US SPR and China

[Fraser921]

While team Biden is dumping (selling our US reserves) China is buying. Once the US empties the tank we will have low reserves that will have to be replaced from somewhere.

US refineries can only process so much so the SPR dump is being sent to Europe & China and Biden wonders why prices are still high in the US. So in the long run, we are helping China and the EU and our expense

Here is excerpt from an article I just read:

China, the world’s biggest crude importer, added about 2.23 million barrels per day (bpd) to commercial or strategic inventories in May, accelerating from the 2 million bpd seen in April, according to calculations based on official data.
It was the biggest stockpile build since the 2.81 million bpd added in June 2020, which came at a time global benchmark Brent crude LCOc1 had slumped to the lowest in 21 years amid the initial outbreak of the coronavirus pandemic and a brief price war between top exporters Saudi Arabia and Russia.

For the first five months of 2022, China added about 1.19 million bpd to crude storages, roughly matching the pace from 2020, when 1.26 million bpd were stockpiled over the year.

[dan_s]

China can do smart things like this because they are not the slaves of the New Green Deal Wackos like our administration is.

I don't mind that we are draining the SPR because this is what it was built for. However, when it is drained we will have a significantly higher national security risk. When the Republicans take charge in November, I hope they make refilling the SPR as soon as possible a priority.