Biden Admin Refuses To Refill Strategic Oil Reserves Because The Price Is Too High

The following report is by Bloomberg:

The Energy Department said it was “keeping the taxpayer’s interest at the forefront” in its decision not to purchase as many as 3 million barrels of oil for a Strategic Petroleum Reserve site in Louisiana. The plan for the barrels to be delivered in August and September had been announced in mid-March.

We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow. We will continue to monitor market dynamics.

The department said.

The move follows a rally in crude prices, with US benchmark West Texas Intermediate on Tuesday breaking above $85 a barrel for the first time since October. The Biden administration has a target to buy oil at $79 or lower to refill the reserve, though spent an average of about $81 a barrel in its latest purchase of 2.8 million barrels late last month.

The Energy Department has been slowly refilling the emergency oil supply after it reached a 40-year-low following the administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine. It currently holds about 363 million barrels, according to Energy Department data, down from almost 600 million at the start of 2022.

“Domestic crude prices are likely to remain too high for the remainder of the year for DOE to resume its refilling program,” said Bob McNally, president of consultant Rapidan Energy Group and a former adviser to President George W. Bush. “If pump prices keep rising, the Biden administration will shift gears and reconsider SPR releases, though we current do not think they are imminent.”

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AUTHOR COMMENTARY

And if you thought oil prices were high now, just wait as this war in Israel ramps up, off of the heels of them attacking Iran. Logic would dictate oil prices to shoot up much higher. Oil well above $100 is in the cards, and even getting past the $125 range is possible, in my opinion, but we’ll see.

We’ve covered in a few reports already last year that U.S. Strategic Reserves are basically dried-up, and God forbid should the country need to tap into them, they won’t be there. Same applies for diesel. This, coupled with the fact that OPEC+, with its main suppliers becoming members of the BRICS bloc, have stood resolute in their production cuts to the U.S.

Underneath the green agenda, as we know, lies the truth that acknowledges the purpose of this to destroy the current structure, stall the movement of people and goods, cause power outages and famine, and ultimately lead to mass death. You and I are the carbon they want to reduce.

When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn.

Proverbs 29:2

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[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).

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