Biden Ready To Dump Millions Of Barrels Of Oil Into Market
America’s Strategic Petroleum Reserves (SPR) is the largest emergency oil reserve in the world. Stored in several places, it has a maximum capacity of 714 million barrels. The Administration appears to think that, even with gas at a moderately priced $3,50, the current global crude situation has all the hallmarks of an emergency.
Climate Danger –Wildfires Grow
The Rich –Climate Batters Mansions
The reality is that, with an election just two weeks away and inflation continuing to hurt some Americans, an injection of millions of barrels of oil into the system should bring down gas prices.
According to the FT, Amos Hochstein, one of President Joe Biden’s closest advisers on energy policy, said, “We will do everything we can to make sure that the market is supplied well enough to ensure as low a price as possible for American consumers.” He said the SPR was a potential solution.
A Cost To Replace The Oil
The problem with using the SPR is that, according to the Energy Department, the average price per gallon for current inventory is $29.70 per barrel. Crude trades at $80. At some point, what is taken out will need to be replaced, and that will not be at a price less than $30 a barrel.
More oil from the SPR may bring gas prices down now, but it will cost a great deal later to put it back.
More from ClimateCrisis 247
- Biden-boosted $200B energy loan program set to be doomed by another Trump Presidency
- Here’s The harsh reality behind 170 Nations’ failure to Sign crucial Climate Agreement
- Big Oil Hit Again For Climate Crisis
- The Climate Vs. AI
