Hollow sound: Strategic Petroleum Reserve continues to scrape bottom, as Biden promises to refill

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Credit: https://ycharts.com/indicators/us_ending_stocks_of_crude_oil_in_the_strategic_petroleum_reserve

The Biden Administration’s Energy Department has put out another solicitation to buy oil to replenish the Strategic Petroleum Reserve, a national security priority. But it’s only going to buy 3.3 million barrels for delivery in October, when it thinks the price will be around $79 per barrel.

Last month, as the Administration has done numerous times in the past two years, the Department of Energy canceled purchase agreements to replenish the nation’s emergency supply. It refused to award contracts for 3 million barrels of crude oil in Augusts and September, because the price was more than $84 a barrel for West Texas Intermediate.

Since Biden took office, he has sold off the nation’s strategic oil reserve to the point where it reached the lowest level in its history earlier this year — 346 million barrels. Since then, the Administration has put back a net 20 million barrels into the storage units at an average price of $76.98. But it’s a drop in the bucket.

The deadline for offers to sell petroleum to the Department of Energy is May 14, for delivery in October, but there’s no guarantee the price will be below $77. Saturday’s price for West Texas Intermediate was $78.26 for a 42-gallon barrel.

In December of 2022, the department said it would start refilling the empty tanks at a price below $96 a barrel. Then it said it would buy oil lower than $72 a barrel. It has canceled numerous announced purchases, however.

Biden continues to blame his draining of the Strategic Petroleum Reserve on the war by Russia on Ukraine.      

12 COMMENTS

  1. Sleepys handlers drained the reserve . Hidabeast cashed in on the plutonium.
    And the mean orange man donated his salary every year while in office.
    What a difference.

  2. The idea is that they flood the supply by deliberately lowering the reserve. then when the new admin comes in they will have to fill it again and the price goes up and blame that administration.

  3. Oh Boy(!!!).
    … We have such fine Leadership!
    … Emblematic of Patriarchal Wisdom.
    … High degree of Honor – Integrity – Duty.
    … What would we do without fine representation?
    … How could we possibly survive without them?
    … We are so very fortunate to have them leading this country.
    … How could we ever pay them back for their sacrifice – service?

  4. If Grandpa Bloodstains gets a second term, what’s he gonna use to distract us when it’s empty?
    We actually managed to elect a President who hates the country he runs. Amazing.

    • As Obama famously said to Putin’s temporary stand-in…..after the election, he’ll have more ‘flexibility.’

      There will be no need to placate the population and he’ll enact whatever unpopular, crazy WEF nonsense he’s been given by his handlers.

  5. So, help me figure this out, Trump stacked our petroleum savings account (also known as strategic petroleum reserve) up when the price of crude was in the $25-50 dollar range. Then Grandpa Bloodstains, thank you Masked Avenger, drives the price of crude sky high and depletes the SPR by about 40%. Did the Feds sell or give away that 300 million barrels of crude? If the feds sold it, where did the $$$$$$ go? And if they just gave it away, who got it?

    • “The Big Guy” historically gets his 10% but if Hunter and/or Uncle Frank needed extra cash they may have inserted themselves into the sales agreement especially if it was sold to an adversary to be used against America someday.
      You can bet that one of the horses ass will be first on raceday!

  6. This is a planned destruction of our Country’s ability to fight and win any major war. This is only emboldening the CCP to invade Taiwan knowing that Dictator Biden has brought the US to its knees and will not be able to stop the invasion.

    • That was going to be my statement exactly. This is not by accident or lack of oversight, it’s designed to help our enemies win a war against us. Enough is enough.

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