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Biden and the Oil Reserve at its lowest level since 1984?

SIXERS24

HR Heisman
Dec 2, 2014
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Dallas Texas
Article from Sept 7th 2022


In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo.

Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.
 
So what's going to happen with domestic production? Here's a quote from a NY TImes article:

Ben Shepperd, president of the Permian Basin Petroleum Association in Midland, Texas. “If we were convinced oil prices would hold at levels of $75 a barrel or more for another three years, you would see a higher level of capital deployment.”

So don't worry fellas, domestic production will certainly increase with the Opec announcement right?
 
The bottom line is that it is very bad that our SPR is at such a low level and Ol Joe is even TALKING to Venezuela.
Stooopid.
 
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