Saudi Issues a Warning to Biden About the Dangers of Draining the Strategic Petroleum Reserve

[GURPS]

Last week President Biden announced yet another 11 million barrel release from the SPR, falsely claiming the move will lower gas prices for American families at the pump. The SPR is now at its lowest level since 1984 with just 17 days worth of supply left. The White House has been vague about when the Biden administration plans to refill the reserve after Democrats rejected a 2020 proposal from President Donald Trump to fill the SPR at $20 per barrel.

Saudi Issues a Warning to Biden About the Dangers of Draining the Strategic Petroleum Reserve

townhall.com

 

[Merlin99]

I kind of have to agree with him, not that I like the source. Joe's trying to cover his ineptitude by taking money out of the petroleum version of our 401K.

 

[HemiHauler]

It would be nice if we had a government agency which, among other things, is responsible for buying crude oil futures — not for speculative returns — but rather with the intent to take delivery of said oil.

They could use the proceeds from crude sales from the SPR to fund these purchases.

If it were up to me, I’d call this agency the Department of Energy.