Current Events > Biden completes release of most barrels from US Petroleum Reserve in history.

(+) Yeah! (+)

Biden to complete release from emergency oil reserves; could take more action on gas prices

President Joe Biden will announce Wednesday hes releasing 15 million barrels of oil from the nations emergency reserves, one of the few actions he can take before next months midterm elections to show voters he feels their pain at the pump.

The move completes Bidens March directive to release 180 million barrels from the Strategic Petroleum Reserve, the largest sale in the reserves nearly 50-year history.

The national average pump price for a gallon of gas has significantly dropped since summer but has ticked up since September and is still higher than it was last year.

Bidens move comes about two weeks after OPEC and its oil-exporting allies announced it would cut oil production by 2 million barrels per day to boost prices.

180 million barrels

...out of how many?

...out of how many?

The sale, which completes the 180 million barrels the President authorized in the spring, will add about 500K barrels per day of supply onto the market in December, providing continued supply certainty and some price relief.

The U.S. SPR remains the largest strategic reserve in the world with about 400 million barrels remaining, which is greater than the amount of any SPR release in U.S. history.

Bidens move comes about two weeks after OPEC and its oil-exporting allies announced it would cut oil production by 2 million barrels per day to boost prices.

What is the reserve for if not for this?

Source:
https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-
biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/

So... not even a third.
This is a barely-burger.

Ideally to have leverage over other countries in an oil-scarce future

$0.40 per gallon

Ib4 GOP is buttmad that "Biden is hurting our reserves!"

This is why it's dumb.
The "holyshit 180 million barrels!" is just hysteria.

The actual answer:

https://gamefaqs.gamespot.com/a/user_image/6/2/3/AAEhCpAADy0_.jpg

Ideally to have leverage over other countries in an oil-scarce future

That a refinery?

Hey, a few bucks saved a trip to the gas station is money saved.

Especially when you got people who can barely afford to fucking eat AND are car-dependent

In the future we won't be using oil.

What is the reserve for if not for this?

Wtf, this supply is for major emergencys, not winning favor in elections.

Ib4 GOP is buttmad that "Biden is hurting our reserves!"

Ib4 GOP is buttmad that "Biden is hurting our reserves!"

Biden is a President of action. He sees a problem and he takes action. Gas prices were high so he lowers them by giving us more fuel. I see the price of gas going down everyday. It feels nice to have a President who actually does Presidential stuff instead of posting on Twitter all day.

what happens to the price after we use up the reserves

what happens to the price after we use up the reserves

Ib4 GOP is buttmad that "Biden is hurting our reserves!"

what happens to the price after we use up the reserves

what happens to the price after we use up the reserves

For the record i dont mind it. Just hate that hes only using it for strategy. like every politician

Good. Politicians should do things that make me want to vote for them.

For actual emergencies, not to lower 25 cents at the pump which companies will try to offset somehow.

republicans winning the midterms or 2024 would be a serious emergency

40 cents a gallon reduction in costs adds up, in particular for people living paycheck to paycheck.

Which isn't a whole hell of a lot when gas is still double the price it was a couple years ago.

Gas hasn't been $1.50 in like over 10 years

Ideally to have leverage over other countries in an oil-scarce future