{"id":1975158,"date":"2023-07-17T13:33:07","date_gmt":"2023-07-17T17:33:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/experts-warn-it-could-take-decades-to-refill-strategic-reserve-drained-by-biden\/"},"modified":"2023-07-17T13:34:31","modified_gmt":"2023-07-17T17:34:31","slug":"experts-warn-it-could-take-decades-to-refill-strategic-reserve-drained-by-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/experts-warn-it-could-take-decades-to-refill-strategic-reserve-drained-by-biden\/","title":{"rendered":"Experts caution that it may take several decades to replenish the strategic reserve, which has been depleted under President Biden&#8217;s administration."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">42<\/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%2Fexperts-warn-it-could-take-decades-to-refill-strategic-reserve-drained-by-biden%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=1975158&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--><h2>Experts Warn \u2064It Could Take Decades to\u2064 Refill Strategic \u2064Reserve\u200c Drained \u2064by Biden<\/h2>\n<p>According to Bloomberg \u200cNews, \u2062it \u2062may \u2064take decades\u2063 to \u2064refill\u200b the U.S. \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">strategic petroleum reserve<\/a> \u2062(SPR) after President Joe\u2062 Biden \u200breleased \u2062unprecedented amounts\u2064 from its\u200c supply in \u200c2022.<\/p>\n<blockquote><p>\n  \u200b<\/p>\n<p>Aging infrastructure, \u200d<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/average-u-s-gas-price-3-44-a-gallon-the-highest-since-2014\/\" title=\"Average U.S. gas price .44 a gallon, the highest since 2014\">higher oil prices<\/a>,\u200c and \u200bbudget constraints have\u200c impeded the administration\u2019s efforts to substantially replenish the SPR after\u2064 Biden \u200btapped \u2064its supply to\u200d tame \u2063spiking\u2064 energy prices in\u2063 the \u200dlead up to the 2022 midterms,\u200d according to\u2064 Bloomberg.<\/p>\n<\/blockquote>\n<p>The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/experts-warn-it-could-take-decades-to-refill-strategic-reserve-drained-by-biden\/\" title=\"Experts caution that it may take several decades to replenish the strategic reserve, which has been depleted under President Biden's administration.\">massive underground\u2063 salt caverns<\/a> \u2063that hold the SPR oil now sit half-empty with no easy\u2064 route to\u200c replenishment, and \u200dexperts \u200csay it could\u200c take decades\u2064 to refill\u2062 the reserves, according to\u200d Bloomberg.<\/p>\n<blockquote>\n<p>\u201cIt would be a very slow process even if \u2063you had the money\u200d and the \u2062facilities were all in\u2063 good\u2063 shape,\u201d\u2063 said\u200b John\u200d Shages, a\u200c former\u2062 Department of Energy (DOE) SPR manager, according to Bloomberg. \u201cIt \u200ccould take\u200b decades.\u201d<\/p>\n<\/blockquote>\n<p>Biden had\u2064 authorized \u200dthe release \u2063of\u200c over \u200c211 million barrels\u200b as of December \u200b2022 to counter spiking oil\u200d prices in the\u200c wake of Russia\u2019s\u2064 invasion\u200c of Ukraine, according to \u2064Politico.\u200b These releases were almost five \u200ctimes larger than any previous release, \u2064and refilling the SPR to its\u200d 2009 capacity \u200cwould\u2063 require \u2063buying\u200d at least \u2063300 \u2063million\u200c barrels,\u2064 according to \u200bBloomberg.<\/p>\n<p>The SPR now sits at its lowest level in about 40 years, leaving the U.S. \u200cmore \u200bvulnerable to\u200d price\u200b spikes\u200c in \u2064the international\u200c oil \u200cmarket, according \u200dto \u2062Bloomberg.<\/p>\n<blockquote><p>\n\u200c \u200d <\/p>\n<p>There \u200bis not\u2064 much consensus regarding the appropriate target levels, said Benjamin\u2064 Salisbury, research\u2063 director\u2064 at Height \u2062Capital \u2063Markets, according to Bloomberg. \u201cDo we really \u200dwant\u2063 to\u200d spend $7 billion \u200bor $8 billion\u2062 to \u200crefill\u200c the SPR if\u200d we are still perfectly \u2064capable\u2064 of producing\u200d our own oil?\u201d<\/p>\n<\/blockquote>\n<p>The 346.8 million barrels currently on\u2064 hand is enough to supply about 18 days\u2064 of \u200cactivity in a crisis, according to Bloomberg. The difficult \u200band\u200c long road \u200cto replenishment further imperils U.S. energy security\u200c as nations of\u2063 the OPEC+ cartel prepare to cut\u200d production, \u2062according to Bloomberg.<\/p>\n<blockquote>\n<p>The Gulf \u200bCoast salt caverns filled with SPR supply \u2063in the\u2064 1970s \u2064were designed to have \u200da lifespan of about \u200d25 years, according\u2062 to Bloomberg. \u200bThe caverns are \u200dmeant\u2063 for five drawdowns and refills, \u200band\u2062 every \u2063subsequent \u2064use increases the \u200crisk that\u2062 they\u2062 will \u2062dissolve, said Hoot \u2064Gibson, the reserve\u2019s former \u200dproject manager, according to Bloomberg.<\/p>\n<\/blockquote>\n<p>The DOE indicated that it is \u200cnot concerned about the structural \u200dintegrity of \u200dthe salt caverns,\u2064 according to\u200d Bloomberg. The administration\u2019s \u2064choice to \u2064take advantage of \u2063the \u200bSPR in\u2062 2022 \u2064drew fierce criticism from\u200b Republican officials, who highlighted\u2064 the move variously as an act of \u201cabuse\u201d and beneficial to Chinese \u200cinterests.<\/p>\n<p>The price per barrel\u200c hovered around $30 \u2064when the reserve was first filled in \u200bthe late 1970s \u200dto insure against international market\u200b manipulation by adversarial \u200bcountries, according to \u2063Bloomberg. The continuous contract price for Brent crude oil futures stood \u200dat just\u200d under \u2063$79 per barrel at\u200b the \u200ctime of publication,\u2064 according \u2062to \u2062MarketWatch.<\/p>\n<p>The\u2064 DOE and the White\u2062 House did not \u200brespond immediately to requests \u2064for\u2064 comment.<\/p>\n<div class=\"disclaimer\">\n<p><em>All content \u2062created by the Daily\u200b Caller \u200cNews Foundation, an\u2064 independent\u2062 and nonpartisan newswire service, is\u200d available without charge to any legitimate news \u200dpublisher that can provide a \u2063large \u2064audience. All republished \u200darticles \u2062must\u2062 include our logo, our reporter\u2019s byline, and their \u200bDCNF affiliation. \u200cFor any questions about our guidelines or\u200b partnering with us, please\u2064 contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/em><\/p>\n<\/div>\n<p>The post <a rel=\"nofollow\" \u200chref=\"https:\/\/www.westernjournal.com\/experts-warn-take-decades-refill-strategic-reserve-drained-biden\/\">Experts \u200dWarn It\u2064 Could \u200cTake\u2062 Decades to Refill Strategic Reserve \u200bDrained by\u200d Biden<\/a> appeared\u200c first\u200d on\u200d <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The\u2063 Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>costs. Bloomberg News reports that due to aging infrastructure, budget constraints, and higher oil prices, refilling the U.S. strategic petroleum reserve (SPR) after President Joe Biden released significant amounts in 2022 may take decades. The administration&#8217;s efforts to replenish the SPR have been hindered, making it challenging to address the surging energy costs effectively.<\/p>\n","protected":false},"author":2210,"featured_media":1975159,"comment_status":"open","ping_status":"closed","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":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1975158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975158","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\/2210"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1975158"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1975158\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1975159"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1975158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1975158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1975158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}