- Jun 12, 2016
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Alert — Biden is selling our Strategic Petroleum Reserve to Asia…
It’s no secret that Americans are paying record prices at the gas pumps. Rapidly ascending prices also affect the cost of all the goods and services that are an integral part of the American economy. Farmers, manufacturers, delivery companies, repair people…you name it: They’re paying more to do their jobs and they’re passing those costs to consumers. So why now, of all times, is the Biden administration selling off America’s Strategic Petroleum Reserve (“SPR”) to Asia.
As the name suggests, the SPR is America’s emergency backup supply of oil. The reason we have it is because of the energy crisis in the early 1970s. According to Wikipedia, which is probably accurate about this, “The United States started the petroleum reserve in 1975 after oil supplies were interrupted during the 1973-1974 oil embargo, to mitigate future supply disruptions.”
Fast forward to 2021. Upon entering the Oval Office, one of the first things Biden did was to shut down the Keystone XL pipeline. Henceforth, rather than flowing safely through a pipeline, Canadian oil will come the expensive way, over land, whether in trucks (which are in short supply) or on trains.
At the same time, Biden halted new oil, gas, and coal leases on federal lands, something that’s being fought in the courts. As long as the suit continues, though, no sane business would start to drill.
Biden’s also on the verge of ending all new oil and gas leases around major Native American cultural sites, which will shut down massive amounts of exploration and drilling in New Mexico. And following initial denials, the administration admitted that it plans to close a major Michigan pipeline.
Biden is selling massive amounts of SPR oil…to Asia!
About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.
All three supertankers went to Asia.
“Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.
As far as I can tell, the administration has not explained why, with Americans struggling to keep up with rising fuel prices, it’s shipping our SPR to Asia. During the virtual meeting between Biden and Xi Jinping, the two men allegedly discussed releasing oil from both countries’ petroleum reserves but made no mention of the sales to Asia that already took place.
It’s no secret that Americans are paying record prices at the gas pumps. Rapidly ascending prices also affect the cost of all the goods and services that are an integral part of the American economy. Farmers, manufacturers, delivery companies, repair people…you name it: They’re paying more to do their jobs and they’re passing those costs to consumers. So why now, of all times, is the Biden administration selling off America’s Strategic Petroleum Reserve (“SPR”) to Asia.
As the name suggests, the SPR is America’s emergency backup supply of oil. The reason we have it is because of the energy crisis in the early 1970s. According to Wikipedia, which is probably accurate about this, “The United States started the petroleum reserve in 1975 after oil supplies were interrupted during the 1973-1974 oil embargo, to mitigate future supply disruptions.”
Fast forward to 2021. Upon entering the Oval Office, one of the first things Biden did was to shut down the Keystone XL pipeline. Henceforth, rather than flowing safely through a pipeline, Canadian oil will come the expensive way, over land, whether in trucks (which are in short supply) or on trains.
At the same time, Biden halted new oil, gas, and coal leases on federal lands, something that’s being fought in the courts. As long as the suit continues, though, no sane business would start to drill.
Biden’s also on the verge of ending all new oil and gas leases around major Native American cultural sites, which will shut down massive amounts of exploration and drilling in New Mexico. And following initial denials, the administration admitted that it plans to close a major Michigan pipeline.
Biden is selling massive amounts of SPR oil…to Asia!
About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.
All three supertankers went to Asia.
“Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.
As far as I can tell, the administration has not explained why, with Americans struggling to keep up with rising fuel prices, it’s shipping our SPR to Asia. During the virtual meeting between Biden and Xi Jinping, the two men allegedly discussed releasing oil from both countries’ petroleum reserves but made no mention of the sales to Asia that already took place.
