Posted on Oct 10, 2023
Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price...
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President Biden's decision to drain the United States’ Strategic Petroleum Reserve (SPR) to its lowest level in decades is back in the spotlight amid the war started when the Palestinian- terrorist group Hamas attacked Israel, causing oil prices to surge. If the conflict envelopes Iran, up to 3% of global oil supply is at risk. If a wider conflict impacts the Strait of Hormuz, 20% of global oil supply could be held hostage, according to Reuters. The Biden administration has depleted the SPR, an oil supply established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, (44% lower than it was in Jan 2021 when Biden took office) and a level last recorded in September 1983 prior to this year.
UPDATE 10/19/23 : US Dept of Energy soliciting oil bids
https://www.energy.gov/ceser/articles/us-department-energy-announces-monthly-solicitations-purchase-oil-strategic
UPDATE 10/19/23 : US Dept of Energy soliciting oil bids
https://www.energy.gov/ceser/articles/us-department-energy-announces-monthly-solicitations-purchase-oil-strategic
Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price...
Posted from foxnews.com
Oil and Energy
Israel
National Security
Government
Energy
Edited 1 y ago
Posted 1 y ago
Responses: 6
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We are going to have to suffer higher prices because of Brandon's his inept delusional policies.
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Some commentators were talking on Fox Business News that it's about a 17 day emergency Reserve is all we have left. Democrats didn't want to buy oil when President Trump wanted to buy it when it was under $30 a barrel because of their stupid middle out bottom up and they hate the top down. Left this Democrats thought that they were just trying to enrich oil companies when we were getting a good deal for oil but Democrats don't know the basics of economics and finance 101. We know that big government socialism through the regulatory State destroying industries that they don't like through Bidenomics is the government forcing you to do things their way and not letting Market forces do it naturally. So stupid President Biden with the stupid socialism is really string things up. Also, it's been almost 2 days and he's just now starting to talk about the Americans that were killed and the American hostages. Leading from behind president brokeback Biden.
Sgt (Join to see) Lt Col Charlie Brown
Sgt (Join to see) Lt Col Charlie Brown
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Sgt (Join to see)
All the horrific decisions and mis-actions (Afghanistan debacle, energy attack debacle, open border debacle, Chinese spy balloon debacle, massive overspending,,etc) coming from this administration cannot be just poor judgements Lt Col Charlie Brown .
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