Biden to tap Gas Reserve, again, bigly… The US has 48.5 days of domestic oil production in its Strategic Petroleum Reserve
You can’t say we weren’t warned. One month ago we were told that the Biden government was in negotiations with NATO allies about the possibility of releasing more American oil supplies from its Strategic Petroleum Reserve (SPR). Many industry analysts warned that such a move could lead to the SPR being depleted to dangerously low levels, which would have a significant impact on gas prices. However, Joe Biden appears to be ready to make it happen again. And if the estimates we’re hearing are anywhere close to accurate, this release could be more than three times larger than the one in November. (Does anyone remember gas prices suddenly dropping to more? “normal”What are the levels in November? I don’t.) But be that as it may… here we go again. (CNBC)President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
The announceme …
hotair.com/jazz-shaw/2022/03/31/again-biden-to-tap-strategic-petroleum-reserve-bigly-n459117
In its Strategic Petroleum Reserve, the US has 48.5 days domestic oil production pic.twitter.com/dRjBIfguY8
— Doomberg (@DoombergT) March 31, 2022
