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The Biden administration accused members of the OPEC+ exporting cartel of siding with Russia — and announced the release of still more oil from America’s Strategic Petroleum Reserve — after the group agreed to snub US outreach and collectively reduce production.
OPEC+, led by Saudi Arabian Prince Abdulaziz bin Salman, said it would collectively reduce output by 2 million barrels per day beginning in November despite Biden’s July trip to Saudi Arabia to woo Saudi Arabian Crown Prince Mohammad bin Salman.
Biden responded by abruptly announcing that he would release 10 million more barrels from the US strategic reserve next month to offset the cuts by OPEC+ that are likely to boost prices at the pump ahead of the Nov. 8 midterm elections.
...
“Biden’s on track to practically empty our strategic oil reserves to get Democrats elected in November,” tweeted political commentator Eddie Zipperer of Georgia’s Reinhardt University. “Canceling the Keystone Pipeline was a history-book-level screw up.”
What's interesting is that this is getting coverage now, but the DOE announced this two weeks ago.
The U.S. Department of Energy’s (DOE) Office of Petroleum Reserves today announced a Notice of Sale of up to 10 million barrels of crude oil to be delivered from the Strategic Petroleum Reserve (SPR) in November 2022.
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The President’s announcement authorized DOE to release up to 180 million barrels from the SPR to serve as a wartime bridge as domestic production—which is expected to reach a new record next year—ramps back up. This historic release of SPR crude has already provided approximately 155 million barrels of crude oil supply to the U.S. economy—resulting in certainty of supply for American consumers. Today’s announcement will bring the total to 165 million barrels out of the 180 million barrels the President authorized in March.
Status:
"Let this year be over..."
(set 26 days ago)
Location: Where my bills arrive
19,225 posts, read 17,105,490 times
Reputation: 15540
Quote:
Originally Posted by JenaS62
Russian Pipeline damaged - Biden
OPEC Cut Production - Biden
US Running low - Biden sold off our strategic reserves to China
The perfect storm is intentional by Biden.
Pipeline, not ours
OPEC, Wants oil at $100+ a barrel their losing money
US Running Low, Sales are an open market, ask why our refineries didn't buy it.
You object to sales to China but complain that the XL Pipeline expansion was shut down, where do you think that oil goes to???
I don't care let them have the entire middle east and all the greedy rag heads that go with it.
As long as we have a plan to produce more oil here. I'm fine with that. If that doesn't happen, then the economy will tank. Is this administration going to open the spigot or cave to green environmentalist whackos and force us to buy oil from other tyrannical regimes?
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