Biden Energy Department’s Claim It Replenished Strategic Petroleum Reserve Misleading, Expert Says

Joe Biden

When the Department of Energy announced that it had successfully replenished the nation’s stockpile with the total purchased volume of 40 million barrels, the announcement had some people scratching their heads.

The Strategic Petroleum Reserve (SPR), as the stockpile is called, contained over 630 million barrels of crude oil when President Biden took office in January 2021. Last week, it had less than 376 million barrels. How did the DOE refill the SPR with only 40 million barrels?

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Biden Admin Contracts 1 Million Barrels from Emergency Gasoline Stockpile to ‘Lower Prices’ Ahead of July 4th

Gas Station

The Biden administration is selling off a million barrels of gasoline from an emergency reserve in a deliberate effort to cut prices ahead of the upcoming holiday weekend.

The Department of Energy (DOE) announced that it has awarded contracts to five energy companies to purchase the barrels the administration is releasing from the Northeast Gasoline Supply Reserve (NGSR), which is part of the federal Strategic Petroleum Reserve (SPR) system. The NGSR releases are intended to “help lower gas prices ahead of the Fourth of July holiday,” according to DOE.

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Commentary: Trumpophobia and the Left’s Projection of Their Own Failures

Donald Trump

As Trump continues to show leads in critical swing states, as various lawfare-inspired cases against him seem to the public to be more persecutions than prosecutions, and as Joe Biden appears daily more incoherent and lost, the left on spec has resorted to warning the nation about all the supposedly catastrophic consequences of a future Trump presidency.

Ironically, the left seems oblivious to the reality that one reason Trump leads Biden in the polls is precisely because voters can compare the four-year record of the prior Trump presidency to Biden’s last 40 months.

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It Could Take ‘Decades’ to Refill America’s Oil Reserves Drained by Biden, Experts Say

It may take decades to refill the U.S. strategic petroleum reserve (SPR) after President Joe Biden released unprecedented amounts from its supply in 2022, according to Bloomberg News.

Aging infrastructure, higher oil prices and budget constraints have impeded the administration’s efforts to substantially replenish the SPR after Biden tapped its supply to tame spiking energy prices in the lead up to the 2022 midterms, according to Bloomberg. The massive underground salt caverns that hold the SPR oil now sit half-empty with no easy route to replenishment, and experts say it could take decades to refill the reserves, according to Bloomberg.

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Critics Raise Concerns About Strategic Petroleum Reserves’ Decline

Lawmakers are raising concerns that the Strategic Petroleum Reserve, which President Joe Biden has relied on heavily since taking office, is getting dangerously low.

Gas prices hit record highs last summer, surpassing $5 per gallon nationally. To curb rising prices, Biden released more than 200 million barrels from the U.S. stockpile, bringing the reserves to the lowest point since 1984.

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Biden to Pay Nearly Three Times More than Trump Would Have Paid to Refill Strategic Oil Reserves

President Joe Biden will buy oil to refill the Strategic Petroleum Reserve (SPR) at a price that is nearly three times higher than the price the Trump administration would have paid.

Biden’s Energy Department (DOE) aims to buy back crude oil at a price of $67 to $72 per barrel after selling 15 million barrels in December to complete the largest series of SPR releases in the nation’s history, according to a White House fact sheet. Former President Donald Trump proposed in March 2020 to refill the strategic reserves at a price of $24.49 per barrel; however, Senate Majority Leader Chuck Schumer helped block the proposal, calling it a “bailout for big oil.”

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Report: Biden Admin to Further Drain Strategic Oil Reserves Before Midterms

The Biden administration will announce the sale of 14 million crude oil barrels from the Strategic Petroleum Reserve (SPR) this week, set to lower gas prices before the November midterm elections, according to Reuters.

The administration will direct the Energy Department (DOE) to auction the remaining 14 million barrels after President Joe Biden authorized the sale of 180 million barrels of oil in March to bring down gas prices, Reuters reported Tuesday, citing sources familiar with the situation. The White House is desperate to lower the price of gasoline due to concern that high prices could weaken the Democrats’ chances of winning key congressional and gubernatorial races on Nov. 8.

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Wittman Introduces Bill to Ban Sale of Strategic Petroleum Reserve Oil to China, Iran, and North Korea

Amid the Biden administration’s plans to sell historic amounts of the Strategic Petroleum Reserve, Representative Rob Wittman (R-VA-01) has introduced the “No Oil for CCP Act.” The bill specifically bans exporting SPR oil to China, North Korea, Iran, or recipients under the influence of the Chinese Communist Party.

“Following reports that the Department of Energy sold nearly 1 million barrels of Strategic Petroleum Oil to a Chinese owned petrochemical company, I sounded the alarm on the implications this would have on our economy and national security. By prohibiting the sale of petroleum products to China, Chinese controlled companies, Iran, or North Korea, the No Oil for CCP Act would provide much needed oversight and increased security. Any transfer of the United States’ SPR’s oil to China – or other foreign adversaries – must stop. I look forward to advocating for this legislation and holding this Administration accountable,” Wittman said in a Wednesday press release.

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Biden Copies Trump Proposal to Refill Oil Reserves – and Spends Way More Doing It

The Biden administration announced plans Thursday to refill the Strategic Petroleum Reserve (SPR) two years after Democrats blocked the Trump administration’s similar, but cheaper proposal.

The Department of Energy (DOE) said it would initiate a long-term SPR replenishment plan involving a purchase of 60 million barrels of oil that would likely occur in 2023, according to the announcement. President Joe Biden has ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31 to combat rising gasoline prices.

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Oil Hits 11-Year High as Big Oil Dumps Russia, White House Mulls Energy Sanctions

The price of crude oil touched its highest level in nearly 11 years on Wednesday amid the ongoing Ukraine crisis which has roiled energy markets.

The WTI index, the U.S. benchmark index, surged to $112.09 per barrel, its highest level since May 2011, early Wednesday before receding near $108 per barrel, marketplace data showed. The global Brent crude benchmark approached $114 per barrel then dropped below $111 a barrel.

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Department of Energy to Release Millions of Barrels of Oil From Reserve to Combat Surging Gas Prices

The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.

The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.

Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.

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Gas Prices Set to Surge Again, Industry Analysis Shows

The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.

The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.

“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.

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Reps. Spanberger and McEachin Tout Virginia Benefits in the $1.2 Trillion Infrastructure Bill

RICHMOND, Virginia – Congressmen Abigail Spanberger (D-VA-07) and Donald McEachin (D-VA-04) touted the recently-passed $1.2 trillion Infrastructure Investment and Jobs Act, highlighting funds for Virginia’s infrastructure and the benefits the measure will bring to Virginia workers.

“Getting this legislation to President Biden’s desk and signed into law was one of my top priorities this year in Congress, because I know it’s a win for Virginia,” Spanberger said. “With the stroke of a pen we are finally addressing the needs of our roads, our bridges across the Commonwealth, the need for the expansion of broadband connectivity. We’re building out our electric vehicle network and boosting our efforts to build our resiliency against climate change. We’re making smart and long overdue investments in our electrical grid, our water infrastructure, our ports, and our rail systems. These investments will mean faster commute times, lower energy bills, safer drinking water, and faster trips throughout Virginia.”

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Anti-Fossil Fuel Activists Support Biden’s Move to Release Oil from Reserves

Environmentalists voiced support for President Joe Biden’s decision to tap into the U.S. Strategic Petroleum Reserve (SPR) despite their firm opposition to fossil fuels.

“The Biden admin is taking effective action to protect Americans from oil price gouging. This is what reserves are for — defending our economy against disruption,” Democratic Sen. Ed Markey, a climate hawk and Green New Deal proponent, tweeted Tuesday. “Profiteering can’t go unanswered, especially as Big Oil makes billions and fuels the climate crisis through exports.”

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