Biden Admin Gives Up On Refilling Strategic Petroleum Reserve Due To "Market Con

[Ptarmigan]

Biden Admin Gives Up On Refilling Strategic Petroleum Reserve Due To "Market Conditions"
https://www.zerohedge.com/energy/wti-soars-near-ytd-highs-after-api-reports-biggest-weekly-crude-draw-least-40-years

Update: You cannot make this shit up. Minutes after the biggest weekly crude draw in API history, with gasoline prices at 2023 highs and with wholesales gasoline prices exploding higher (guaranteeing that retail pump pries are set to soar), the Biden administration just gave up on its efforts to refill the Strategic Petroleum Reserve, something we had joked about literally moments earlier.

Just. Perfect. Timing

*US SPURNS ANOTHER ROUND OF OFFERS TO REPLENISH OIL STOCKPILE https://t.co/RV9f9kXC5I

— zerohedge (@zerohedge) August 1, 2023
As a reminder, the Biden admin has been drawing down on the SPR for the last 14 weeks and - despite all the promises - has not refilled the "STRATEGIC" political petroleum reserve one little bit.

The Strategic Petroleum Reserve could of been refilled when oil was cheaper. It takes a while refill it. There is no oil for the military if war breaks out.

[Eupher]

Biden Admin Gives Up On Refilling Strategic Petroleum Reserve Due To "Market Conditions"
https://www.zerohedge.com/energy/wti-soars-near-ytd-highs-after-api-reports-biggest-weekly-crude-draw-least-40-years

The Strategic Petroleum Reserve could of been refilled when oil was cheaper. It takes a while refill it. There is no oil for the military if war breaks out.

I looked at a chart last week that revealed it took DECADES to fill the SPR. SharterJoe's managed to almost empty it within a few months.

OF COURSE he can't backfill the SPR. First of all, all of that oil is encased within huge SALT deposits within the earth. There aren't hundreds or millions of huge storage tanks sitting out there getting rusty. I can well imagine the gasket that EPA would blow just to study the effect of that oil on those salt deposits. Second of all, SharterJoe's dumbassed decision about shutting down the Keystone Pipeline has been biting him in the ass since Day #1, but he's too stupid to understand what his handlers made him do. Third, the sheer expense of backfilling SPR makes the idea completely insane -- at least for those who are good stewards of taxpayer money. (SharterJoe isn't good at that either.)

[DefiantSix]

I looked at a chart last week that revealed it took DECADES to fill the SPR. SharterJoe's managed to almost empty it within a few months.

OF COURSE he can't backfill the SPR. First of all, all of that oil is encased within huge SALT deposits within the earth. There aren't hundreds or millions of huge storage tanks sitting out there getting rusty. I can well imagine the gasket that EPA would blow just to study the effect of that oil on those salt deposits. Second of all, SharterJoe's dumbassed decision about shutting down the Keystone Pipeline has been biting him in the ass since Day #1, but he's too stupid to understand what his handlers made him do. Third, the sheer expense of backfilling SPR makes the idea completely insane -- at least for those who are good stewards of taxpayer money. (SharterJoe isn't good at that either.)

This whole debacle gives new meaning to the pronunciation of Reggie Love's Li'l Bitch:

"Never underestimate Joe's ability to **** things up."

[Old n Grumpy]

-- at least for those who are good stewards of taxpayer money. (SharterJoe isn't good at that either.)

I don’t think there’s anyone in government who is a good steward of our money.

They only know how to piss it away as fast as it can be printed