With Strategic Petroleum Reserve at Historic Lows, Biden Cancels Replenishment Order
After drastically depleting the nation’s Strategic Petroleum Reserve to buy votes during the midterm election, President Joe Biden’s Department of Energy has announced it will not purchase up to 3 million barrels of oil from a site in Louisiana in August and September, as originally intended.
“Keeping the taxpayer’s interest at the forefront, we will not award for the Bayou Choctaw SPR site in August and September and will continue to solicit available capacity as market conditions allow,” a department spokesperson said according to S&P Global.
“As always, we monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset.”
Reportedly, the current oil prices are scaring away the DOE from purchasing, as current oil barrel prices are around $85 — above the $79 a barrel it’s aiming for.
Oil has gradually risen in price over the past few weeks, jumping a considerable 10 percent in the last month alone and 20 percent since mid-December, according to The New York Times.
Of course, oil and gas are far from the only thing rising under the Biden administration.
Inflation in general continues to miss the targeted goal, seeing considerable jumps monthly.
Nonetheless, regardless of rising prices in oil, the record-low levels can’t help but draw concern.
The SPR was originally signed into law by President Gerald Ford in 1975 following a massive oil crisis that followed the 1973-74 oil embargo.
The reserve was intended to function as an emergency source of fuel for the nation in times of crisis, ensuring essential functions such as our country’s military wouldn’t be ruined by a shortage.
Today, it doesn’t seem that same understanding is seen.
The four underground storage facilities for the SPR, located along the Gulf of Mexico, currently have an “authorized capacity” of 714 million barrels, according to the Department of Energy.
The most ever held for the SPR was close to 727 million barrels in 2009, according to Reuters. (Evidently they had a higher capacity at one time.)
In 2022, the Biden administration announced plans to sell 180 million barrels “in an attempt to lower gasoline prices after Russia invaded Ukraine,” Reuters reported.
Biden’s sale that year was in addition to 38 million barrels that Congress had ordered sold, a practice lawmakers came up with to fund government programs, according to the outlet.
Those sales drained the SPR to its lowest level in about 40 years. It now stands at 363.6 million barrels, according to Reuters. That’s just over half of where it should be in the best of times — and these certainly are not the best of times.
There’s a good reason that the SPR was created and with the levels it sits at now, it’s unlikely to be able to fulfill that purpose.
Incidentally, Biden’s predecessor recognized the importance of the Strategic Petroleum Reserve and tried to replenish it, according to the National Review.
“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,” the outlet reported.
Oil is an essential part of everyday life, whether green energy advocates want to admit it or not.
When a crisis comes, the country will need sources of energy like oil to keep the military and economy properly functioning. Otherwise, things could get much worse.
But rather than existing for times of emergency or crisis, President Joe Biden decided to throw away what had been accrued for a handful of extra votes in 2022.
The saddest part is that Biden is doubly responsible for the issue at hand, being responsible for both the low levels of the SPR and the high prices of oil.
Rather than playing both sides to always come out on top, it seems the president is playing both sides to always lose.
Perhaps if earlier in his administration, Biden had permitted more drilling on federal land, we wouldn’t be in this situation.
Unfortunately, the commander in chief has constantly foiled any attempts to drill on federal land.
It’s almost like he’s intentionally forcing gas prices to climb.
Every solution that has been right in front of him he’s denied, constantly instead appealing to environmental extremists within his party.
Oil excavation is not pretty, but it’s necessary — fighting against it will only hurt the nation.
Biden and his climate freaks need to suck it up and do what’s best for the nation, even if it breaks their vapid little hearts.
Not refilling the SPR, even if it costs a pretty penny, could cost the nation far more.
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