STRATEGIC PETROLEUM RESERVES FALL TO LOWELS LEVESL SINCE 1983…
Saturday, 31 December 2022
America’s Strategic Petroleum Reserve Falls to Lowest Level Since 1983 as Gas Prices Rise Again
Nick R. HamiltonDecember 31, 2022 – 10:06 am2 Comments
The Strategic Petroleum Reserve (SPR) fell to its lowest level since 1983, as oil and gas prices rose again last week.
The Biden administration has tapped over 240 million barrels from the SPR this year to lower domestic gas prices, which have been rising since the president took office.
President Joe Biden first announced his plan to release oil from the national reserve on an emergency basis on Nov. 23, 2021, as part of a “major effort to moderate the price of oil” and lower prices at the average “corner gas station.”
The SPR was established when Congress passed the Energy Policy and Conservation Act after the 1973 oil embargo, for emergency shortages, acts of terrorism, and natural disasters.
Following Russia’s invasion of Ukraine, Biden ordered the release in March of the first 30 million barrels out of the 180 million initially intended to be tapped from the SPR in 2022.
Republicans and energy analysts have been highly critical of the plan, arguing that it does little to lower gas prices and makes the United States more vulnerable to major supply disruptions in the future.
U.S. gas prices soared over $5 per gallon in June, reaching an all-time high, but later fell below $4 by the end of summer.
Right before the midterms, Biden controversially ordered the DOE to sell an additional 15 million barrels from the SPR on October 19, in addition to the oil already released, and called for additional sales throughout the winter.
The emergency oil stockpile, which is managed by the Department of Energy (DOE), tumbled to 375.1 million barrels as of Dec. 23, according to the Energy Information Administration.
This is the first time that the reserve has fallen below 378 million barrels since Dec. 30, 1983, when it reached 378.3 million barrels.
In the meantime, average national gas prices rose to $3.159 per gallon on Dec. 29, for the third consecutive day, according to the American Automobile Association’s gas price index.
However, the brief rally earlier this week and other associated factors may deter producers from selling oil contracts to the U.S. government at its desired price of between $67 and $72 per barrel, to refill the reserve.
West Texas Intermediate (WTI), the U.S. oil benchmark, jumped to nearly $80 per barrel last week, but later fell to around $78.30 by Dec. 29, while the Brent crude index, the global oil benchmark, hit $84.33 per barrel.
The DOE’s Office of Petroleum Reserves announced on Dec. 16, that it would start repurchasing crude oil for the SPR.
Higher oil prices potentially pose a challenge to the DOE’s plan to begin soliciting bids from oil producers to refill the SPR using fixed-price contracts.
The Chicago Mercantile Exchange showed future WTI prices holding above $79 per barrel from February through July 2023.
The DOE’s program to refill the national oil stockpile by 3 million barrels a day, is set to begin in February 2023.
Two factors driving up oil markets include rising demand from China, as it emerges from its pandemic restrictions in recent weeks, and a potential reduction in oil output from Russia after it promised to retaliate against countries supporting the G-7-led price cap.
The latest price estimates may encourage producers to take their chances with the market rather than make bids for the government’s contracts.
Congressional Republicans have since denounced the move and announced that they would impose further oversight and new legislation next year, that would halt further releases from the stockpile, which is dangerously low, reported Fox Business.
The Republicans are pushing a bill that would prohibit the DOE from tapping the SPR unless there is a “severe energy supply interruption” and until the administration issues a plan to boost domestic oil and gas production.
They also warned the rapid depletion of the stockpile would allow opponents like Russia, China, and Iran to “gain geopolitical leverage” over the United States.
Sen. John Barrasso (R-WY.), the ranking member of the Senate Energy and Natural Resources Committee, and Rep. Cathy McMorris Rodgers (R-WA), the ranking member of the House Energy and Commerce Committee, warned last month that the Biden administration was endangering its future of the SPR.
The two Republican lawmakers accused Energy Secretary Jennifer Granholm of overseeing the sale of more than 245 million barrels from the national stockpile, while “gas prices remain high and supply chain shortages continue to plague our economy.”
They noted that instead of encouraging American energy producers to drill for more oil, Biden administration officials failed to “establish long-term plans for the optimal size, configuration, maintenance, and operational capabilities of the reserve,” while depleting it to its lowest level in decades.
GOP legislators noted that while the United States remains a net exporter of oil products, the SPR needs to remain stable enough to mitigate any potential supply disruptions that could affect the nation’s energy infrastructure.
Meanwhile, the Biden administration has been criticizing American oil producers throughout the year for spending too little on additional production, despite the White House’s best efforts to discourage drilling.
Major producers like Chevron and ExxonMobil have said that they were trying to increase production in the Permian Basin in response to the criticism, but others in the industry have said that any new drilling projects might expose them and their investors to risks if prices plummet.
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COMMON SENSE WITH BILL…
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COFFEE WITH BILL…
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A WARNING FROM VIRGINIA SENATOR AMANDA CHASE!! HEADS UP!!
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WHAT MEMO?? COMEY’S CLOAKED CORRESPONDENCE!!! WHAT COULD POSSIBLY GO WRONG??
Monday, 22 May 2017
FORMER FBI DIRECTOR JAMES COMEY SAYS HE MET WITH PRESIDENT TRUMP ON 14 FEBRUARY 2017. AFTERWARDS COMEY SAYS HE MEMORIALIZED HIS MEETING WITH PRESIDENT TRUMP IN WRITING, IN A “MEMO”
NINETEEN (19) DAYS AGO, ON 3 MAY 2017, IN SWORN TESTIMONY UTTERD BEFORE THE SENATE JUDICIARY COMMITTEE [THEN] FBI DIRECTOR COMEY TOLD SENATOR MAZIE HIRONO (D. HI), RESPONSIVE TO HER QUESTIONING, IN COMEY’S EXPERIENCE, NO ATTEMPT WAS EVER MADE BY SENIOR GOVERNMENT OFFICIALS TO STOP AN FBI CRIMINAL INVESTIGATION:
PRESIDENT TRUMP FIRED COMEY ON TUESDAY, 9 MAY 2017.
IN A WEDNESDAY, 17 MAY 2017 “FAKE NEWS” REPORT, THE NEW YORK TIMES FIRST PUBLISHED “FAKE NEWS” RESPECTING COMEY’S NON-EXISTENT “MEMO.”
NO NEW YORK TIMES REPORTER SAW THE MEMO SINCE THE UNTRUSTWORTHY NYT RAG RAN THE “FALSE FLAG” REPORT CONSEQUENT COMEY’S SUGGESTION OF COMEY’S CLOAKED CORRESPONDENCE. NO NYT EMPLOYEE ADMITS TO ACTUALLY SEEING COMEY’S MEMO TO THIS MOMENT.
MEANWHILE ASSISTANT U.S. ATTORNEY ROB ROD ROSENSTEIN APPOINTED ANOTHER FORMER FBI DIRECTOR,
DISCREDITED, “MADISONVILLE HOAX ENGINEER,” ROBERT “BOB” SWAN MUELLER, III, AS “SPECIAL COUNSEL” TO INVESTIGATE WE DO NOT KNOW WHAT ABSENT ANY EVIDENCE OF A CRIME.
NOW, WHAT COULD POSSIBLY GO WRONG?
HERE ENDTH THE LESSON!
FEDERAL GRAND JURY CONVENED IN 2016 TO INVESTIGATE HILLARY. SUBPOENAS HANDED DOWN!
Tuesday, 2 May 2017
FEDERAL GRAND JURY MAY STILL BE IN TERM!
HOT LINK: FBI SWORN AFFIDAVIT (COURTESY POLITICO)
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I SEE RED!
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AN OVERVIEW OF AMERICA IN FOUR PARTS
Saturday, 25 February 2017
An overview of American in four parts
Saturday, 25 February 2017
HOTLINK!: An overview of American in four parts
LARRY WALLACE IS THE INCUMBENT McMINN COUNTY TENNESSEE GRAND JURY FOREMAN NOW RUNNING INTO HIS THIRD YEAR!!
Wednesday, 8 February 2017
A SENIOR BANKING OFFICIAL EMPLOYED BY OR DEEPLY CONNECTED WITH THE ATHENS FEDERAL COMMUNITY BANK ORGANIZATION HAS BEEN “HAND PICKED” INTO THE FOREMANSHIP OF THE McMINN COUNTY TENNESSEE GRAND JURY SINCE 2011!
McMinn County Tennessee Grand Jury Notice for February 2017- CLICK HERE…
ALSO THIS:
Quoted in full from a March 2015 local Cleveland, Tennessee news report:
Larry Wallace named police consultant
JOYANNA LOVE Banner Senior Staff Writer
The Cleveland Police Department will be getting a thorough review by a police consultant, the city manager and a city councilman.
The Cleveland City Council unanimously approved having the city manager hire Larry Wallace as a police consultant during a voting session Monday. Councilmen Bill Estes and Richard Banks were absent.
“He (Wallace) has helped cities before and I think he will do a good job for us,” said City Manager Janice Casteel.
Wallace served as a consultant for Chattanooga in a police chief search.
This will not be his role for Cleveland. Instead, he will be offering a review of “policies, procedures and practices.”
Casteel, along with Wallace and City Councilman Dale Hughes, will be reviewing all three to see if they agree or need to be changed. The review will also look into whether current policies are being followed.
Hughes volunteered to serve on the committee after Casteel asked for a Council member to volunteer. Hughes said he is glad to work with someone with the professional experience and good reputation Wallace has, and added he feels the committee is taking a step in the right direction.
“The purpose of this volunteer would be to review any policy changes, so that they can assist us in that review before we bring it to the Council … the full Council would approve any changes,” Casteel said.
Casteel did not give a timeline on when the review would be complete. She said she wanted the process to take as long as it needed for a full review.
Casteel said she chose Wallace because of his experience in law enforcement. Wallace served for 40 years in law enforcement, including the Athens Police Department, Tennessee Bureau of Investigation and Tennessee Highway Patrol. He has served as the sheriff of McMinn County and the deputy director of the Tennessee Department of Safety. He is the assistant to the president for special projects for Tennessee Wesleyan College. Wallace will leave the position at the end of the month to serve as the Cleveland police consultant.
“He comes very well qualified,” Casteel said.
“Absolutely,” Hughes said.
A contract will be presented to the Council at a later date
“He actually would not be an employee, but would be contracted,” Casteel said.
Hughes asked how much the consultant would cost.
“He would be in the $76,000 range as an annual salary, so depending on how many months he serves (would be how much he makes),” Casteel said. “There is no timeline. He won’t know until he gets in there and he starts working with the policies, the procedures and the practices (how long it will take).”
Interim Police Chief Mark Gibson will continue to serve in that role throughout the policy review process. A new chief would not be selected until this process is complete.
“I would like to go through this process first, figure out exactly what do we need to change,” Casteel said.
“So you don’t want to post this job right now?” Councilman Avery Johnson asked.
“No, sir, I don’t,” Casteel replied.
Hughes said when the time does come to look for a new chief, the candidate needs to be thoroughly researched, so there are no surprises later.
“It is truly embarrassing to have three chiefs in four days,” Hughes said. “There needs to be something to fix it.”
Dennis Maddux served as chief for one day before being demoted back to captain. Casteel served administratively as chief until a requirement for Peace Officer Standards and Training was brought to her attention. Gibson was then appointed interim chief.
This is not the first time a policy review has been announced.
A previous drug policy review requested by the Cleveland City Council was completed. However, the proposed changes to the citywide policy were never approved. Amendments to the Cleveland Police Department drug policy were approved by the Council to allow for consideration of mitigating factors, such as years of service in the department, as to whether an officer who violated the policy was laid off.
Also during the meeting former Police Chief David Bishop’s service weapon was declared surplus to be given to him in recognition of his years of service. Bishop served as police chief for a little less than a year, before leaving due to medical reasons. Gibson was acting police chief until Maddux was appointed chief. Although Gibson was acting chief in the final months of 2014, Bishop’s medical retirement became official Feb. 28. Maddux then officially became the new chief.
Vice Mayor George Poe acted as chairman during the meeting due to the mayor’s absence. Mayor Tom Rowland is recovering from knee surgery.
MORE…
“Larry D. Wallace serves as Chairman of the Board of Directors of the Bank and the Company. He previously served as the Director of the Tennessee Bureau of Investigation for 12 years from 1992 through 2003. Upon his retirement as Director of the Tennessee Bureau of Investigation, Mr. Wallace returned home to Athens, Tennessee, where he served as Vice President of Administration and then as Assistant to the President for Special Projects of Tennessee Wesleyan College until his retirement as of March 31, 2015. He currently serves as an independent consultant to the City of Cleveland, Tennessee. Age 70. Director since 2006. Mr. Wallace s involvement with Tennessee Wesleyan College has allowed him to develop strong ties to the community, providing the Board with valuable insight regarding the local business and consumer environment. In addition, he is also a strong advocate of the Company and the Bank through his extensive civic and community involvement.”
Source: Athens Bancshares Corporation on 04/17/2015
Athens Bancshares Corporation is the holding company for Athens Federal Community Bank. Jeffrey Lane Cunningham preceded Mr. Wallace in the position of McMinn County Grand Jury Foreman, stepping down in March 2014 having been the “JUDGE APPOINTED” Grand Jury Foreman since 2011. Cunningham was then and is today President and CEO of the Athens Federal Community Bank. Athens Bancshares Corporation and Athens Federal Community Bank are headquartered in the same building in Athens, Tennessee.
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