President Biden is directing his Administration to take additional action to strengthen energy security, address the supply crunch, and lower costs.
https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/
First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December. This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump. The President is also calling on DOE to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.
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metmike: People would have to be blind to not see Biden using our SPR as a political tool to help him and his party and screw American energy security...........and then, have the audacity to tell us that it's " to Strengthen U.S. Energy Security" the complete opposite of what he's been doing since he took office.
https://en.wikipedia.org/wiki/Strategic_Petroleum_Reserve_(United_States)
The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world, and its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m3).[1] The United States started the petroleum reserve in 1975 to mitigate future supply disruptions as part of the international Agreement on an International Energy Program, after oil supplies were interrupted during the 1973–1974 oil embargo.[2]
The current inventory is displayed on the SPR's website.[3] As of September 23, 2022, the inventory was 422.6 million barrels (67,190,000 m3).
Previous related threads:
Treasury’s Yellen says Russia’s war has weakened its economy
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the war on truth in Ukraine
https://www.marketforum.com/forum/topic/88844/
oil
https://www.marketforum.com/forum/topic/88558/
Kerry wants to push back hard on energy infrastructre.
https://www.marketforum.com/forum/topic/85415/
EIA liquid energies-draining the SPR!!
https://www.marketforum.com/forum/topic/86482/
i find it amazing that some relatives of mine hate trump so much, they will totally ignore all the dumb things biden is doing. they would not care at all if biden totally destroys our country. they will still just focus on how bad trump is.
Bear,
I can understand them because 45 is like no other and in a very bad way. To me this is as obvious as 2 and 2 adding to 4.
bear,
I hear you.
After I read that Biden is doing this, I briefly wished that Trump was president...........then, sanity returned and I remembered why Trump should never be in political office again.....even if Biden is the worst president in history.
This was BEFORE the latest release news:
Less than two years into his presidency, President Biden has released more oil from the nation’s Strategic Petroleum Reserve than all previous presidents combined. To date, Mr. Biden has allowed over 200 million barrels to be withdrawn—more than 30% of the total reserve he inherited, intended to be used in case of urgent need. The SPR is at its lowest level since 1984, when U.S. oil consumption was considerably less and the reserve was initially being stocked. Mr. Biden’s rapid depletion of the SPR is a national-security risk.
Even before Russia invaded Ukraine in February, Mr. Biden had been aggressively tapping the SPR. There have been only three previous emergency releases: 17.3 million barrels during Operation Desert Storm in 1991, 20.8 million barrels following Hurricane Katrina in 2005, and 30.6 million barrels following military intervention in Libya in 2011.
https://www.politico.com/news/2022/10/18/biden-spr-oil-reserve-release-fuel-prices-00062269
The administration will also soon set up a process to purchase oil from companies to refill the SPR at a price of $67 to $72 a barrel, the officials said. That level is more than $10 below current benchmark prices.
metmike: Seriously? Who really believes that?
If selling it all here is supposed to cause prices to drop, then buying it back will cause prices to rise. They will never do that.
They must mean when a republican is elected and sanity returns to the US energy policy.
Then we can start bringing back energy independence and the energy security that Biden has been flushing down the toilet.
crude/products 10-19-22
11 responses |
Started by metmike - Oct. 19, 2022, 2:05 p.m.
https://www.marketforum.com/forum/topic/89824/
Same topic, NTR Forum:
https://www.marketforum.com/forum/topic/89811/
Energy assistance before election time
20 responses |
Started by wglassfo - May 25, 2022, 12:14 p.m.
https://www.marketforum.com/forum/topic/84844/
as far as i am concerned, that is something biden should be impeached for.
the spr should not be used by the prez to try to boost his poll numbers.
bear,
It can't happen because the senate requires a 2/3rd majority vote for impeachment.
However, the lifeblood of every developed country's economy is it's fossil fuels.
Diffuse and intermittent Solar and the energy from environment hell, wind will never replace the fossil fuels that are greening up the planet. Despite all the crony capitalism and government throwing trillions to support it.
The sooner our country realizes that and gets back to a sane energy policy, the less damage people like Biden can do.
This SPR thing is just a tiny fraction of the damage being done to the energy security of the USA and other developed countries.
EIA liquid energies-draining the SPR!!
Started by metmike - June 29, 2022, 2:28 p.m.
https://www.marketforum.com/forum/topic/86482/
Another secret about fossil fuels: Haber Bosch process-fertilizers feeding the planet using natural gas-doubling food production/crop yields.
food production/crop yields. September 2019
https://www.marketforum.com/forum/topic/39215/
California tells electric car owners NOT to charge vehicles. Energy crisis in California because of unreliable, fake green/anti environmental energy! September 2022 https://www.marketforum.com/forum/topic/88534/
Fertilizer/Natural Gas Prices. Energy crisis in Europe because of unreliable fake green/anti environmental energy! August 2022 https://www.marketforum.com/forum/topic/88331/
Fake inflation reduction act. Wind, the energy source from environmental hell. Summer 2022
https://www.marketforum.com/forum/topic/88185/
Dutch farmers and nitrogen : Summer 2022
https://www.marketforum.com/forum/topic/86882/
Charles Payne on the economy and in particular, inflation: Biden's intentional war on fossil fuels energy disaster started by Obama. Why anti environmental and bird/bat killing wind and solar can NEVER come close to replacing fossil fuels. The cost = 433 Trillion!. Government forcing anti environmental wind/solar on the market. Stifling new investments in crude and natural gas. 2022
https://www.marketforum.com/forum/topic/85535/
Life without petroleum based products: 6,000 products made with petroleum. Killing Coal. Fossil fuels and fertilizer. Biden praises high gasoline prices.
https://www.marketforum.com/forum/topic/84689/ 2022
NEW: Kerry wants to push back hard on energy infrastructure. Biden uses Defense Production Act for his solar agenda. Jaw dropping ignorance and hypocrisy on energy by leaders of the climate fraud. 2022
https://www.marketforum.com/forum/topic/85415/
NEW: Biden causes natural gas prices to soar higher: Europe's self inflicted energy crisis. Killing US coal. E15 gas this Summer...increasing pollution and food inflation for political marketing. Fossil fuels are the life blood of civilization. 2022
of course, the house could vote to impeach, even if the senate does not confirm.
Odds are decent that will happen, bear.
The House impeaches and Senate doesn't. It will just be a compete, counterproductive waste of time. Even if both the house and senate impeached and removed Biden, what would be the point to have Harris in charge doing the same things?
And all it would do would greatly amplify divisiveness, while energizing and unifying the ticked off democrats, while wasting tax payer money to fund another embarrassing battle of the parties which causes Americans to align with their side and vilify the other side instead of coming together.
About the only legit thing democrats have to unite over now is abortion. Impeach a democratic president AGAINST their vote, our democracy and will of the people, then they will have another stronger one....and I wouldn't blame them.
Leave Biden in office, then vote again in 2024 because that's the next time to do it the right way giving the people the power......which both parties can agree on based on the democracy and another secure election.
Oh........ never mind. Republicans only accept presidential election results that feature their person winning.
Sorry for the politics but it had to be stated.
I repeat:
The lifeblood of every developed country's economy is it's fossil fuels.
Diffuse and intermittent solar and the energy from environment hell, wind will never replace the fossil fuels that are greening up the planet. Despite all the crony capitalism and government throwing trillions to support it.
2+2 will never = 10.
It would take $433 trillion to completely electrify our energy delivery system using solar, wind and batteries(with a battery technology not invented yet) based on proven physical laws of energy and economics not theoretical, potential fake green energy dreams. That's 20 times the GDP of the United States.
The sooner our country realizes that and gets back to a sane energy policy, the less damage people like Biden can do.
This SPR thing is just a tiny fraction of the damage being done to the energy security of the USA and other developed countries.
The US has 24% of the worlds proven coal reserves, THAT's where the most of our energy security is! Many thousands of times more energy than what's in the SPR!
https://en.wikipedia.org/wiki/List_of_countries_by_coal_reserves
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So what are we doing with that coal?
https://www.eia.gov/todayinenergy/detail.php?id=48696
Source: U.S. Energy Information Administration, Annual Coal Report
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal production in the United States in any year since 1965.
They are intentionally and effectively killing off coal because of it's CO2 emissions. The biggest affect from that CO2 is to green up the planet. The biggest affect of killing coal is US energy insecurity.
China, Russia, India, the Middle East and non NATO/Western counties all know this. The fake climate accord has nothing to do with climate. it’s designed to obliterate energy security of developed countries and impose a new world order based on a,political agenda.
those claiming this was the plan for decades were seen as conspiracy theory wackos. It’s no longer a theory. It’s happening in our real world with crystal clear evidence to prove the theory. And the rock solid empirical data shows how detrimental the impacts are.
