Biden to sell off gasoline reserve for votes

WASHINGTON — The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election.

In addition to his pending plans to deplete the gasoline reserve, Biden has drained about 43% of the crude oil held by the Strategic Petroleum Reserve in an attempt to keep prices lower.

The US government reserve held more than 638 million barrels of crude oil when Biden took office. It currently has fewer than 361 million barrels of crude oil, according to federal data.


https://nypost.com/2024/05/21/us-news/biden-sells-off-gasoline-reserves-to-keep-prices-low-before-election/

No surprises here , Im sure it happens all the time

It never happens. It's not supposed to .
With the general exception of rotating and maintaining a perishable product like gasoline.

It has zero effect on pricing, while lowering our emergency potential.

HawkTheSlayer wrote:It never happens. It's not supposed to .
With the general exception of rotating and maintaining a perishable product like gasoline.

It has zero effect on pricing, while lowering our emergency potential.

The sickening part is Biden has depleted our Strategic Petroleum Reserve by 43% and won't refill it. The price of oil is in the $80s now and Trump wanted to replenish it when it was in the $20s, but the libs wouldn't let him. That's our retarded democrats.

Biden May Buy Oil Just Below $80; Democrats Stymied Trump at $24

https://www.bloomberg.com/news/articles/2022-09-13/biden-may-buy-oil-just-below-80-democrats-stymied-trump-at-24

HawkTheSlayer wrote:It never happens. It's not supposed to .
With the general exception of rotating and maintaining a perishable product like gasoline.

It has zero effect on pricing, while lowering our emergency potential.

That's a point I hadn't thought of.

GASOLINE is perishable. ALSO, difficult to safely store.

The Strategic Petroleum Reserve was, as I recall, CRUDE OIL. To be stored in underground caves and formations that had no value.

The oil was to be refined into needed products - this was back when we had enough refining capacity. We still have some - Greta needs to work on that one.

I guess no one in the Fake Nooze thought to ask THAT question. Is the clown dumping more crude to drive the price down, three steps below? Or is there a separate refined gasoline and/or diesel reserve?

Casey Jones wrote:

HawkTheSlayer wrote:It never happens. It's not supposed to .
With the general exception of rotating and maintaining a perishable product like gasoline.

It has zero effect on pricing, while lowering our emergency potential.

That's a point I hadn't thought of.

GASOLINE is perishable.  ALSO, difficult to safely store.

The Strategic Petroleum Reserve was, as I recall, CRUDE OIL.  To be stored in underground caves and formations that had no value.

The oil was to be refined into needed products - this was back when we had enough refining capacity.  We still have some - Greta needs to work on that one.

I guess no one in the Fake Nooze thought to ask THAT question.  Is the clown dumping more crude to drive the price down, three steps below?  Or is there a separate refined gasoline and/or diesel reserve?

There is refined gasoline and heating oil reserves, but I don't know about diesel.

My understanding is that the "oil reserves" are already long gone depleted in order to lower gasoline prices in hopes that consumers would think that prices were going down and thus keep the Demos in power. The lie of course didn't work!

RV wrote:My understanding is that the "oil reserves" are already long gone depleted in order to lower gasoline prices in hopes that consumers would think that prices were going down and thus keep the Demos in power. The lie of course didn't work!

There is a difference between the "oil" and "gas" reserves..... the two can be confused.

Section 308 of the 2024 Consolidated Appropriations Act mandated that "the Secretary of Energy shall draw down and sell one million barrels of refined petroleum product from the Strategic Petroleum Reserve during fiscal year 2024" and then "carry out the closure of the Northeast Gasoline Supply Reserve." For the DOE to brag about this sale, "the administration is claiming credit for a policy enacted by Congress," says Peter Van Doren, senior fellow at the Cato Institute.

The Northeast Gasoline Supply Reserve was established in 2014. After Hurricane Sandy caused damage to refiners in 2012, leading to fuel shortages across New York, DOE then-Secretary Ernest Moniz authorized the department to set aside 1 million barrels of gas for future emergencies. (The SPR was itself created in 1975 to hold crude oil, after that decade's oil embargoes, to provide a backstop against future supply shocks.)

But "storing refined fuel is costlier than storing crude oil," Reuters noted in May, so Congress shuttered the reserve in its 2024 spending bill.

Not only is the sale a requirement under federal law, but 1 million barrels of gas will just be a literal drop in the bucket.