Biden Begins Buying Back Oil To Refill Strategic Reserve… Will Send Gas Prices Back To Record Highs

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Refinaria da JX Nippon Oil & Energy em Yokohama, Japão 07/02/2017 REUTERS/Kim Kyung-Hoon

Frankly, when this headline hit we just assumed it was a mistake… but it’s not.

Just 6 weeks after President Biden unveiled the greatest, most-massivest, democracy-saving plan to release millions of barrels of oil from the Strategic Petroleum Reserve into the market to bring down the price of gasoline at the pump for Americans… which was crushing his approval ratings as the average joe’s pocket book is eaten alive by Biden-flation…

Just 6 weeks after President Biden unveiled the greatest, most-massivest, democracy-saving plan to release millions of barrels of oil from the Strategic Petroleum Reserve into the market to bring down the price of gasoline at the pump for Americans… which was crushing his approval ratings as the average joe’s pocket book is eaten alive by Biden-flation…

CNN reports that the Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America’s shrinking emergency oil reserve, an Energy Department official said.

“As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most,” Energy Secretary Jennifer Granholm said in a statement.

Beyond trying to refill a vital rainy fund, the Biden administration hopes the buyback plan will encourage domestic oil production by guaranteeing a source of future demand.

This cunning plan to sell low and buy high has sent oil prices back above $110… and erased any short-term impact on oil prices from Biden’s plan. Read More …

Opinion: Frankly I’m confused.

March 23, 2021

Biden Drops Details On SPR Release, Then Flees From Media Questions

Of course, we don’t have to explain why Biden shouldn’t bother with that SPR release: his administration did that himself last month – insisting that a jolt from the SPR wouldn’t  make a difference in long-term crude prices.  source

March 31, 2022

U.S. to release 1 million barrels of oil per day from reserves to help cut gas prices

“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time,” the White House said. source

Bloomberg: April 18, 2022

Oil From U.S. Strategic Reserve Heads for Europe Amid Global Supply Crunch

A cargo of crude from the U.S. Strategic Petroleum Reserve departed a Texas port bound for Europe, a signal of increasing oil-market disarray as refiners shun Russian supplies and prices surge. source

(Energy Secretary Jennifer M. Granholm when asked about daily US oil consumption admitted she did not know)

Now that we have the crack Biden team fiddling with the oil market, we can expect to see  higher energy prices as the US heads into the peak summer driving season.

But guess which group is feeling no pain? Our Bible tells us in Revelation 6:5-6, that the ‘oil and wine‘ the only ones who can afford such luxury in the coming tribulation, will be just fine for a time.