May 09, 2024

We're 6 months from the election, so it's time for biden to...

...sell off more millions of barrels of oil from our Strategic Petroleum Reserve to bring gas prices down.

Most of you have forgotten (if you ever knew) that for six months before the 2022 mid-term elections, biden ordered his Energy Department to sell a MILLION barrels of oil from the SPR every DAY to drive world oil prices down.

Of the 638 million barrels in the Reserve, the biden regime sold 291 million, bringing the amount of oil in the Reserve to 347 million barrels.

Of course lyin' biden promised to refill the SPR as soon as oil prices fell to $72 per barrel.  And sure enough, oil prices fell as low as $69 per barrel.  The regime ordered the DOE to buy a modest five million barrels (recall he sold off 291 million).  But then after the regime got the positive PR from announcing the refill, *the White House cancelled the purchase.*

Now biden's "energy adviser" Amos Hochstein says
>>"We have been replenishing into the SPR for the last several months.  I think we have sufficient supply in the SPR to address any kind of concern in the economy if we need it."  
Ah, "We've been replenishing into the SPR," y'say?  I used to be in the oil business, and still follow the world market, and I hadn't heard of any notable buys recently.  So Amos, how much of the 291 million barrels Porridgebrain sold off has he bought back, eh?

Turns out they've "replenished" 20 million of the 291 million he sold off--to lower gas prices so the Dems would get more votes in the mid-terms.

For the math-challenged, 20 million barrels is a bit under seven percent of what Porridgebrain sold off.  So "replenishing" sounds much like the regime's claim that "inflation has been defeated" or "the economy is booming!"

Also sounds as though Hochstein is setting up the claim that the regime could *sell off even more oil from the Reserve*...if needed.  And why might it be "needed"?

For the same reason the regime ordered it before the 2022 mid-terms: To give biden an election boost.

Source.

https://oilprice.com/Latest-Energy-News/World-News/President-Biden-Is-Ready-to-Use-the-SPR-Again-If-Needed.html

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