{"id":1702136,"date":"2022-10-19T08:59:21","date_gmt":"2022-10-19T12:59:21","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1702136"},"modified":"2022-10-19T09:31:59","modified_gmt":"2022-10-19T13:31:59","slug":"white-house-signals-more-significant-drawdowns-from-strategic-reserve","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-signals-more-significant-drawdowns-from-strategic-reserve\/","title":{"rendered":"White House Signals More &#8220;Significant&#8221; Drawdowns From Strategic Reserve"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-signals-more-significant-drawdowns-from-strategic-reserve%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1702136&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The White House on Tuesday signaled \u201cadditional significant\u201d drawdowns from the\u00a0U.S.\u00a0<a href=\"https:\/\/www.theepochtimes.com\/t-strategic-petroleum-reserve\">Strategic Petroleum Reserve<\/a> (SPR) beyond the 180 million barrels announced in March. But an expert says these drawdowns \u201cfailed to control oil prices.\u201d<\/p>\n<p>The final 15 million barrel tranche of the total 180 million barrel SPR drawdown is expected to be announced Wednesday, <a href=\"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\/\">according<\/a> to the White House.<\/p>\n<p>\u201cThis sale will complete the historic, 180-million-barrel drawdown the President [<a href=\"https:\/\/www.theepochtimes.com\/t-joe-biden\">Joe Biden<\/a>] announced in the spring, which has helped to stabilize crude <a href=\"https:\/\/www.theepochtimes.com\/t-oil-markets\">oil markets<\/a> and reduce prices at the pump,\u201d a White House fact sheet states.<\/p>\n<p>Biden has also called on the\u00a0Department of Energy (DOE) to be ready for \u201cadditional significant SPR sales this winter if needed\u00a0due to Russian or other actions disrupting global markets.\u201d<\/p>\n<p>The SPR is at its lowest level since 1984, with around 400 million barrels remaining. At its peak, in 2010, there were over 726 million barrels.<\/p>\n<p>A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. (Richard Carson\/Reuters)<\/p>\n<p>On Wednesday, Biden will also announce that the U.S. government intends to repurchase crude oil to replace the depleted SPR inventory when prices are at or below $67 to $72 per barrel.<\/p>\n<p>The White House said the DOE is finalizing a new rule to allow fixed-price contracts through a competitive bid process for oil delivered at a future date, which the Biden administration hopes will\u00a0create certainty for the oil markets.<\/p>\n<p>\u201cThis repurchase approach will protect taxpayers and help create certainty around future demand for crude oil. That will encourage firms to invest in production right now, helping to improve U.S. energy security and bring down energy prices that have been driven up by Putin\u2019s war in Ukraine,\u201d the White House fact sheet states.<\/p>\n<p>Biden \u2018Failed to Control Oil Prices\u2019<\/p>\n<p>The Biden administration is coming to grips with \u201cthe reality\u201d that its SPR drawdowns \u201cfailed to control oil prices,\u201d according to\u00a0Phil Flynn, a senior account executive at The Price Futures Group and author of \u201cThe Energy Report.\u201d<\/p>\n<p>\u201cIf at first you don\u2019t succeed, release more oil. The Biden administration still doesn\u2019t get the fact that the release from the Strategic Petroleum Reserve (SPR) failed to control oil prices,\u201d Flynn <a href=\"https:\/\/blog.pricegroup.com\/2022\/10\/18\/theyre-caught-in-a-trap-the-energy-report-10-18-2022\/\">wrote<\/a> in The Energy Report on Tuesday.<\/p>\n<p>\u201cIt\u2019s kind of like the little shop of horrors. When you start giving the market a little bit of blood it\u2019s going to want more and more and more, and it will never be truly satisfied,\u201d he added. \u201cThis is especially true because the Strategic Petroleum Reserve was never meant as a vehicle to control prices and if it was, then the size of the SPR was totally inadequate for the job.\u201d<\/p>\n<p>Flynn, who expressed skepticism that tapping the SPR was to lower gas prices, said the Biden administration \u201cisn\u2019t getting the message\u201d that its strategy isn\u2019t working.<\/p>\n<p>The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, is seen in this aerial<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House on Tuesday signaled \u201cadditional significant\u201d drawdowns from the\u00a0U.S.\u00a0Strategic Petroleum Reserve (SPR) beyond the 180 million barrels announced in March. But an expert says these drawdowns \u201cfailed to control oil prices.\u201d The final 15 million barrel tranche of the total 180 million barrel SPR drawdown is expected to be announced Wednesday, according to &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1894897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"White House Signals More &#8220;Significant&#8221; Drawdowns From Strategic Reserve","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1702136","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"White House Signals More &#8220;Significant&#8221; Drawdowns From Strategic Reserve","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1702136","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1702136"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1702136\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1894897"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1702136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1702136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1702136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}