Joe stated he intended to refill the Strategic Petroleum Reserve (SPR) as he depleted it in a political move aimed for the midterm election. Now, it turns out that no oil can be purchased at the price Joe wants to pay. So the SPR has been drained of 266,000,000 barrels of oil and counting, exposing the country to a potentially dire risk.
Way to be consistently “irresponsible”, Joe.
With WTI currently forecast to “average” around $80/bbl in 2023, this administration has stated it has no intention of accepting bids at prices that high, even though prices could go even higher. So the risk to the country continues on unabated and grows with time. And bonus, the salt caverns where the oil was stored are also damaged.
A bit of positive news, the U.S. House in a bipartisan vote (331 to 97) just passed bill ‘H.R. 22’ forbidding future sales of oil from the SPR to China.
Now, if the senate will also pass it and Joe will sign it. Any takers?
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