After selling off roughly half of the U.S. oil supply in 2022, the Biden presidency on Tuesday canceled plans to replace the Strategic Petroleum Reserve.  ,
A planned order of about three million barrels of oil for a supply page in Louisiana was opposed, according to the Department of Energy, “keeping the taxpayer’s interest at the forefront.” We will search for available power as business conditions permit, and we will not proceed with the latest solicitations for the Bayou Choctaw SPR page. We may continue to monitor market relationships”, the office said, according to Bloomberg.  ,
West Texas Intermediate, the benchmark American oil price, rose above$ 85 per barrel on Tuesday, about$ 6 more than the administration’s target price for purchasing oil to refill the reserves. For the duration of the year, local crude prices are likely to remain very high for DOE to continue its refilling program, according to Bob McNally, president of the consulting firm Rapidan Energy Group, in a statement to Bloomberg.
After selling a report 180 million barrels of oil in 2022, including many to the Chinese Communist Party and other foreign companies, the Biden presidency has delayed its inventory ideas despite having repeatedly pledged to replenish the country’s oil source. The SPR today has just 363 million buckets, down from almost 600 million at the start of 2022.
The Biden Administration cutting American oil production and then making claims that they ca n’t refill our critical reserve because of the price are pure insanity, according to Daniel Turner, founder and executive director of the energy advocacy group Power The Future, in a statement.
Joe Biden “drained the SPR for social reasons, cut our local production for his culture plan, and now he’s leaving our critical supply more vulnerable because he’s incompetent,” Turner continued. In response, Americans are paying more at the gas station and more at the grocery shop, and our SPR is less full at a time of Middle Eastern tumult.
