Team Biden refilling the SPR is just a political stunt

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dan_s
Posts: 34964
Joined: Fri Apr 23, 2010 8:22 am

Team Biden refilling the SPR is just a political stunt

Post by dan_s »

Drop the mic everyone, the Biden administration is coming to the rescue of the domestic oil industry by fulfilling their promise to fill the Strategic Petroleum Reserve ("SPR"). But..... the problem with their announcement today is they are only adding in 3 million barrels of "sour" crude - total - and they want to go out to bid for that measly amount for August delivery. Let’s put that in perspective, 3 million barrels is less than 38 minutes of the world's daily usage. It is 4 hours of domestic production and it is 1.67% of what they took out last year (180 million barrels) to manipulate the oil price before the November elections. Ever heard of the term drop in a bucket?

The Department of Energy Secretary Granholm should label this the bottom of the barrel as these folks don't understand that ALL of "our" domestic sour production is going into "our" US refineries. Those refineries need 100% of it and we have to import other sour crude mainly from folks like Saudi and Canada to the tune of 4-5 million barrels per day. So when the "winning" bid comes out, you can be 100% certain that it will be coming in on a super nice super tanker straight from one of those two countries. Not a drop will come from the United States.

But our wonderful Biden administration can then come to the microphone and claim they are filling her up. Slowly but surely... Ugh..... Republicans in Congress please pay attention to the shell game going on with the most important commodity this country needs for its economy and our high standard of living.

Quote from Kirk Edwards..President of Latigo Petroleum
Dan Steffens
Energy Prospectus Group
Fraser921
Posts: 3103
Joined: Mon Mar 22, 2021 11:48 am

Re: Team Biden refilling the SPR is just a political stunt

Post by Fraser921 »

Agree 100% I bet they don’t even buy the 3.
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