NPD President Trump takes Chris' advice and releases oil from the SPR.
Still seems unwise to me.
Replies to: NPD President Trump takes Chris' advice and releases oil from the SPR.
Do you have a link for this?
I have not seen this reported anywhere>
172M barrels over 6 mo according to Politico article that is paywalled now
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A necessary move
Although it’s not an infinite supply. The pointless war has to end soon.
Well, that should stifle anymore MAGA jibes against Biden on the use of our SPR...
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You mean the time Biden did it in a run up to an election for political gain?
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Had you done some Critical Thinking, you wouldn't have exposed your ignorance on this subject...
Here's a summary of the timeline for Biden's use of the SPR...note that it started in 2022 in response to genuine increases in gasoline prices due to COVID-19 and Putin's attack on Ukraine...i.e. not a political stunt with more than two years before the 2024 election..
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AI Overview
Yes, analysis from the Department of the Treasury and independent experts indicates that President Biden's use of the Strategic Petroleum Reserve (SPR) in 2022 helped lower gasoline prices. The releases, intended to combat surging energy costs following Russia's invasion of Ukraine, are estimated to have reduced gasoline prices by a range of 13 to 42 cents per gallon during the summer of 2022.
Here are the key details regarding the impact of the SPR releases:
Significant Impact on Prices: The Treasury Department analysis, released in July 2022, found that the combination of the 180 million barrel release from the U.S. and coordinated releases from international partners significantly moderated the rise in gas prices.
Prevented Higher Costs: Without the release of oil from the SPR, analysts suggested that gasoline prices could have been significantly higher during a peak inflation period.
Temporary Measure: The releases were a temporary measure designed to act as a bridge until domestic oil production could increase.
Long-Term Strategy & Replenishment: Following the major drawdowns, the Biden administration began purchasing oil in 2023 and 2024 to replenish the reserve, often at lower prices than when the oil was sold.
While the administration and some analysts credited the SPR release with lowering prices, critics argued that the impact was minimal compared to overall market forces and that it reduced the nation's energy security by lowering the reserve to its lowest levels in 40 years.
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Hopefully, you'll learn from this...we'll have to wait and see...
Consent Management