Trump to Refill SPR as a Priority

Biden did already.

 

Supply disruptions caused by lousy Biden energy policies and to buy votes in 2022 is not a reason the SPR should have been used for. Gas prices were high because of Biden's policies, not some major world disruption regardless of what is being sold about the Russia invasion of Ukraine.

We are in a dangerous world in which we could be fighting China and Russia in multiple parts of the world. The SPR as it stands now does not allow the US to prosecute a winning foreign policy. This far outweighs buying votes to win elections which the reserve was never intended for.

Biden as recently as June/July through his closest energy adviser stated he'd like to reduce the SPR further to lower gas prices, discussed in another thread. This is Biden saying he doesn't care if the US becomes defenseless when it comes to prosecuting war if it becomes necessary. It's all about democrats retaining power.

Since May 2023, Jennifer Granholm has said the administration will refill the SPR. She said in March 2024 and June 2024 that the plan is to refill by the end of 2024. Talk is all we get when refilling is what is needed. If anyone believes Granholm's lies about refilling by the end of 2024, I have a solid gold watch I'm wearing that I'm willing to make you a good deal on. Sorry, I don't own any swampland.

No, the SPR isn't exclusively for the military but right now it is the #1 priority. That is why Trump has it on his list of highest priorities. US National security and the security of our allies demands it.

 

Yes, I pointed this out before. In fact, I railed against this since 2022 when Biden took the SPR from over 700 to under 400 just to lower gas, reduce inflation, and buy votes in the 2022 midterms.

This is nothing new to me. It isn't to Trump either as he has commented on this from time to time. It's not me saying it for over 2 years now, Trump 47 has made it a priority which is newsworthy.

You are so obtuse. The SPR is and has never been about the federal government making a profit. I reject your premise that Biden is a master of anything and especially so when it comes to energy policy.

 

This guy is FOS.

Trump filled the reserve to capacity with low priced oil. As I recall, the price was in the $40s at the time. That is why the SPR was at capacity when Trump left office. That is why some of you think Biden is a master trader making money for the US. Trump made it possible by buying low priced oil.

It is true that the 2018 legislation required 100 million barrels to be sold between 2022 and 2028:

Recent legislation mandates additional sales of U.S. Strategic Petroleum Reserve crude oil - U.S. Energy Information Administration (EIA)

Recent legislation has directed the sale of more than 100 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) in U.S. government fiscal years (FY) 2022 through 2027. Based on legislated sales established in multiple acts of Congress, the SPR could decline by about 40% in the coming decade while still meeting requirements for petroleum import coverage. Assuming no other legislation over this period, the SPR could decline from 695 million barrels at the start of 2017 to about 410 million barrels at the start of 2028.

The largest stockpile of government-owned emergency crude oil in the world, the SPR was established to help alleviate the effects of unexpected oil supply reductions. Located in four storage sites along the Gulf of Mexico, the SPR held more than 695 million barrels of crude oil at the beginning of 2017, or about 97% of its 713.5 million barrel design capacity. Prior to FY 2017 sales, the SPR inventory level had remained nearly constant for several years.

A previous Today in Energy article described the three bills enacted in 2015 and 2016 that collectively call for the sale of 149 million barrels in FY 2017 through FY 2025. Most of these sales set volumetric requirements, and revenues from those sales go to the U.S. Department of Treasury. A section of one of those bills—Section 404 of the Bipartisan Budget Act of 2015—included authorization for funding an SPR modernization program by selling up to $2 billion worth of SPR crude oil in FY 2017 through FY 2020. In that act, the sales are based on revenue targets that must be authorized by Congress.

Two recent congressional acts collectively call for the sale of 107 million barrels of crude oil in FY 2022 through FY 2027:

• The Bipartisan Budget Act of 2018, enacted in February 2018, calls for the sale of 30 million barrels over the four-year period of FY 2022 through FY 2025, 35 million barrels in FY 2026, and 35 million barrels in FY 2027.
• The Tax Cuts and Jobs Act of 2017, enacted in December 2017, calls for the sale of 7 million barrels over the two-year period of FY 2026 through FY 2027.

Facts are a sticky thing and easy to find. The guy in the video needs to get his facts. Anyone buying his garbage is buying lies.

Biden made far higher oil releases than mandated by the law and which was intended for releases over a 6-year period. Biden has failed to refill to bring his lawless administration back into compliance with the law.

Thumbing your nose at laws you don't like is what dictators in authoritarian countries do. The Biden Administration has done this throughout his term.

 

Facts are a sticky thing for me too. I remembered the order and didn't realize the democratic congress blocked the purchases; I hate Trump so I'll cutoff my nose despite my face.

Which Presidents Filled And Depleted The Strategic Petroleum Reserve? (forbes.com)

The article does point out that Clinton, Obama, and Biden have been the only presidents to use the SPR for election purposes. The problem is Biden has gone bat crap crazy, an extremist outlier.

But then on March 19, 2020, President Trump directed the Department of Energy to fill the SPR to maximum capacity to help support domestic oil producers during the Covid-19 pandemic. Funding was blocked by Congress, but 2020 did see a slight increase in the SPR to 638 million barrels. However, President Trump became the first Republican president in the history of the SPR to see a net decline in the SPR volume during his term.

President Joe Biden inherited an SPR at 638 million barrels. However, first in response to rising gasoline prices, and then as a result of Russia’s invasion of Ukraine, President Biden announced the most aggressive SPR drawdown in history. During his first two years in office, the SPR was drawn down by 266 million barrels. So far in 2023, another 25 million barrels have been sold from the SPR.

Thus, President Reagan was the champion of SPR fills, and President Biden is the champion of SPR depletions. Overall, with the exception of President Trump, Republicans have increased SPR levels during their terms. Democrats, with the exception of President Carter, have decreased SPR levels.

Add it all up, and Democrats after Carter drew the SPR down by 306 million barrels, and Republicans increased the SPR by 571 billion barrels.

Trump started with 695. He directed a fill of the SPR that didn't happen. The democratic controlled congress blocked the purchases which would have taken the reserve from 638 to 714, maximum capacity.

 

Because sales for Trump's budget didn't happen. The releases were set for later. Read post #30 again.

 

The one and only time Trump authorized a drawdown:

Trump Authorizes Release From Strategic Petroleum Reserve | OilPrice.com

Trump didn't do it to win elections:

Following the news of a drone attack on a Saudi oilfield, which sparked concern about global supply security, President Trump said he had authorized a release from the Strategic Petroleum Reserve.

“Based on the attack on Saudi Arabia, which may have an impact on oil prices, I have authorized the release of oil from the Strategic Petroleum Reserve, if needed, in a to-be-determined amount sufficient to keep the markets well-supplied,” the U.S. President said in a tweet late on Sunday. “I have also informed all appropriate agencies to expedite approvals of the oil pipelines currently in the permitting process in Texas and various other States.”

Trump did not specify the amount of oil that will be released. The drone attack, which took place on Saturday, had some analysts contemplating the possibility of $100 oil after the Wall Street Journal reported it may have taken as much as half of Saudi oil production offline.