Biden gives up on refilling strategic petroleum reserve due to “market conditions”

[ericc]

WASHINGTON (AP) — The Biden administration is delaying plans to restock the nation’s emergency oil reserve amid a price hike that has pushed oil above $80 a barrel.



The administration said it remains committed to refilling the reserve, which President Joe Biden significantly drained last year



The Energy Department canceled a planned purchase of 6 million barrels for the strategic reserve this week, saying it wants to secure a good deal for taxpayers.

https://www.pbs.org/newshour/politics/biden-administration-delays-plans-to-restock-nations-emergency-oil-reserve

Gasoline prices, meanwhile, have risen to about $3.80 per gallon, up from $3.53 per gallon in mid-May, according to the AAA auto club. Prices peaked at just over $5 per gallon in June 2022.

[JIBBBY]

Gas prices going up now! We all saw this coming. Draining the reserves was only a quick fix.

[Greget]

Why would we refill with prices going up. Smart move by Biden

[ericc]

Can you explain

what the Biden Administration is doing to lower gas prices for Americans?


So we've actually seen almost a doubling in terms of improvement in gas price reduction since last year and this is a reflection of all the work that we've done across the ecosystem together with our partner companies with agencies increasing oil production increasing pipelines and fine-tuning our operations with all of our oil industry partners and we've seen the great results that have come from that.

[JIBBBY]

I filled up today at almost 6 bucks a gallon at Chevron here in Santa Monica, California. $100 bucks just like that and I had a quarter of a tank already.

This was never happening under Trump! Biden administration attacked the oil industry and forced the green new deal garbage..

[VeggieDog]

Relax about the oil reserves. China will let Sleepy46 know when he's authorized to refill it.

[Slurry Pumper]

Unfortunately Biden will get another chance in a few months once the falling off the cliff happens in the economy and for a brief instance, oil prices will come back down to sub 60 dollars before it shoots through the roof on new inflationary bailout election year spending. Of course since Biden always and consistently does the incorrect thing, he wont refill the reserves at that time either by saying he doesn't want to compete with the oil supply and make the price go up.