Free Beacon: President Joe Biden in December began working to replenish the 180 million barrels he sold last year from the Strategic Petroleum Reserve. Nearly six months later, he still has zero barrels to show for it.
Biden’s Energy Department on Monday announced its intention to purchase up to three million reserve barrels as a “continuation” of the president’s “replenishment strategy.” So far, however, that “strategy” has seen the Democrat fail to purchase a single barrel of reserve oil. The administration first tried to purchase three million reserve barrels in December, when Biden kicked off his “plan to replenish the SPR.” One month later, Biden’s Energy Department revealed it had rejected all offers it received to purchase the oil because those offers “were either too expensive or didn’t meet the required specifications.”
Republicans have hammered Biden for his management of the reserves, which sit at their lowest levels in four decades after the Democrat last year sold 180 million reserve barrels in an attempt to lower gas prices ahead of a difficult midterm election. While Biden responded by pledging to “refill” the reserves with oil his administration would purchase this year, the Democrat has so far made no progress. If Biden’s Energy Department does manage to fulfill its recently announced purchase plan, the oil would be delivered to the reserves in August, meaning Biden would have secured just three million reserve barrels in eight months. At that pace, it would take the Democrat 40 years to procure the 180 million barrels he sold.
Energy Secretary Jennifer Granholm, whose office did not return a request for comment, has confirmed that the administration will be unable to refill the reserve to the levels Biden inherited. Read More …
Opinion: The list of bungled government policies continue to grow. This one, however, should be filed under future catastrophes when viewed in conjunction with the following Oil Price (.com) headline:
Bank Of America Sees Oil Prices Heading Toward $90 This Year
- Bank of America believes oil prices will head back above $80 in the second half of the year and rise toward $90 due to a supply deficit.
- While Bank of America’s forecast for the second half of the year was bullish, it believes the second quarter will average in the mid-$70s.
- The main drivers behind Bank of America’s bullish prediction are rising demand, the OPEC+ cuts, and a lack of response from U.S. shale. (more)
What could go wrong?
Scranton Joe sold oil out of the strategic petroleum reserve (SPR) prior to the November 2022 election to fool Americans into a false sense of confidence that with gas prices coming down inflation would follow. How many remember the spectacle of our president begging Venezuela and Saudi Arabia to step up production in 2022 to bring prices down?
How many remember the US being turned down? And how many remember that shortly after the famous fist bump that MBS actually cut production by about the same amount Biden wanted it increased?
The Ukraine war continues, China continues threatening Taiwan and the US oil reserves have dropped to 1983 levels.
The #1 question Bible prophecy students ask is where is America on prophecy?
In the final war, no nation is named specifically. See if you can find where America fits:
Battle of Armageddon begins – Four Power Blocs
- King of the North: Syria, nations to the north of Israel Dan.11:40)
- King of the South: Egypt, (North Africa), nations to the south of Israel (Dan. 11:40)
- Western Alliance, Beast Army of Antichrist – revived Roman Empire (Psalm 2:1-4; Dan. 11:40; Rev.16:14, 19:19)
- Kings of the East – China India, Nations to the east of Israel(Rev. 16:12)
See Bible Prophecy 101 Chapter 10 “Major Events of Unfulfilled Prophecy HERE