Mad King Ludwig to release 172 million barrels of oil from SPR lol

That will take the level below 250 million barrels, enough to last the country just twelve days in an emergency. 

 Iran war: Trump will release 172 million barrels of oil from Strategic Petroleum Reserve

 

Too bad Trumpy didn't refill it last year when WTI averaged $65: The Strategic Petroleum Reserve, depleted by Biden, remains down 37% from its 2020 high

 

Hello Washington Times, hello, how did Biden's increased oil supply from the SPR to buy the 2022 elections lead to increased gasoline price at the very same time?

 I'm so confused.

Doesn't price drop on an increase in supply?

"Let's increase supply so prices rise so the voters vote for us and not them" makes absolutely zero sense.

... Mr. Biden sold off hundreds of millions of barrels of oil after Russia invaded Ukraine, causing already rising gas prices to spike even higher. ... 

The Biden administration sold off roughly 206 million barrels of oil from the SPR between 2021 and 2023. ...

Democrats fended off an anticipated red wave in the November 2022 midterms, keeping control of the Senate and barely losing House seats, although Mr. Biden’s party remained in the minority in the lower chamber. ...

More. 

 

 

Joe Biden imprudently released 255 million barrels of crude oil from the Strategic Petroleum Reserve from November 2021 to May 2023

 The November 2021 level was about 605 million barrels, about 30 days worth of supply at a 2022 consumption rate of 20 million bpd.

The 350 million barrel level was reached in May 2023 and has been range bound there for eight months. That is about 17.5 days worth of supply.

Crude oil price has not cooperated for refilling what was released. The 2021 price averaged $68 and climbed to nearly $95 in 2022. With 2023 almost over the price has averaged nearly $78.

The release of less than two weeks of supply during 2022 and 2023 as prices skyrocketed looks like a really silly political stunt. Crude oil production has rebounded to what it was under Donald Trump, so there's been plenty of supply in the higher price environment and no need to squander the SPR in this way.

Now it is too expensive to refill cheaply.

 

Hey look, Biden throws another last minute Hail Mary to buy votes with less than 3 weeks to Election 2022!

 

Biden to announce release of up to 15 million barrels of oil from Strategic Petroleum Reserve

 

Biden has cut the emergency reserve from 33 days supply to 20 days, with more cuts to come. 

"Wouldn't be prudent". -- Bush 41

 

 

 

Damn fool Biden administration releases crude oil from the Strategic Petroleum Reserve to reduce fuel prices, 5 million barrels get exported abroad last month, including to China

 

Oil From U.S. Reserves Shipped Overseas as Gas Prices Stay High 

More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month . . ..

Joe Biden releasing oil from the strategic petroleum reserve did nothing except deplete it

 

To pay for highway bill, US House relies on selling strategic oil reserve and privatizing IRS employment instead of raising gasoline taxes

From the story here:

"The bill is in fact financed with a collection of offsets that many lawmakers find objectionable, such as raising $9 billion by selling oil from the country’s emergency oil reserves. Roughly $2.5 billion comes from requiring the Internal Revenue Service to use private debt collectors, reviving a controversial program opposed by many Democrats, consumer groups and the union that represents agency employees."

Obama Regime Tries to Mollify Restless Natives, Releases Oil From Strategic Reserve

The bread and circuses continue.

Story here.

Combined with announcing an end to the surge in Afghanistan last night, the man who would be king is trying to remedy political and economic disasters of his own making.

The surge has been ineffective, and the drilling moratorium a disaster. So like FDR he'll just keep trying things in the hope that they will work.

Good thing we decided to limit presidents to two terms.