Instead of unleashing more American energy, Biden has chosen to use America’s emergency reserves to solve his own political problems.
Last Wednesday, President Biden’s Department of Energy (DOE) canceled a pair of oil purchases to refill the Strategic Petroleum Reserve (SPR), leaving America’s energy reserves dangerously low at a time of global uncertainty.
The DOE originally planned to buy oil at $79 per barrel. But oil prices have stubbornly refused to cooperate and remain above $86 per barrel, leading the DOE to cancel the purchase.
When former president Donald Trump attempted to fill the SPR to the brim when oil prices were at a rock-bottom price of $24 a barrel, congressional Democrats blocked the purchase, claiming it would be an oil-industry bailout.
Taxpayers would have been left on the hook for the price increase since then had the Biden administration proceeded with the purchase.
But simply refusing to replenish the oil supply is a risky decision given that now there’s almost no oil reserve left.
America’s oil reserve has declined by 44 percent since Biden took office, according to the U.S. Energy Information Administration. The SPR is at its lowest level since its initial filling in August 1983. The reserve can hold 714 million barrels. It’s currently about half full and thus could supply America’s needs for just 17 days.
www.nationalreview.com
Last Wednesday, President Biden’s Department of Energy (DOE) canceled a pair of oil purchases to refill the Strategic Petroleum Reserve (SPR), leaving America’s energy reserves dangerously low at a time of global uncertainty.
The DOE originally planned to buy oil at $79 per barrel. But oil prices have stubbornly refused to cooperate and remain above $86 per barrel, leading the DOE to cancel the purchase.
When former president Donald Trump attempted to fill the SPR to the brim when oil prices were at a rock-bottom price of $24 a barrel, congressional Democrats blocked the purchase, claiming it would be an oil-industry bailout.
Taxpayers would have been left on the hook for the price increase since then had the Biden administration proceeded with the purchase.
But simply refusing to replenish the oil supply is a risky decision given that now there’s almost no oil reserve left.
America’s oil reserve has declined by 44 percent since Biden took office, according to the U.S. Energy Information Administration. The SPR is at its lowest level since its initial filling in August 1983. The reserve can hold 714 million barrels. It’s currently about half full and thus could supply America’s needs for just 17 days.
How and Why Biden Destroyed the Strategic Petroleum Reserve | National Review
Instead of unleashing more American energy, Biden has chosen to use America’s emergency reserves to solve his own political problems.
www.nationalreview.com
