Oil & U.S. Strategic Reserves

Sullivan

Well-Known Member
Nov 24, 2001
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13,014
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I'm beginning to believe Biden is in over his head with regard to oil and the utilization of the strategic reserves.

The U.S. consumes around 20 million barrels per day. When Biden recently authorized the release of 180 million barrels of oil, that amounted to nearly a third of current strategic reserves. The eventual release of 180 million barrels will drop the strategic reserve to its lowest level (388 million barrels) since 1984.

Most countries are maxed out with production. Any hiccup (such as a hurricane), could put the U.S. in a real bind.


On a side note:

The current authorized storage capacity is 714 million barrels. In March 2020, then-President Donald Trump ordered the Department of Energy to fill the SPR to capacity by purchasing 77 million barrels of crude oil as demand and oil prices slumped amid the COVID-19 pandemic. But Congress never provided the needed funding, and the purchase plans were canceled.
 
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2lion70

Well-Known Member
Gold Member
Jul 1, 2004
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Has one ounce of that oil made it into an American's gas tank? Or did Biden give it all away?
US domestic oil production is exceeding refining capacity - that has led to increased crude oil exports to Europe and others. Producing oil for export right now is very profitable.
 

rumble_lion

Well-Known Member
Aug 7, 2011
22,659
5,471
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I'm beginning to believe Biden is in over his head with regard to oil and the utilization of the strategic reserves.

The U.S. consumes around 20 million barrels per day. When Biden recently authorized the release of 180 million barrels of oil, that amounted to nearly a third of current strategic reserves. The eventual release of 180 million barrels will drop the strategic reserve to its lowest level (388 million barrels) since 1984.

Most countries are maxed out with production. Any hiccup (such as a hurricane), could put the U.S. in a real bind.


On a side note:

The current authorized storage capacity is 714 million barrels. In March 2020, then-President Donald Trump ordered the Department of Energy to fill the SPR to capacity by purchasing 77 million barrels of crude oil as demand and oil prices slumped amid the COVID-19 pandemic. But Congress never provided the needed funding, and the purchase plans were canceled.

This was important back in the 70's when we imported 70% of our oil. Not so much anymore. Even less in few years when the transition to EV takes place.
 

bdgan

Well-Known Member
May 29, 2008
61,084
37,502
1
I'm beginning to believe Biden is in over his head with regard to oil and the utilization of the strategic reserves.

The U.S. consumes around 20 million barrels per day. When Biden recently authorized the release of 180 million barrels of oil, that amounted to nearly a third of current strategic reserves. The eventual release of 180 million barrels will drop the strategic reserve to its lowest level (388 million barrels) since 1984.

Most countries are maxed out with production. Any hiccup (such as a hurricane), could put the U.S. in a real bind.


On a side note:

Congress never provided the needed funding, and the purchase plans were canceled.
The government didn't want to buy oil when it was at record low prices? At one point oil prices went negative.
 
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