The Biden administration may not be able to take full advantage of the recent drop in oil prices as it seeks to refill its depleted crude oil reserve, the Energy Department’s No. 2 official said Monday.
US Strategic Oil Reserve Refill Is Limited Despite Low Prices
Tag: Strategic Petroleum Reserve
Biden Regime Still Hasn’t Refilled the Strategic Petroleum Reserve
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This was supposed to be the year that the Biden administration took a first swing at the laborious process of refilling America’s energy backstop, the Strategic Petroleum Reserve (SPR).
Inside the challenging effort to refill America’s energy backstop
Buckle up!
WARNING: U.S. Oil Reserves Are Empty With Fewer Than 17 Days Left Of Crude Oil Inventory
Crude Inventories Decreased By 6.3 Million Barrels
The EIA report showed that U.S. was buying oil for the Strategic Petroleum Reserve despite rising oil prices.
Crude Inventories Decreased By 6.3 Million Barrels
Massive US Oil Caverns Sit Empty and Will Take Years to Refill
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Massive US Oil Caverns Sit Empty and Will Take Years to Refill
- Nation’s oil reserve is at 40-year-low after historic drawdown
- Experts say refilling will take decades, if it happens at all
Oil Falls Further On EIA Inventory Report
Oil Falls Further On EIA Inventory Report
The Department of Energy provided some support for prices with an update from Energy Secretary Granholm, who said the department still planned to begin refilling the strategic petroleum reserve later this year, although she did not provide any specifics.
Is this why Biden isn’t refilling the Strategic Petroleum Reserve?!
[2017] Trump’s Budget Delivers Big Oil’s Wish: Reducing Strategic Petroleum Reserve
While most observers believe the budget will not pass through Congress in its current form, budgets depict an administration’s priorities and vision for the country. Some within the oil industry have lobbied for years to drain the SPR, created in the aftermath of the 1973 oil crisis.
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Exxon, as well as the American Petroleum Institute (API) and the Independent Petroleum Association of America (IPAA), have long lobbied for a drawdown of SPR‘s supply, according to lobbying disclosure records reviewed by DeSmog. They supported two key bills, proposed but never passed by Congress: H.R. 4136 in 2012 and S. 1231 in 2015.
H.R. 4136, lobbied for by Exxon, API, and IPAA**, says that the Strategic Petroleum Reserve can only be tapped if more federally owned public lands and waters were leased to the oil and gas industry. S. 1231, the Strategic Petroleum Reserve Modernization Act of 2015, called for a Department of Energy study of the SPR “to determine options available for [its] continued operation,” to be completed 180 days after the bill’s passage.
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“[T]he SPR is unnecessary in the first place. Private inventories and reserves are abundant, and open markets will respond more efficiently to supply shocks than federally controlled government stockpiles,” wrote Loris, who began his career as an associate for the Charles G. Koch Charitable Foundation. “Congress should authorize the Department of Energy to sell the entire inventory, using the revenues solely for deficit reduction.”
Biden Regime Still Hasn’t Refilled the SPR
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U.S. To Refill SPR This Year If Advantageous
Granholm said on Wednesday that the United States couldn’t repurchase crude oil for the SPR and sell crude oil out of the SPR at the same time. The DoE is actively selling crude oil from the SPR as part of a congressional mandate that will see another 26 million barrels leave the reserve between now and the end of June, with 2 million barrels released over the last two weeks.
After the recent releases from the Strategic Petroleum Reserves, inventories in the nation’s reserves have sunk to 369.6 million barrels—down from 638 million barrels at the beginning of 2021, and the lowest amount of crude oil held in the stockpiles since November 1983.
US to Sell 26 Million More Barrels From Strategic Oil Reserve
The Biden administration plans to sell more crude oil from the Strategic Petroleum Reserve, fulfilling budget directives mandated years ago that it had sought to stop as oil prices have stabilized.
US to Sell 26 Million More Barrels From Strategic Oil Reserve
U.S. Gasoline Prices Continue To Climb
U.S. Gasoline Prices Continue To Climb
“Macroeconomic factors have continued to weigh on oil and refined products, as strong demand in China hasn’t been slowed much by a surge in new Covid cases. In addition, releases of crude oil from the Strategic Petroleum Reserve have wrapped up. Concerns are increasing that without additional oil, supply will tighten in the weeks ahead, especially as the nation starts to move away from softer demand in the height of winter. Moving forward, it doesn’t look good for motorists, with prices likely to continue accelerating,” DeHaan added.
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