{"id":12061,"date":"2023-10-28T15:32:31","date_gmt":"2023-10-28T15:32:31","guid":{"rendered":"http:\/\/lonecandle.com\/?p=12061"},"modified":"2023-10-28T15:32:31","modified_gmt":"2023-10-28T15:32:31","slug":"biden-sold-off-nearly-half-the-u-s-oil-reserve-is-it-ready-for-a-crisis","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=12061","title":{"rendered":"Biden sold off nearly half the U.S. oil reserve. Is it ready for a crisis?"},"content":{"rendered":"\n

\n\n“Biden\u2019s administration sold off more than 40 percent<\/a> of the Strategic Petroleum Reserve last year to help limit rising fuel prices after Russia invaded Ukraine, leaving the stockpile at its lowest levels since the early 1980s. That\u2019s fueling Republican accusations that Biden has left the U.S. vulnerable to a disruption of global oil supplies \u2014 at a time when Hamas\u2019 terrorist attacks in Israel are stoking fears of a wider regional war disrupting fuel shipments from the Middle East.”…the reserve still holds 351 million barrels<\/a> \u2014 equivalent to nearly 56 days of total U.S. oil imports last year \u2014 though well below the peak of 727 million barrels<\/a> it held during the Obama administration. That\u2019s on top of 424 million barrels that private companies were storing in the U.S. as of early October.<\/p>\n\n\n\n

The administration has defended its handling of the reserve, saying it still holds ample crude to protect the nation\u2019s strategic needs and offer a cushion against price shocks. \u201cI am not worried about the reserve levels at all,\u201d Energy Secretary Jennifer Granholm told a House committee in September<\/a>, adding: \u201cIt is the largest strategic reserve in the world.\u201d<\/p>\n\n\n\n

And the U.S. is no longer the energy beggar it was in 1973, when the Yom Kippur War prompted an Arab oil embargo against the United States<\/a> that sent prices spiraling and left Americans waiting in hours-long lines at gas pumps. Back then, U.S. oil production was dropping while its thirst for the fuel was rising \u2014 prompting Congress to pass a law in 1975 to create the reserve.”<\/p>\n\n\n\n

…<\/p>\n\n\n\n

” the United States is the world\u2019s biggest oil producer, which exports more crude and petroleum products than it imports. Its output is at record highs and is climbing, even as demand has flattened.<\/p>\n\n\n\n

Over the years, some conservatives have even called for abolishing the reserve, complaining \u2014 as the Heritage Foundation did eight years ago<\/a> \u2014 that \u201cPresidents have used the SPR as a political tool.\u201d<\/p>\n\n\n\n

Still, the reserves\u2019 diminished volumes limit Biden\u2019s options to respond to a future shock to the oil markets, including those that could result from a widening of the war in the Middle East.”<\/p>\n\n\n\n

https:\/\/www.yahoo.com\/news\/biden-half-empty-oil-fuels-090000833.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Biden\u2019s administration sold off more than 40 percent of the Strategic Petroleum Reserve last year to help limit rising fuel prices after Russia invaded Ukraine, leaving the stockpile at its lowest levels since the early 1980s. That\u2019s fueling Republican accusations that Biden has left the U.S. vulnerable to a disruption of global oil supplies \u2014 at a time when Hamas\u2019 terrorist attacks in Israel are stoking fears of a wider regional war disrupting fuel shipments from the Middle East.”
\n…
\nthe reserve still holds 351 million barrels \u2014 equivalent to nearly 56 days of total U.S. oil imports last year \u2014 though well below the peak of 727 million barrels it held during the Obama administration. That\u2019s on top of 424 million barrels that private companies were storing in the U.S. as of early October.
\nThe administration has defended its handling of the reserve, saying it still holds ample crude to protect the nation\u2019s strategic needs and offer a cushion against price shocks. \u201cI am not worried about the reserve levels at all,\u201d Energy Secretary Jennifer Granholm told a House committee in September, adding: \u201cIt is the largest strategic reserve in the world.\u201d<\/p>\n

And the U.S. is no longer the energy beggar it was in 1973, when the Yom Kippur War prompted an Arab oil embargo against the United States that sent prices spiraling and left Americans waiting in hours-long lines at gas pumps. Back then, U.S. oil production was dropping while its thirst for the fuel was rising \u2014 prompting Congress to pass a law in 1975 to create the reserve.”<\/p>\n

…<\/p>\n

” the United States is the world\u2019s biggest oil producer, which exports more crude and petroleum products than it imports. Its output is at record highs and is climbing, even as demand has flattened.<\/p>\n

Over the years, some conservatives have even called for abolishing the reserve, complaining \u2014 as the Heritage Foundation did eight years ago \u2014 that \u201cPresidents have used the SPR as a political tool.\u201d<\/p>\n

Still, the reserves\u2019 diminished volumes limit Biden\u2019s options to respond to a future shock to the oil markets, including those that could result from a widening of the war in the Middle East.”<\/p>\n

https:\/\/www.yahoo.com\/news\/biden-half-empty-oil-fuels-090000833.html<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[217,165,1469,780,576,1962,411],"class_list":["post-12061","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-economics","tag-economy","tag-government-intervention","tag-joe-biden","tag-oil","tag-oil-reserve","tag-policy"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12061"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12061\/revisions"}],"predecessor-version":[{"id":12062,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/12061\/revisions\/12062"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}