Well Gee Whiz: Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

[Here_4_a_Day]

However, the Biden administration has depleted the SPR, which contains an emergency oil supply and was established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, 44% lower than it was in January 2021 when Biden took office and a level last recorded in September 1983 prior to this year.

Since taking office, Biden has ordered the Department of Energy to release a total of about 260 million barrels of oil stored in the SPR to combat high fuel prices that hit consumers in late 2021 and mid 2022. While the administration has recently initiated the process of refilling the emergency reserve, Republican lawmakers and energy experts have warned its actions make the U.S. vulnerable to short-term supply shocks.

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

www.foxnews.com

PS: but Trump.....

 

[Hawki97]

 

[DogBoyRy]

However, the Biden administration has depleted the SPR, which contains an emergency oil supply and was established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, 44% lower than it was in January 2021 when Biden took office and a level last recorded in September 1983 prior to this year.

Since taking office, Biden has ordered the Department of Energy to release a total of about 260 million barrels of oil stored in the SPR to combat high fuel prices that hit consumers in late 2021 and mid 2022. While the administration has recently initiated the process of refilling the emergency reserve, Republican lawmakers and energy experts have warned its actions make the U.S. vulnerable to short-term supply shocks.

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

www.foxnews.com

PS: but Trump.....

He did it to curb inflation. Another slow joe clown show blunder.

 

[goldmom]

I thought you wore this out yesterday. I suppose I should be shocked but I’m not.

 

[Hawki97]

I thought you wore this out yesterday. I suppose I should be shocked but I’m not.

It is my only response from here on out to those that deserve it - stupidity only warrants stupidity back.

Don't get yourself (completely) on the list grams!

 

[goldmom]

It is my only response from here on out to those that deserve it - stupidity only warrants stupidity back.

Don't get yourself on the list grams!

LOL
I’m not your Grams - and I’m several years younger than either of the presumptive 2024 candidates for President.

 

[Hawki97]

LOL
I’m not your Grams - and I’m several years younger than either of the presumptive 2024 candidates for President.

You keep on keepin' on girl!

 

[Chishawk1425]

However, the Biden administration has depleted the SPR, which contains an emergency oil supply and was established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, 44% lower than it was in January 2021 when Biden took office and a level last recorded in September 1983 prior to this year.

Since taking office, Biden has ordered the Department of Energy to release a total of about 260 million barrels of oil stored in the SPR to combat high fuel prices that hit consumers in late 2021 and mid 2022. While the administration has recently initiated the process of refilling the emergency reserve, Republican lawmakers and energy experts have warned its actions make the U.S. vulnerable to short-term supply shocks.

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

www.foxnews.com

PS: but Trump.....

 

[Here_4_a_Day]

View embedded media

Who is the poster out there that knows who this fool is? Please IM me.

 

[Chishawk1425]

However, the Biden administration has depleted the SPR, which contains an emergency oil supply and was established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, 44% lower than it was in January 2021 when Biden took office and a level last recorded in September 1983 prior to this year.

Since taking office, Biden has ordered the Department of Energy to release a total of about 260 million barrels of oil stored in the SPR to combat high fuel prices that hit consumers in late 2021 and mid 2022. While the administration has recently initiated the process of refilling the emergency reserve, Republican lawmakers and energy experts have warned its actions make the U.S. vulnerable to short-term supply shocks.

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

www.foxnews.com

PS: but Trump.....

Yes but Trump. Always

 

[seminole97]

 

[DogBoyRy]

Oh oh.
The libs don’t like facts and data.

 

[bunsen82]

LOL
I’m not your Grams - and I’m several years younger than either of the presumptive 2024 candidates for President.

But you got upset that I called you old? I guess its all relative, my 7 year old daughter calls me old.

 

[bunsen82]

If we go into recession they will be able to refill fairly easily. I am thinking interest rates and crude prices have topped for at the very least the next couple months.

 

[Flie]

Who is the poster out there that knows who this fool is? Please IM me.

Which poster? The loser with a bunch of aliases?

 

[Here_4_a_Day]

If we go into recession they will be able to refill fairly easily. I am thinking interest rates and crude prices have topped for at the very least the next couple months.

Your always wrong with your dumbass, pretend, market predictions!

 

[BioHawk]

Oh oh.
The libs don’t like facts and data.

Well yes, when you use something then the supply does decrease. So what's your point here?

 

[bunsen82]

Your always wrong with your dumbass, pretend, market predictions!

Umm - at what price did they sell and at what price is crude right now. $96 they sold and pretty sure its at $83. It topped out in mid 90's back in late September. I don't even need predictions look at what is going on. They could re fill at a massive profit. Their problem was they came out and said what price they were going to purchase at, You don't do that. They could have cleared at the $70 before but the price didnt get there because of their statements in my opinion, and then more cuts from OPEC.

 

[DogBoyRy]

Well yes, when you use something then the supply does decrease. So what's your point here?

Point is op is correct.
Slow joe the vegetable in charge sold off weeks of supply from the reserve that haven’t been replaced.

 

[bunsen82]

Point is op is correct.
Slow joe the vegetable in charge sold off weeks of supply from the reserve that haven’t been replaced.

Ok, do you think he will have to refill at a higher price than he sold or a lower price??? Inquiring minds want to know.

 

[BioHawk]

Point is op is correct.
Slow joe the vegetable in charge sold off weeks of supply from the reserve that haven’t been replaced.

So...you're upset that the extra oil has helped stabilize the price of oil over the past year and now you are upset because you can't complain about gas prices so you go with this?

You don't seem to understand how strategic reserves work. When the price of oil goes down again, they will replenish the supplies. Don't worry, your oil buddies who make all the money that they certainly do not spread around will make a crapton off it because it will keep the price of gas a bit higher than it would otherwise be.

 

[Here_4_a_Day]

Oh oh.
The libs don’t like facts and data.

Look at them thrashing now at $86 WTI!!🧚