Biden announced a release of 1 million barrels per day to alleviate price pressures on gasoline for 6 months…..
The idiocy never ceases to amaze me. That would be 5% of our daily use of oil. In other words, no relief is coming at the pump by this action. The SPR is not a piggy bank for any administration to use for political purposes. It is “supposed” to be used in the case of a disaster to where we can function at least somewhat as a nation in the event of a major disruption. President Trump tried to “top it off” when prices were around $35 per barrel and was blocked by the democrats. At the time there were about 635 million barrels in there with a cap at about 714 million barrels. Now it is down to about 577 million barrels and in 6 months this drawdown will take it to less than 400 million barrels!
Perspective: The Keystone XL pipeline had a capacity of 830 thousand barrels per day, almost equal to the amount being withdrawn from the SPR… so instead of increasing our production this administration is going to deplete our reserves to a scary level (20 day supply of our normal usage of around 20 million barrels per day)! I quit believing in coincidences a long time ago. TPTB are setting us up for catastrophic failure while doing away with our safety net. Spoiler Alert - we need oil in order to produce oil for consumption! I guess the best analogy I have is this: You home is engulfed in flames so you grab your bucket in order to try and extinguish (effort in futility). You use all of your drinking water trying to put out the flames to no avail. Now you have not only lost your home but you have depleted your most precious resource, drinking water! Things will not end well!!!
