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| Economy |
| 'White House announces sale of additional 20 million barrels of oil from Strategic Petroleum Reserve |
| 2022-07-27 |
| [FoxBusiness] This is Biden administration's fifth announced sale of oil from Strategic Petroleum Reserve. The White House announced Tuesday that the Department of Energy will be issuing a notice to sell 20 million more barrels of oil for the Strategic Petroleum Reserve as part of the Biden administration's effort to bring gas prices down. This makes the fifth such sale that President Biden has authorized. The White House continued to blame "disruptions posed by Russia’s invasion" for the high prices while claiming that the Biden administration's actions are making a tremendous difference. "In fact, the Department of the Treasury estimates that as a result of these drawdowns both domestically and internationally, the price at the pump for Americans is up to about 40 cents per gallon lower than it otherwise would have been," the White House said in its announcement. While gas prices are down significantly since a recent national average price of more than $5 per gallon in June, the average as of Tuesday was still $4.327, compared to $3.156 from one year ago, and approximately $2.39 when Biden first took office in January 2021. Republicans slammed the White House after previous sales from the Strategic Petroleum Reserves after it was made known that millions of barrels were being sent to European and Asian countries, including China. "The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security," House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers told Fox News Digital in a statement. The White House also announced that the Department of Energy is proposing a rule change regarding how the federal government acquires oil for the strategic reserve. The new rule, if adopted, would permit fixed-price contracts as well as index-price contracts. The current rule requires purchase prices to be set by a price index, with the price paid being based on market prices at the time of delivery. "This proposal, if finalized as proposed, would encourage near-term production, promote market stability, and put the federal government in a better position to respond to future market volatility," the White House said. Related: Strategic Petroleum Reserve: 2022-07-09 Biden Sold Oil From Emergency Reserves To Chinese Gas Giant Tied To His Scandal-Plagued Son Strategic Petroleum Reserve: 2022-07-08 Joe Biden Sold Nearly One Million Barrels from U.S. Strategic Petroleum Reserve to CCP-Owned Oil Company Linked to Hunter Biden Firm Strategic Petroleum Reserve: 2022-07-07 Stunning Amount Of Oil Released By Biden Found Its Way To China, Other Countries |
| Posted by:Skidmark |
| #13 |
| Posted by: Skidmark 2022-07-27 15:22 |
| #12 - Deplete the reserves - Crises - Declaration all domestic product to military/reserves - Gasoline prices explode, or it straight disappears - 2 weeks to flatten the curve - Some industries deemed 'vital to solving the emergency' will get first in line for gasoline rations. |
| Posted by: swksvolFF 2022-07-27 14:17 |
| #11 With a looming potential confrontation with the Chinese, Russians, or a threat to be named later, is this prudent Jojo? Sarc Off/ |
| Posted by: NoMoreBS 2022-07-27 14:08 |
| #10 It's a variation on the advice about watching the magician's hands: "Don't look at what we are actually doing, listen to what we say we are doing." |
| Posted by: M. Murcek 2022-07-27 06:59 |
| #9 The WH administration controllers decided Biden would sell 1 million barrels of oil per day from the reserve for the next 180 days. Which is about 25% of the total SPR Depending on the time of year, the United States consumes between 18.6 and 20.1 million barrels of oil daily. In 2021-22 oil production in the USA was about 16.6 million barrels per day. Lower end Math Spring/Summer: 18.6 Used - 16.6 produced = -2 Million barrels of Oil short. Higher End Math this winter: 20.1 Used - 16.6 produced = - 3.5 Million barrels of Oil short. Supply and demand kicks in, prices go to hell in a hand basket. Fixed income people freeze. NOTE: Approximately 60% of the SPR crude oil in the reserve is the less desirable sour (high sulfur content) variety. High-sulfur crude oils produce greater emissions, particularly those emissions that are toxic and have a high global warming potential. SUMMARY So Biden's handlers, claiming to protect the environment, caused massive supply and demand shortages. Then turned around, sold SPR High sulfur based oil that causes serious environmental issues. |
| Posted by: NN2N1 2022-07-27 06:56 |
| #8 why our emergency energy reserves are being sent Don't you know? Oil is evil! We must get rid of it! All of it! The nukes come next, I think. |
| Posted by: Dron66046 2022-07-27 06:40 |
| #7 Oil is only bad for the climate when whitey burns it. |
| Posted by: M. Murcek 2022-07-27 06:32 |
| #6 The China Strategic Oil Reserve isn't full yet. Just topping them off! |
| Posted by: CrazyFool 2022-07-27 06:29 |
| #5 Just another Biden Crime Family enterprise. |
| Posted by: Besoeker 2022-07-27 05:00 |
| #4 LOL to bring gas prices down. They're not even bothering to lie any more. This oil is exported, refined, and sold in distant lands. Not one drop will make it to the gas pump here. |
| Posted by: Tiny Jeater6933 2022-07-27 03:43 |
| #3 Thank you Joe! We could use that. |
| Posted by: The CCP 2022-07-27 00:34 |
| #2 at the end of 2009, we had ~730 Million barrels in the SPR today we have ~ 510 Million barrels in the SPR (the 20M will bring it to 490M) |
| Posted by: Lord Garth 2022-07-27 00:20 |
| #1 ...to the firm where Hunter Biden holds a 20% stake? |
| Posted by: Raj 2022-07-27 00:07 |