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Biden drained 180M barrels + 38M more in 2022 = 218M barrels total
Since that time, only 32M has been restored, so 218M - 32M = 186M short
Now, oil prices are too high for Joe to refill our reserves. Plus, we're -$34T, & Bidinflation's +30%. More spending &/or printing $'s will up inflation.
Oh, & has anyone noticed high & rising gas prices at the pumps lately? ($3.50 avg)
At the rate Joe's going, he won't be able to replenish the reserves in '24, and gas prices at the pump will be $4.00+ on election day.
Now that Joe's opened up our oil production, much of it needs to go to the EU to offset their lost Russian supplies. Vlad's found other markets for his oil.
Joe allowed Iran to amp up production, but they're using the $ to fund terrorism & the war against Israel...& us!
Joe Biden has made the wrong decision at every turn, & now he's made a huge global mess of things.
Nov 5th can't come fast enough. Those who voted for Biden, & the DC Libs, have paid dearly for their mistake, & made us pay too
Lastly, Joe's not making these calls, its his DC bosses. No matter who they stick in Joe's place, we'll still get the same failed results.
Does anyone really think Gavin and/or Michelle can fix this mess? We must have a complete regime change in DC...ALL Libs must go.
Last edited by beach43ofus; 04-03-2024 at 10:40 AM..
Biden drained 180M barrels + 38M more in 2022 = 218M barrels total
Since that time, only 32M has been restored, so 218M - 32M = 186M short
Now, oil prices are too high for Joe to refill our reserves. Plus, we're $34T in debt, & Bidinflation's +30%. More spending &/or printing $'s will up inflation.
Oh, & has anyone noticed high & rising gas prices at the gas pumps lately? ($3.50 avg)
At the rate Joe's going, he won't be able to replenish the reserves in '24, and gas prices at the pump will be $4.00+ on election day.
Now that Joe's opened up our oil production, much of it needs to go over to Europe to offset their lost Russian supplies. Russia found other markets for their oil.
Joe allowed Iran to amp up production, but they're using the $ to fund terrorism & the war against Israel...& us!
Joe Biden has made the wrong decision at every turn, & now he's made a huge global mess of things.
Nov 5th can't come fast enough. Those who voted for Biden, & the DC Libs, have paid dearly for their mistake, & made us pay too
Lastly, Joe's not making these calls, its his DC bosses. No matter who they stick in Joe's place, we'll still get the same failed results.
They will just wait for prices to fall before replenishing the SPR. Still, I didn't like the rationale behind the move to begin with. It was pointless and a very ineffective way to deal with high prices. Not a good decision by Biden and he's certainly left himself open to being attacked over it.
Congress accepted the cancellation of a prior congressionally planned 140 Million Barrel Sale. This means 140 million barrels does NOT have to be replenished ever.
The reason congress has been selling off oil from the reserves is because there was too much oil being stored in the reserves, so they gradually sell off some of the oil and they do NOT replace it.
The rules for how much oil should be stored in the reserve is a calculation based on the need have 90 days of supply on hand, based on the previous year's net imports.
Since not as much oil is being used compared to a decade or two ago and not as much oil is imported, there is no longer a need to store as much oil in the reserve in order to meet the 90 day mandate.
Biden drained 180M barrels + 38M more in 2022 = 218M barrels total
Since that time, only 32M has been restored, so 218M - 32M = 186M short
Now, oil prices are too high for Joe to refill our reserves. Plus, we're -$34T, & Bidinflation's +30%. More spending &/or printing $'s will up inflation.
Oh, & has anyone noticed high & rising gas prices at the pumps lately? ($3.50 avg)
At the rate Joe's going, he won't be able to replenish the reserves in '24, and gas prices at the pump will be $4.00+ on election day.
Now that Joe's opened up our oil production, much of it needs to go to the EU to offset their lost Russian supplies. Vlad's found other markets for his oil.
Joe allowed Iran to amp up production, but they're using the $ to fund terrorism & the war against Israel...& us!
Joe Biden has made the wrong decision at every turn, & now he's made a huge global mess of things.
Nov 5th can't come fast enough. Those who voted for Biden, & the DC Libs, have paid dearly for their mistake, & made us pay too
Lastly, Joe's not making these calls, its his DC bosses. No matter who they stick in Joe's place, we'll still get the same failed results.
Does anyone really think Gavin and/or Michelle can fix this mess? We must have a complete regime change in DC...ALL Libs must go.
Rest assured Biden will not take actions, even if the best for our country, if it may even possibly bring up fuel prices before the election.
didnt he say he was waiting until the spot market was over $100/bbl?
No - TeamBiden said they would buy at $77 a barrel - they recently purchased at $81 a barrel, now the price is even higher. We are at out lowest level in 40 years. Basically, TeamBiden has sold off just short of half our entire reserve — full capacity is 715 Million barrels - it’s now down to 354.4 Million barrels.
President Trump wanted to buy oil at $24 a barrel to bring the Strategic Reserve to full capacity in 2020. Congress said NO .
Today’s price is $89 Brent, $85 WTI, $88.40 OPEC Basket. Oil is on the upswing.
Gasoline Reserves have recently been sold off also. I always wonder what they do with the many MILLIONS of Dollars when they sell off our reserves.
You can quote barrels reserved til hell freezes over.
How much is there? How many days worth of oil do we need? How much American oil is being produced that can be refined into gasoline and diesel?
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