Our Strategic Petroleum Reserve (SPR) has not seen levels this low since the 1980s.
Joe Biden bled it try to try to save Democrats in the 2022 election cycle.
Now, while Democrats blocked Trump from refilling the reserves when prices were at record lows, Biden is looking to top it off once barrel prices drop below $70.
Oil executives are now slamming Biden on this front.
Just a Bad Move
These reserves are meant for times of war or disasters that result in the flow of oil to the United States being halted.
If the flow of oil stopped today, we would have less than a month’s supply thanks to Joe.
American Petroleum Institute president and CEO Mike Sommers stated, “The Strategic Petroleum Reserve, unfortunately, has become the strategic political reserve.
“And we have grave concerns about how it has been so politicized.
“This is for emergency purposes, not to lower gasoline prices during a time during a political season.
“But I think doing this willy-nilly and doing it in a way that that doesn’t make sense for the market we’re in, we could be dealing with another major oil crisis here in the next few weeks.”
He continued, “We’re also real concerned, Maria, about how low it has gone. Lowest level since 1984, not necessarily because of market conditions, but because of political concerns.”
Sommers would go on to say, “The best plan, in my view, is for us not to continue to use it in a way that is for political purposes and rather do it in a market-based way.
“And if there is an emergency, that’s what this is for.
“And the real concern is that 1984, when it was at the levels that we’re in currently, we were using 20% less oil.”
He concluded, “As the economy has continued to grow, we’re going to need more in the SPR, of course.
“But let’s do this in a way that makes sense for the market. Not that not in a way that does it for political purposes.”
Here is more from this from Fox Business…
My guess here is that his recommendations will fall on deaf ears in this administration.
Source: Fox Business
