Biden Admin Cancels Strategic Petroleum Reserve Refill Plan

After draining the Strategic Petroleum Reserve (SPR) to artificially lower gas prices, the Biden administration is now dodging any opportunities to refill that emergency supply. We have been warned by Pentagon officials that the U.S. may not have sufficient oil reserves in the event of a war or conflict. We need to pray. Bloomberg News reported the decision marks a reversal from last month’s announcement to solicit up to 3 million barrels to a Louisiana site in August and September. It also coincides with crude oil prices reaching their highest level in months as geopolitical tensions increase. The Energy Department claimed to be “keeping the taxpayer’s interest at the forefront.” The agency said, “We will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,” adding, “We will continue to monitor market dynamics.” The SPR plummeted to its lowest level in decades in 2022 after the Biden administration announced a 180-million-barrel drawdown in an attempt to stabilize global oil markets and combat rising gasoline prices. Recent data showed the SPR at 363.6 million barrels — far below the authorized storage capacity of 714 million barrels — after it topped 600 million barrels as recently as late 2021.

Source: Intercessors for America

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