The White House took credit for how quickly gas prices dropped after the cost per gallon of gas had risen to the highest levels in history in March. AAA reports the price of gas averages $3.71 a gallon nationally.
The price drop comes with a national security risk because President Joe Biden significantly drained the Strategic Petroleum Reserve by 1 million barrels a day, and the nation’s fuel reserve now has only 422 million barrels, down from 635 million barrels when Biden took office.
On Sept. 19, the Biden administration announced another auction of 10 million barrels from the reserve, which will be delivered throughout November, in time for the midterm elections. Earlier, the Department of Energy said it would release oil from the reserve until Sept. 19, but the department extended that to Sept. 27, with deliveries scheduled for Nov. 30.
At the beginning of October, the Strategic Petroleum Reserve will at a low level not seen since 1983.
Meanwhile, oil prices fell below $80 a barrel, with the longest stretch of weekly losses as governments and central banks attempted to stave off inflation. The price drop at the pump is good for consumers, but not as good for the state budget, which is currently predicated on oil futures at $101 barrels, while current futures are at $92.
The price of gasoline has begin to edge up. In Alaska, the average price last week was $4.88 per gallon, according to AAA. This week it’s selling for $5.005 per gallon, on average.
The U.S. is selling more barrels from its reserve than the production of most medium-sized OPEC countries, and it’s sells more than twice from the salt-cave as what flows through the Trans Alaska Pipeline System each day.
Meanwhile, in Congress, Democrats have proposed a bill that would allow the government to buy and sell oil from the Strategic Oil Reserve to other countries and use the money to fund electric car charging infrastructure.
Alberta premier recently said he would be sending 400,000 barrels (ultimately 1 million) of oil a day if Brandon hadn’t stopped the pipeline.
Remember when President Trump wanted to fill the Strategic Oil Reserve with $24/barrel oil and the democrats stopped the purchase???
Yeah. For a long time I had thought that Trump topping off of the reserve had actually happened – but learned later the Democrats actually blocked the purchase – calling it a ‘bailout of the oil industry’.
Don’t write it off as Democrats ‘being stupid’, and simply not understanding ‘buy low, sell high.’ This was intentional. Think about it – Democrats were willing to forego billions of dollars in easy US government profit just to strike a blow at the petroleum industry. (And it WAS a sure thing – nobody expected these artificially low ‘COVID era’ oil prices to last.)
My guess is most progressives would prefer Democrats ‘cash out’ the strategic reserve entirely – because its existence has an dampening effect on sudden price shocks. The price shocks are the point. White America needs to pay for its past unearned success, settle for inferior EVs and eat the bugs.
Like getting a bad tenant in your Air B & B. Every time these tenants loose power the adults have a lot of fixing to do.
Let’s yank the copper out of the walls and get high now…….
All part of the plan to weaken this country. They’re doing a good job.
How low? Empty.
Not to worry. Chairman Joe has called a halt to it right after the midterms. Don’t be surprised to see gas prices double overnight with the removal of a million barrels a day.
Brandon was installed to make sabotage seem like incompetence
Its not just a meme it explains this horrible situation were in
Yes, the globalist cabal that operates his every move (except his foot in mouth disease)–are intent on bringing the country and currency down to nothing and eliminating our very sovereignty. If this is not repelled, eventually you will own nothing–and be happy with that. But hey–socialist utopia ain’t cheap…
Good job democrats, good job! Are you all happy now? Freaky bathrooms, garbage education for kids, high energy prices, spiraling inflation, shortages, corrupt judges and state officials, mass perversion, open borders, wars and murder, abortion, did I leave anything out??? Worthless! Utterly worthless party.
Hey Jonny, you forgot Classifying half the country as worse than ISIS Terrorist, and should be presumed guilty. And unleashing the FBI on Deplorable MAGA People, soon to be backed up with 87k ARMED IRS Agents.
The nation’s oil reserve is called “strategic’ for a reason. But now FJB has drained one-third of the oil reserve during this election season in order to minimize the political damage to his Democratic Party from the doubling of fuel prices since his inauguration. Wait until after the November election, and then we will see gasoline prices spike to $7, perhaps more. Certainly, Biden ought to be impeached for the misdemeanor of draining the strategic oil reserve (and some of this oil has been exported to Red China) at this critical time, when the President of the United States of America should be preparing the nation for a conflict with the belligerent nations of Russia and China. But Pelosi’s House of Representatives will not impeach this malign character, so now it is up to the USA’s poorer voters to come to their senses.
Wednesday last week to Wednesday this week gas in Fairbanks jumped $1.05 a gallon.
Governors in oil production states need to consider their options in the face of treason on the part of the President.
Bad governance isn’t treason. Unless you can show linkage to his killing energy production to direct requests from China or Russia
Elect a senile radical, this is what you get.
Governors have little to no control over federal lands in their states. The best thing they can do without violating federal regulations is file suit to get the lands out of federal control. An interesting argument can be made federal seizures of land violates federalism and the rights of the states.
With winter fuel now being processed, the price should be dropping since it is cheaper to make. I smell a skunk.
Winter fuel oil is diesel and currently sells at a premium over gasoline here.
No I’m talking about winter blend gasoline. Summer gasoline has an additive in it that keeps the fuel from evaporating quickly which not only makes gasoline go away but also hurts the environment. Has temperatures cool they don’t have to process it in the same way so it is less expensive to make.
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