US seeks 1 million barrels of oil for Strategic Petroleum Reserve
... The
previous administration of former President Joe Biden sold record
amounts of oil from the SPR, including a 180-million-barrel sale after
Russia, one of the world's top oil producers, invaded Ukraine in 2022.
The reserve, which has about a 700-million-barrel capacity, is now
holding nearly 409 million barrels. ...
Trump's tax and spending bill included about $171 million for the SPR oil purchases and maintenance, much less
than the $1.3 billion that had originally been in the legislation.
Buying more oil for the SPR will likely require the passage of new
legislation. ...
Buying a million barrels is a drop in the bucket. Maintenance costs are eating up most of the $171 million. Joe Biden reduced the reserve by 244 million barrels during his tenure.
A reserve of 600 million barrels would run the country for only 30 days in a real emergency, max.
We are governed by imbeciles, who think we currently have about 50 national emergencies.
