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.

Share this:

join telegram

Who is the best president?

Screen Shot 2020-05-19 at 4.14.12 PM

Link to report…

Screen Shot 2020-05-17 at 12.54.35 AM

OBAMAGATE!! OBAMA IS A FOREIGN BORN DOMESTIC EMEMY!!

BARACK OBAMA’S – ROBERT MUELLER’S MANUFACTURED DOMESTIC TERRORISM!!

.pdf 17 MARCH 2009 FORMAL COMPLAINT NAMING OBAMA IN TREASON

JAG HUNTER post dated 1 Nov 2012 (eight years ago…sit down with a cup of coffee)

 

 

Screen Shot 2020-02-06 at 6.44.28 PM

THE DAY AFTER…

* THE DAVID TULIS SHOW | Screen Shot 2019-05-22 at 6.10.44 PM

*92.7 |Screen Shot 2019-05-22 at 11.35.28 AM

NoogaRadio 92.7 HOT News Talk Radio

IT’S NOT PRESIDENT TRUMP’S JOB…IT’S OUR JOB!!


My deep appreciation and gratitude to Messrs. Russell Stroud, Chris Clayton, Michael Lisowski (Lt.Col. USA Retired, USMA at West Point, Class of 1991) and most especially to Mr. David Tulis for your courtesy, hospitality, patience, insights, indulgence, professionalism and most of all, thank you all for your time. 
Fair winds, following seas…

BOB MULLER’S BFF: “FOGGY” BRYAN!!

William L. Bryan P.J. Foggy with Hammer & Sickle!(1)

09mueller2-master675

READ MR. BROWN’S REPORT HERE!

Screen Shot 2018-10-20 at 7.24.24 AM

by Patrick Howley

LINK 

MORE ABOUT ROBERT MUELLER AND ROBERT MUELLER’S MANUFACTURED TERRORISM HERE

AND HERE…

VIDEO: THE ARREST OF HOWARD MARKS!!

FBI’S DEPARTMENT OF PRECRIME

DEPARTMENT_OF_PRE_CRIME!!

 

COMEYOUTRAGED4

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,

MUELLER1

A_F_BRANCO_On-Life-Support-600-LI

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!

JAG HUNTER here: DATELINE WEDNESDAY, 18 MAY 2017

A.F. Branco-Comey-Memo-600-LI

MUELLER1

     Former director of the Federal Bureau of Investigation (FBI) Robert Swan “Bob” Mueller, III is directly, personally and professionally responsible for manufacturing and conducting an invented, make-believe domestic terrorist assault against government persons and property on 20 April 2010 in Madisonville, Tennessee: “The Madisonville Hoax.”

     Director Mueller is responsible for the false arrest, false prosecution and unlawful federal incarceration of Navy veteran Darren Wesley Huff. Mueller contributed to other false charges, false arrests and unlawful incarceration of a second Navy veteran.

     Mueller personally ran a “false flag,” manufactured domestic terrorist event.

     Robert “Bob” Swan Mueller, III is, in this moment, the object of uncounted sworn criminal complaints filed with the U.S. Justice Department and FBI identifying Mueller as principal instigator of as many uncounted federal felony offenses. 

     Robert Mueller is an active federal felony offender being actively pursued to visit upon Mueller appropriate criminal consequences. Efforts to report Mueller’s outlawry to a federal grand jury are being blocked.

     Early yesterday evening Matt Drudge prominently posted “above the fold” of his Drudge Report breaking news Assistant U.S. Attorney General Rob Rosenstein appointed former FBI Director Robert Swan Mueller as special counsel consequent a number of episodes alleged to involve President Trump before and since the 20 January 2017 inauguration.

     The outlaw Robert Mueller is totally unfit and untrustworthy to carry out whatever Assistant AG Rob Rosenstein’s assigned duties might be. Mueller is an indecent government agent. None of Mueller’s work product can be accepted as legitimate or credible.

     Mueller is nothing more than one more punk thug criminal political operative protecting so many other punk thug criminal political operatives: The denizens of Washington D.C.’s swamp.

      Mueller must be arrested, charged and prosecuted.

     In an effort to block cogent, compelling and legitimate formally sworn criminal complaints naming Barack Obama in commission of treason, Mueller’s FBI, in close coordination with Janet Napolitano’s Department of Homeland Security, set out to destroy law abiding citizens, many of them veterans, attempting to advance the treason complaints to state and federal grand juries.

     Drudge links to a CBS News report “Robert Mueller appointed special counsel” which further links to a 7 March 2017 CBS News report “What you need to know about appointing a special prosecutor to investigate Trump.”

DRUDGE REPORT SCREEN SHOT at 6.24.28 PM

     Taken together with so many other breathless mainstream media, “fake news” reports the sinister implication President Trump is now the object of a criminal investigation is unmistakable. Congressional members of both houses speed-of-heat demands for impeachment powerfully punctuate the false narrative.

     So what’s new? Politics as usual!

     Rosenstein’s statement does not describe Mueller’s assignment nor does it give the conditions of Mueller’s employment. Rosenstein simply said: “I have determined that a Special Counsel is necessary in order for the American people to have full confidence in the outcome.”

     Barak Obama took up residency in the White House on 20 January 2009.

    Obama was named the object of a treason complaint on 17 March 2009.

     Obama pressed FBI Director Robert Mueller and DHS Secretary Napolitano into instant retaliation and counteroffensive against those behind the Obama treason complaint and any other U.S. citizen intent upon answering their civic duty to report on corruption in local and farther reaching government.

     Twenty-two days after the Obama treason compliant was filed with federal agents, Mueller and Napolitano issued their “Sovereign Citizen” manifesto “Rightwing Extremism: Current Economic and Political Climate Fueling Resurgence in Radicalization and Recruitment.”

Ron Ewart gives an excellent analysis of the intent and purpose behind the OBAMA/MULELLER/NAPOLITANO “Sovereign Citizen” in “The Great Sovereign Thereat to America’s Left.”

     Robert Mueller is directly, professionally and personally responsible taking his orders from Obama and Napolitano to carry out “The Madisonville Hoax.”

     Obama kept his protector Mueller in the FBI directorship for twelve (12) years, two years longer than previously established.

     Mueller must be arrested immediately, charged and prosecuted.

     Repeating for emphasis: Ongoing attempts to report Robert Mueller’s criminal industry to a federal grand jury are being blocked.

     Here endth the lesson.

**********

This response received The JAG HUNTER:

Contact: Edward C. Noonan
Tel: 530-777-3474
Email: ednoonan7@gmail.com
Email: americanresistanceparty@mail.com

http://www.americanresistanceparty.org

ROBERT SWAN MUELLER III The Lying Soetoro-Snake

FOR IMMEDIATE RELEASE

ACTION ALERT

5/18/17 – EDWARD C NOONAN, Former 2012 & 2016 Presidential Candidate alert:

thejaghunter on May 18, 2017 wrote an article titled, “ARREST DOMESTIC ENEMY, CONTEMPORARY CRIMINAL ACTOR ROBERT SWAN MU(E)LLER, III…” Jaghunter declares:

“The outlaw Robert Mueller is totally unfit and untrustworthy to carry out whatever Assistant AG Rob Rosenstein’s assigned duties might be. Mueller is an indecent government agent. None of Mueller’s work product can be accepted as legitimate or credible.”

“Mueller is nothing more than one more punk thug criminal political operative protecting so many other punk thug criminal political operatives: The denizens of Washington D.C.’s swamp.”

“Mueller must be arrested, charged and prosecuted.”

Read full article at: https://thejaghunter.wordpress.com/author/thejaghunter/

The American Resistance Party agrees with the full jaghunter article above, but insists that it does not go far enough. Mueller was the number one conspirator in allowing Barry Soetoro (aka BHO) who was an illegal alien remain in the usurped position as POTUS. Mueller knew that Soetoro was born in Kenya, and knew Soetoro was an Indonesian citizen and NOT a U.S. CITIZEN! Mueller is a traitor and felon… PERIOD!

###

Permission to reprint in whole or in part is gladly granted, provided full credit is given.

 

I SEE RED!

Sunday, 5 March 2017

THIS ISN’T A SURPRISE…

OBAMA’S FRAUD MUST BE INVESTIGATED AND PROSECUTED! THIS MAN IS A FOREIGN BORN DOMESTIC ENEMY WHO MUST BE BROUGHT UP ON TREASON CHARGES!

HERE ENDTH ANOTHER LESSON!!