Is the biden regime slowly refilling the SPR ??

One of the great things about the Internet is that it allows anyone to check "source claims." So when a story in the Media has an expert making some claim that makes the bidenharris regime look honest or competent, you can go to the real source to see if the claim is accurate.

In this case a guy named Patrick De Haan, who's an analyst for a company called "Gas Buddy," claims oil prices are rising because duh biden regime is re-filling the Strategic Petroleum Reserve.  

Since biden started selling the oil in the SPR last year--including to China--to try to lower gas before the mid-terms--eventually selling almost half the oil that was in the SPR when he took office (literally 45%), that would seem to be a good thing to do.  But is it true?

If you check the government's web site, it doesn't show any refill of the SPR as of July 21st.  So what's this about "refill"?

Turns out the regime has signed contracts to buy 6.2 million barrels but that oil won't be delivered until August and September.  So certainly the knowledge of that added demand would be expected to raise world oil prices.

But consider this: After biden's handlers decided to sell off a million barrels per DAY of SPR oil last year to drop world oil prices (to boost Dem chances of winning the mid-terms), the Saudis announced that OPEC would CUT its oil exports by TWO MILLION barrels per day.

Whoa, who saw that coming, eh?  So on balance, since biden's handlers ordered the sale of a million barrels a DAY of SPR oil, the world has made do with a million barrels LESS oil per day than before the White House started selling off the SPR for the advantage of the Democrat party.  

And before my liberal friends say "Yeah BUT we sold the oil for around $20 a barrel MORE than we're paying to re-fill, so it was actually brilliant!"  Spare me.  Okay, they'll make $120 million from all 6.2 million barrels, and more if they keep it up.  But in a single stroke the regime gave away $100 million to fund a goofy experimental scheme to sequester carbon dioxide, so the profit is basically a rounding error.  But admittedly better than a loss!

SO...we're down 290 million barrels from when Porridgebrain was installed.  So at the rate of 3 million barrels per month, just 71 months of this and we'll be back to where we started.  But I suspect they won't keep this up for long.

Source.


https://12ft.io/proxy?ref=&q=https://www.breitbart.com/clips/2023/08/01/gasbuddys-de-haan-refilling-spr-after-it-hit-lowest-level-in-40-years-is-pushing-up-oil-gas-prices/