Home Forums Hunting & Shooting Hunter's Campfire Strategic Petroleum Reserve

According to Kitco crude is $70.11 right now. Didn't Biden say we would refill the SPR when oil got back down in the 70s?

We should have the money from the oil he sold?

Told some liberals the other day that the federal gas tax had been suspended to drop the price of gas artificially. They looked bewildered. Then told them the SPR had been drained to further impact gas prices. They never heard of it.

My guess is it never gets refilled by a socialist run government that hates fossil fuels or more directly us.

Biden did approve the North Slope Willow oil project according to the news rag.

That’s a big field.

Just checked, now it's $69.57

If one looks at the Obama/Biden organization through the lens that they are purposefully doing everything they can to destroy the United States of America, everything happening today makes perfect sense.

Look at it any other way and you’ll be muddling through life perpetually perplexed.

Biden had nothing to do with the sale, it was the 114th Congress 2015 -2016 and all part of the Bipartisan Spending Bill.

Phil

Nothing Strategic about it ..

It’s China’s…

Explain that please. Especially the part about Biden having nothing to do with it. He publicly took credit for it.

Sheeeit!!!! That money went to Ukraine for laundering long ago. It's now safely stashed in the accounts of the Washingtin elite........

C'mon man!!!

Crude now down over $5 @ $66.30. Maybe Russia and its middle-eastern allies are flooding the market. I bet the NATO countries are buying up a bunch of Indian aka Russian diesel at this price.

Maybe Xi can work out a peace deal when he visits Russia and Ukraine? Bet he tells Ukraine that China is not going to stand by and allow NATO to defeat Russia. Hell, that would put NATO on China's border.

Try catching up....2022

Try catching up, ;you bunch of dumb [bleep]... selling off the strategic Petroleum Reserve was by law required as passed by Congress in 2016. Yes please catch up.


Phil

I believe Joe has ordered 180 million barrels of oil sold during his term. Did congress mandate that?

I cannot find that.

No congress did not. Biden the facist Diktator. Crude down over five per cent today.

Biden and the failed policies of the democrats now destroying America in real time

All anyone has to do is read... if not then google it.

Since 2015 Congress has mandated sales of oil from the reserve to fund federal spending. The U.S. Department of Energy has run at least seven sales since 2017, selling 132 million barrels, or about 18.2% of what had been in the reserve.[8][9]

On March 31, 2022, President Joe Biden announced that his administration would release 1 million barrels of oil per day from the reserve for the next 180 days, selling it at an average price of $96 per barrel. After oil prices declined during the second half of the year, in December the administration announced it would begin replenishing the SPR in early 2023, expecting to purchase oil at a lower price than it was sold, a process that would take months or years to complete.[10][11][12]

According to legislation already in place, the amount of oil in the reserve could fall to 238 million barrels by 2028.[13] This will be a 67% reduction to the oil in the reservoir since 2010.



Phil

Yes they did.

https://www.everycrsreport.com/reports/R45577.html

Enacted legislation to date has mandated the sale of over 250 million barrels of oil from the SPR, a situation that brings up another policy issue. If there is less oil in the SPR, what might be done with the "excess capacity" inevitably created? The government may be able to reduce the operating costs of the SPR by leasing reserve capacity freed by mandated sales.

~150 million barrels mandated sold between 2020 and 2024.

"~150 million barrels mandated sold between 2020 and 2024."
Per Swifty52

"On March 31, 2022, President Joe Biden announced that his administration would release 1 million barrels of oil per day from the reserve for the next 180 days"
Per greyghost

Comprehension problem? Or just don’t read ?

The SPR at its current holdings of 649.1 million barrels of crude oil satisfies the U.S. strategic stock holding requirement.8 Based on 2017 net import levels of 3.768 mmb/d, the SPR holds over 170 days of net imports of crude oil and petroleum products.9 Considered in another way, the net import level of 3.768 mmb/d, when multiplied by 90 days required stocks, implies a need for the United States to hold about 340 million barrels in the SPR. The difference between actual SPR holding and the implied holdings required to meet the IEA requirements has given rise to the viewpoint that U.S. reserve oil holdings are in excess of those needed and might be sold on the market.

At the full drawdown rate, the SPR can deliver 4.4 mmb/d of crude oil for 90 days, dropping to a rate of 3.8 mmb/d for an additional 30 days, and dropping further in drawdown rate for up to 180 days as stocks deplete. These drawdown rates are those likely to be associated with a total, or major, curtailment of potential imports from the world market, an unlikely scenario given the large portion of U.S. imports obtained from Canada, Mexico, and Venezuela, until recently.


Damned IEA agreement, funny how 1 million barrels per day for 180 days fits right into that legally binding and congressional mandate sh*t once again.

thanks for that info