The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on August 18, 2022, 06:49:46 PM
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Oil inventories lowest since ’85 bad omen for winter
https://www.foxbusiness.com/markets/oil-inventories-lowest-since-1985-bad-omen-winter
The Biden administration has been celebrating the president’s decision to release a record amount of oil from the U.S. Strategic Petroleum Reserve (SPR) saying it is the main reason why gasoline prices have fallen in an effort to battle sky-high inflation.
Yet will that move have a lasting, positive effect on gas prices or could this move to drain our oil reserves create a much larger risk to the economy as we head into winter?
The Strategic Petroleum Reserve announced this week that the oil supply in the SPR fell to the lowest level since March 1985. That is a major concern because, despite the record releases from inventories, we are not seeing supplies of oil products like gasoline, diesel, and home heating oil build ahead of winter.
The Strategic Petroleum Reserve is the lowest since 1985. This could be a problem come winter.
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SharterJoe is lying again. He can't stop lying. It's as natural as breathing to him.
Joe, go back to school and learn about how recessions work. :hammer: The reason gas prices are going down is because of the RECESSION that YOU caused. :loser:
Now go stand in the corner, you freakin' moron.
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Biden's Depletion of the Strategic Petroleum Reserve Is Reaching Crisis Levels
https://townhall.com/tipsheet/katiepavlich/2022/09/13/bidens-depletion-of-the-strategic-petroleum-reserve-is-reaching-crisis-levels-n2613002
In November 2021, President Joe Biden proudly announced an order to release millions of barrels of oil from the Strategic Petroleum Reserve.
"Today’s announcement reflects the President’s commitment to do everything in his power to bring down costs for the American people and continue our strong economic recovery. At the same time, the Administration remains committed to the President’s ambitious clean energy goals," the White House released in a statement at the time.
"He's used the biggest tool at his disposal, which is our Strategic Petroleum Reserve, releasing a million barrels per day to try to stabilize supply," Energy Secretary Jennifer Granholm touted in July.
The SPR is an emergency reserve typically tapped during natural disasters, times of war and limited extraordinary circumstances. Biden started its depletion for political purposes in an attempt to lower gas prices -- ahead of a midterm election -- while continuing to handcuff oil producers.
The Strategic Petroleum Reserve is at a dangerously low level.
James Lavish
@jameslavish
Not a meme stock or a collapsing currency, this is America's Strategic Petroleum Reserve, and this is before today's record release of 8.4mb, the largest ever.
(https://pbs.twimg.com/media/Fceg-FlagAEcS5a?format=png&name=large)
https://twitter.com/jameslavish/status/1569402681764253698
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Just more evidence that SharterJoe doesn't have a plan -- except doing Barry's bidding which is the destruction of America.
Hey, Joe. Ain't it time for another vacation for you? If so, you'd better check with Barry. He might have something for you to **** up first, before you wander off to Wilmington or to Camp David. Better take your bib and your Depends. You'll need to be prepared. :whatever: