Mitch is owned by his wife.
His wife is owned by China.
It's that simple.

Yep...



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McConnell and Republican leadership in both houses work with the assumption that the citizens want them to work with democrats. Bi-partisan to a democrat means agree with me or else. Democrats may give up something inconsequential but they get everything they want. McConnell does care.
I once called McConnells office to urge him to fight some idiot democrat legislation. The guy asked me if I was from Kentucky. I reminded him McConnell is the majority leader and he hung up on me. It was back when republicans were in control.

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