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Biden Planning to Release More Barrels of Oil From Strategic Reserve Just in Time for Midterms

Biden Planning to Release More Barrels of Oil From Strategic Reserve Just in Time for Midterms

Desperation is never a good look. They know they will lose.

President Joe Biden will announce tomorrow that the administration will release 10 million to 15 million barrels of oil from the strategic reserve.

The boss hits the nail on the head. From Bloomberg News:

The Biden administration is moving toward a release of at least another 10 million to 15 million barrels of oil from the nation’s emergency stockpile in a bid to balance markets and keep gasoline prices from climbing further, according to people familiar with the matter.

The move would effectively represent the tail end of a program announced in the spring to release a total of 180 million barrels of crude from the Strategic Petroleum Reserve. About 165 million barrels has been delivered or put under contract since the program was put into effect.

The Biden administration also is set this week to provide details on plans to replenish the emergency stockpile. The Energy Department announced in May it was planning a new method of buybacks to allow for a “competitive, fixed-price bid process,” with prices potentially locked in well before crude is delivered.

President Joe Biden will speak about gasoline prices on Wednesday, White House Chief of Staff Ron Klain said in a tweet.

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Comments

Maybe next time the Saudis mess with a Biden, they’ll think twice.

    Yeah, I bet next time they make him take his dentures out first.

    Who is going to ‘mess’ with the US once the strategic oil reserves are depleted.
    Man, chaos is coming.

    “Witch Doctor” Jill is the worst de facto president in world history – worse than Soros. She’s kinda in charge now, and her ego is growing so large, that she is actually considering running for president!

    https://ijr.com/jill-biden-secretly-prepped-2024-presidential-run-may-dems-perfect-candidate/

      henrybowman in reply to TheFineReport.com. | October 19, 2022 at 12:56 am

      You gotta be kidding.
      Give our teacher’s unions two more years, and not even a nation who elected a ho as vice president will be willing to elect a professional educator as president.

        Dimsdale in reply to henrybowman. | October 19, 2022 at 7:34 am

        From my experience, anything but alleged “educators.” (disclaimer: I am one)

        The latest NEAToday is rife with electric bus articles and “how and why pronouns matter to the LGBFJB (mine) community. Lotsa rainbow colors too!

        Another article, presumable about “Express yourself” in art, states “using arts to teach and assess content standards equitably..

        Here’s one: “United We Stand For Students. Parents and educators want the same thing – success for their students! Together, they are getting it done.”

        Unless you don’t agree with grooming or CRT.

        An article on “Election 2022: a time to speak up for students at the polls.” Talks about how, during Obama’s run in NC, “an influx of out-of-state money led to an extremist, conservative Republican majority in the state’s General Assembly for the first time since the Reconstruction.” “Devastation!” “Voucher schemes!!” “Higher ed funding cuts!!!”

        When the “brave” educators Gov. Cooper and “pro public school” voters finally got the “extremist” conservatives back in the minority in 2018, there were “immense positive consequences:” the governor kept citizens safe during the pandemic (by locking down schools), and “elected school boards have protected LGBFJB (mine) students and ensured that educators can teach honestly about history.

        Recommended books from Simon and Schuster? How about “We’re in this together” by Linda Sarsour.

        An article about “Racial discrimination at school,” featuring a RAND survey of “teachers of color.”

        In all, it is a compendium of “…helping you become more active in our collective mission – to make public schools equitable, inclusive spaces where all students can learn and thrive (unless you are “white supremacists,” of course).

        I’d burn this, but I am afraid of the smoke from the burn pit…

        The Good Witch in reply to henrybowman. | October 19, 2022 at 12:55 pm

        Not so sure about that. Seems like more “ho’s” being outed in education weekly. There may be more of a teacher pool to choose from

Well Joe knows an emergency when he is told to see one.

All I see is theft to buy communist votes,.

If this is known to be the end of the amount to be released, do not count on it having any impact on prices. Knowing that there will be no such releases after this and possibly higher prices soon, it may be snapped up at current prices, for industry to build inventory in advance of higher prices to come.

Russ from Winterset | October 18, 2022 at 8:44 pm

Strategic Petroleum Reserve? More like Convenience Petroleum Reserve. Authorize some more domestic exploration & production and use the new product to lower prices and refill the reserve.

The vile Dumb-o-crats are clowns. Their incompetence knows no bounds. Dotard-marionette, Biden, does everything in his power to hinder, undermine and stifle domestic oil and gas production, and, then, to help ameliorate the predictable and preventable deleterious market consequences of his idiotic energy policy, releases a statistically irrelevant (given that U.S. oil consumption is around 20 million barrels, daily) amount from a strategic reserve that is intended for wartime and/or true emergency usage — not to save Dumb-o-crats from reaping the electoral consequences of their own stupidity.

The reserve release is a joke — less than one day’s consumption for the U.S. The Dumb-o-crats really do believe that the peasants of the proletariat are gullible. And, sadly, in most of the big cities, they’d be correct. Most of the Dumb-o-crat voters on the coasts are sufficiently naive to believe that Biden is “doing something” to clean up the very mess that he created.

Like trying to bail out the Titanic with buckets.

This is an evil act. It should be an impeachable act to release from a strategic reserve for purely partisan political reasons and there is no other reason. The emergency is the Democrats are losing and that is a threat to our Democrat-ocracy.

    Since this is the last of a series of releases, no doubt they’ll claim it doesn’t have to do with the election. But since it commenced months ago, I prefer to think they feared being routed in November a long time ago.

    Right. A GOP Speaker Kevin McCarthy wouldn’t impeach a ham sandwich, so long as a “D” is in front of the sandwich’s name. Same with McConnell.

    TheOldZombie in reply to Martin. | October 19, 2022 at 2:04 am

    Yes. I was just going to post that this should be impeachable. The strategic reserve is for actual emergencies and not for trying to win elections.

    Of course I’d doubt most of the GOP would vote to impeach on this or any other issue.

    Dimsdale in reply to Martin. | October 19, 2022 at 7:03 am

    At least we will have the untapped oil that has never been pumped out, but the Biden communist circus will never let us touch that.

    What is the difference between oil that comes out of the SPR and oil that comes out of a well?

““competitive, fixed-price bid process,” with prices potentially locked in well before crude is delivered.”

Yes, this sounds like pure genius in bizarro world. I bet no one “competes” for those bids. How much you want to bet that they try to tie future leases to some kind of discount on price? No oil company will take that stupid ass deal because of the same problem with the last stupid ass deal…no future promises that can lead to the profit garnering portion.

ThePrimordialOrderedPair | October 19, 2022 at 3:29 am

Treating the SPR as some sort of personal slush fund to do with as he pleases and wasting it just to score temporary political points is one of the highest crimes a President can commit. The way Biden is doing it, it goes all the way up to treason.

Biden should be impeached over this, thrown out of government, criminally prosecuted for treason, and then unceremoniously thrown on the garbage heap where such putrid trash belongs.

it is difficult to really express how serious of a crime this is.

Forget impeachment for now, Uniparty won’t do it. Let’s start by voting them out. We need to replace the GOPe one by one.

Replace the word ‘petroleum’ with ‘ballot’ in these stories and you get a much more accurate picture of the situation. Here’s what it looks like edited:

The Biden administration is moving toward a release of at least another 10 million to 15 million ballots from the nation’s emergency stockpile in a bid to balance markets and keep unfavorability polls from climbing further, according to people familiar with the matter.

Is it too much to ask for a detailed accounting of the draining of the SPR?

– Who got it?
– How much did they pay for it?
– What did they do with it?
– What’s Biden’s plan for when it is emptied in the (very) near future?
– What’s the plan (if any) for refilling it?

I don’t think this is about the election, not really. It’s about deliberately hobbling the combat readiness of the US military