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President Joe Biden’s administration dropped its plan to buy oil to refill the Strategic Petroleum Reserve (SPR) due to rising oil prices. The oil would have gone to Louisiana’s Bayou Choctaw SPR site in August and September. The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s. U.S. Won’t Buy Oil to Refill Strategic Petroleum Reserve The administration canceled the purchase despite depleting the emergency supply by 43%, the lowest since the 1980s. Posted by Mary Chastain Wednesday, April 3, 2024 at 05:00pm 18 Comments FacebookTwitterTelegramLinkedInWhatsAppRedditEmail President Joe Biden’s administration dropped its plan...

In March, Energy Secretary Jennifer Granholm had stated that the SPR would be refilled by the end of 2024. The Biden administration is reportedly putting a hold on plans to replenish the nation’s energy stockpiles, citing cost. The Energy Department announced it would not be purchasing 3 million barrels of oil as part of an effort to refill the Strategic Petroleum Reserve, according to Bloomberg, saying it is “keeping the taxpayer’s interest at the forefront.” The administration’s target for the buys is $79 a barrel, but its purchase of 2.8 million barrels last month averaged approximately $81 per barrel. Oil...

The Biden Regime canceled its plan to refill the Strategic Petroleum Reserve because oil is “way too expensive.” Biden drained the U.S. Strategic Petroleum Reserve to its lowest level in 40 years. Now, the Biden administration is CANCELLING their plans to refill it because oil is "way too expensive." pic.twitter.com/NYqEZ2Aosa — RNC Research (@RNCResearch) April 3, 2024 This comes as gas prices are once again skyrocketing. Recall that Biden drained the SPR to its lowest level in 40 years. Biden sold the U.S. Strategic Petroleum Reserves (SPR) to Europe, India and China. Joe Biden depleted the SPR to help China....

An industry spokesperson compared the DOE’s recent purchases to a teenage son, granted use of the family car, bringing it home with the tank half empty. Then, he tells you it's okay because he’s going to put a gallon in today and another one tomorrow. It will take 75 months to bring the nation's petroleum reserves back to the level it was before Biden began draining it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The U.S. Department of Energy (DOE) announced Wednesday another request to buy 3 million barrels of oil that will help replenish the nation’s energy stockpiles, which have been drained under President Joe...

Joe Biden’s America. The Strategic Petroleum Reserve is near historic lows after Biden drained the SPR down to just 17 days of supply as war broke out in the Middle East. And Biden has no plans to refill it anytime soon.

President Biden's decision to drain the Strategic Petroleum Reserve (SPR) to its lowest level in decades is back in the spotlight amid the war between Israel and Palestinian Islamist group Hamas, which has caused oil prices to surge. On Monday, the Brent crude index, the worldwide oil benchmark, and the U.S. WTI index both surged more than 4% and inched closer to $90 a barrel as a result of volatility created by the Middle East crisis. According to analysts, the conflict — triggered over the weekend after a series of unprovoked attacks by Palestinian militants on Israelis — may lead...

Another week under Biden, another economic disaster. This time, its the mortgage market with mortgage demand (applications) down 6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 29, 2023. The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 11 percent lower than the same week one...

Energy Secretary Jennifer Granholm said the Strategic Petroleum Reserve will not be replenished during Joe Biden’s current term. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ As China expands its reserves with low-cost oil from Russia, the Biden administration has allowed U.S. stocks in the Strategic Petroleum Reserve (SPR) to hit their lowest levels in decades. The communist regime in Beijing is seen intent on stockpiling large amounts of crude oil in anticipation of a military move against Taiwan. When the Biden administration took office in January 2021, the SPR contained more than 638 million barrels of oil. Currently, according to Energy Department statistics, the reserve holds...

The Biden administration’s top energy official held multiple talks with a Chinese Communist Party official linked to an oil company counting investment from Hunter Biden’s private equity firm just days before the U.S. moved to release oil from its strategic reserve in 2021. Energy Secretary Jennifer Granholm controversially spoke with China National Energy Administration chairman Zhang Jianhua one-on-one multiple times in meetings that had not previously been reported, according to internal Energy Department calendars obtained by Fox News. Granholm and her Chinese Communist Party counterpart met on November 19th and 21st, 2021, just days before the White House announced its...

The energy decline of the United States has been one of the most prominent features of Joe Biden’s tenure in the White House. New reporting raises the question: Is all of this deliberately orchestrated in coordination with America’s enemies? According to previously undisclosed meetings revealed in internal Energy Department calendars obtained by Americans for Public Trust (APT) and shared with Fox News, U.S. Energy Secretary Jennifer Granholm met with her Chinese counterpart, China National Energy Administration Chairman Zhang Jianhua, right before the administration’s 2021 announcement that it would release oil from the Strategic Petroleum Reserve (SPR) to fight nationwide high...

There have been a lot of questions raised about how Joe Biden and his administration have dealt with China, particularly in light of the Biden family foreign business dealings scandal.As my colleague Andrew Malcolm has said, “He’s been remarkably passive given the increasing power and aggressiveness of Beijing’s Communist leaders.”We’ve seen how weak Biden has been in response to all kinds of troubling actions from China, including spying on the U.S. — from the spy balloon to the most recent hacking of the U.S. Ambassador’s email account, as well as the accessing of accounts of other U.S. government officials.Now there’s...

I was thinking of Presidentish Joe Biden on Sunday when I was filling my Jeep’s smallish 15-gallon gas tank to the tune of $50 when it still had a couple of gallons left. Remember (because maybe he doesn’t) when Biden was emptying our Strategic Petroleum Reserve to force down gas prices in time for the midterms , promising to fill ‘er back up once prices dropped low enough? Yeah, about that. The SPR is probably never going to be refilled, according to one expert, and maybe not even for the reason that first popped into your mind. Let me set...

Stroll through the West Hackberry oil facility on the US Gulf Coast and there’s not much to see: some pipelines and other industrial equipment. But buried deep beneath the surface are storage caverns so massive they’re tall enough to house the Empire State Building with plenty of room to spare. These reserve sites are supposed to hold enough backup supply to ensure the US never runs short of oil. Right now, they’re sitting half empty. It only took about six months for the Biden administration to sell off 180 million barrels from the federal stash in the fastest withdrawal on...

What is Bidenomics? It isn’t what Press Secretary Karine Jean Pierre thinks. She said Biden hates “trick down economics”. Instead, Biden prefers a Soviet-style command economy where The Federal Government spends trillions of dollars and directs where the money goes. We also have the Socialist Federal Reserve that relies on rate manipulation to achieve policy results. A good example of Biden’s Soviet-style “Bidenomics” is his use of the Strategic Petroleum Reserve (SPR). Biden has now drained almost 50% of the SPR from when he was sworn in as President. And has drained the SPR for 14 straigth weeks to manipulate...

President Joe Biden in December began working to replenish the 180 million barrels he sold last year from the Strategic Petroleum Reserve. Nearly six months later, he still has zero barrels to show for it. Biden's Energy Department on Monday announced its intention to purchase up to three million reserve barrels as a "continuation" of the president's "replenishment strategy." So far, however, that "strategy" has seen the Democrat fail to purchase a single barrel of reserve oil. The administration first tried to purchase three million reserve barrels in December, when Biden kicked off his "plan to replenish the SPR." One...

The U.S. Administration could begin crude oil repurchases to fill the Strategic Petroleum Reserve as early as in June, after a Congressionally-mandated sale from the SPR is completed next month, U.S. Secretary of Energy Jennifer Granholm said on Thursday. “That congressionally mandated sale of 26 million barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase,” Granholm said during a hearing in the U.S. House of Representatives. In October of last year, the administration announced that it would repurchase crude oil for the reserve when prices were at...

On April 2, 2023 OPEC+ — a group of oil-producing countries led by Saudi Arabia and Russia — announced that it would cut production starting in May and extending through the end of the year. This marks the first time OPEC+ has cut production since 2018. Analysts have pegged the overall production cuts at 1.66 million bpd. At that rate, by year-end about 400 million barrels will have been removed from the market, more than offsetting last year’s SPR releases.

Roughly one month ago, the White House answered one question we’ve been hammering them about for more than a year. Joe Biden drained nearly 200 million barrels of oil out of the Strategic Petroleum Reserve in a failed effort to keep gas prices low ahead of the midterm elections. Was he ever planning on replacing that oil? And how much would it cost if he does?At the time, Biden was saying that he would place the first order for three million barrels of oil for the SPR in February. That doesn’t happen overnight, so they opened up the process to...

The Biden administration had no problems aggressively draining the SPR by 1mmb/d at market prices in the immediate aftermath of the Ukraine war, in hopes of lowering the price of gasoline ahead of November's elections and avoiding an inflationary midterm rout. However, when it comes to refilling the SPR, now that US emergency inventories are down to the lowest level since November 1983 and not too far from an all time low which threatens the structural integrity of the salt caverns the oil is deposited in...... the White House has "unexpectedly" gotten cold feet.One month after the White House said...

Aided by Mitch McConnell, the Biden administration is selling U.S. oil reserves to offset a portion of his profligate spending. ... Over the past few months, a great deal of attention has been focused on the Biden administration’s decision to draw down the Strategic Petroleum Reserve (SPR), a blatant attempt to manipulate the price of oil to desperately drive down gasoline prices at the pump. This decision was purely political, and it represents a new low in American politics — the blatant use of publicly owned, strategic resources to sway votes in this year’s midterm elections. Although gasoline prices have...