{"id":2212343,"date":"2024-04-03T15:09:02","date_gmt":"2024-04-03T19:09:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-nixes-plan-to-help-refill-strategic-petroleum-reserve\/"},"modified":"2024-04-03T15:09:39","modified_gmt":"2024-04-03T19:09:39","slug":"biden-admin-nixes-plan-to-help-refill-strategic-petroleum-reserve","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-nixes-plan-to-help-refill-strategic-petroleum-reserve\/","title":{"rendered":"Biden Administration Cancels Strategic Petroleum Reserve Refill Proposal"},"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\">16<\/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%2Fbiden-admin-nixes-plan-to-help-refill-strategic-petroleum-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=2212343&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 Biden administration decided to backtrack on refilling the Strategic\u200b Petroleum Reserve due to significant drawdowns, \u200cas reported by Bloomberg News. \u2063This reversal contrasts\u2062 with\u200c the prior plan to acquire up to 3\u2062 million \u200bbarrels in Louisiana. The \u2064Energy Department cited taxpayer interests as the reason for\u200b this decision amid heightened\u2063 oil \u2063prices and geopolitical \u2063tensions. The Biden administration&#8217;s decision to halt \u2064the refilling of the Strategic Petroleum Reserve, reported by\u2062 Bloomberg News, marks a\u200b shift from the earlier plan to procure up to 3 million \u200bbarrels\u2063 in Louisiana. The Energy Department justified the decision based on taxpayer \u200dinterests, especially amidst rising oil prices \u200band increasing geopolitical tensions.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>On Wednesday, the <a href=\"https:\/\/www.dailywire.com\/topic\/biden-administration\" target=\"_blank\" rel=\"noopener\">Biden administration<\/a> announced that it was stepping back from a plan to refill the <a href=\"https:\/\/www.dailywire.com\/topic\/strategic-petroleum-reserve\" target=\"_blank\" rel=\"noopener\">Strategic Petroleum Reserve<\/a> (SPR) following a <a href=\"https:\/\/apnews.com\/article\/2022-midterm-elections-putin-biden-climate-and-environment-government-politics-7fa1a7e4c1d2196856566f9401d8369b\" target=\"_blank\" rel=\"noopener\">significant drawdown<\/a> in recent years.<\/p>\n<p>Bloomberg News <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-03\/us-cancels-latest-oil-reserve-refill-plan-amid-high-prices\" target=\"_blank\" rel=\"noopener\">reported<\/a> the decision marks a reversal from last month\u2019s announcement to solicit <a href=\"https:\/\/www.energy.gov\/ceser\/articles\/us-department-energy-announces-two-solicitations-purchase-oil-strategic-petroleum\" target=\"_blank\" rel=\"noopener\">up to 3 million barrels<\/a> to a Louisiana site in August and September. It also coincides with crude oil prices reaching their highest level in months as <a href=\"https:\/\/www.cnbc.com\/2024\/04\/02\/oil-prices-climb-to-five-month-high-on-escalating-middle-east-tensions.html\" target=\"_blank\" rel=\"noopener\">geopolitical tensions<\/a> increase.<\/p>\n<p>The Energy Department claimed to be \u201ckeeping the taxpayer\u2019s interest at the forefront.\u201d The agency said, \u201cWe will not award the current solicitations for the Bayou Choctaw SPR site and will solicit available capacity as market conditions allow,\u201d adding, \u201cWe will continue to monitor market dynamics.\u201d<\/p>\n<p><a href=\"https:\/\/www.energy.gov\/sites\/default\/files\/2022-09\/strategic%20petroleum%20reserve%20factsheet.2_1.pdf\" target=\"_blank\" rel=\"noopener\">Started in 1975,<\/a> the SPR is \u201cthe world\u2019s largest supply of emergency crude oil \u2026 established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program,\u201d according to <a href=\"https:\/\/www.energy.gov\/ceser\/strategic-petroleum-reserve\" target=\"_blank\" rel=\"noopener\">the Energy Department<\/a>.<\/p>\n<p>The SPR plummeted to its <a href=\"https:\/\/www.axios.com\/2022\/11\/02\/biden-strategic-petroleum-reserve-oil-levels\" target=\"_blank\" rel=\"noopener\">lowest level in decades<\/a> in 2022 after the Biden administration announced a 180-million-barrel <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\/\" target=\"_blank\" rel=\"noopener\">drawdown<\/a> in an attempt to stabilize global oil markets and <a href=\"https:\/\/rollcall.com\/2022\/10\/19\/biden-to-announce-more-oil-reserve-sales-to-reduce-gas-prices\/\" target=\"_blank\" rel=\"noopener\">combat rising gasoline prices<\/a>.<\/p>\n<p>Recent data showed the SPR at <a href=\"https:\/\/www.eia.gov\/petroleum\/supply\/weekly\/pdf\/table1.pdf\" target=\"_blank\" rel=\"noopener\">363.6 million barrels<\/a> \u2014 far below the <a href=\"https:\/\/www.energy.gov\/ceser\/spr-quick-facts\" target=\"_blank\" rel=\"noopener\">authorized storage capacity<\/a> of 714 million barrels \u2014 after it topped <a href=\"https:\/\/apnews.com\/article\/biden-inflation-business-opec-climate-and-environment-cd15107ef2e0bb49db9165eb190b450c\" target=\"_blank\" rel=\"noopener\">600 million barrels<\/a> as recently as late 2021.<\/p>\n<p>U.S. oil futures rose to $85 per barrel for the first time since October on Tuesday, which MarketWatch <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-oil-benchmark-tops-85-a-barrel-as-middle-east-tensions-escalate-8d5dd06a\" target=\"_blank\" rel=\"noopener\">attributed<\/a> to concerns about a direct conflict between Israel and Iran following a strike in Syria that <a href=\"https:\/\/www.dailywire.com\/news\/major-escalation-alleged-israeli-airstrike-kills-top-iranian-general-in-syria\" target=\"_blank\" rel=\"noopener\">killed<\/a> a top Iranian commander. Also mentioned in the report were Ukrainian attacks on Russian oil facilities.<\/p>\n<p>The Biden administration has made <a href=\"https:\/\/www.energy.gov\/articles\/doe-announces-repurchase-oil-strategic-petroleum-reserve\" target=\"_blank\" rel=\"noopener\">declarations<\/a> since late 2022 pledging to work toward repurchasing crude oil for the SPR, and just last week the Energy Department said it would <a href=\"https:\/\/www.nasdaq.com\/articles\/us-to-buy-oil-for-spr-oil-at-above-%2479-target-price-in-latest-round\" target=\"_blank\" rel=\"noopener\">purchase<\/a> more than 2.7 million barrels despite the cost being $81 dollars a barrel, $2 over the U.S. target price. Backing away from the refill plan drew fresh criticism.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1712245447014000&#038;usg=AOvVaw259gdy9LGyeAJghxwMwQqU\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>\u201cIt\u2019s pure insanity to watch the Biden Administration cut American oil production and then claim they can\u2019t refill our critical reserve because of the price,\u201d Daniel Turner, founder and executive director for Power The Future, said in a statement, <a href=\"https:\/\/www.foxbusiness.com\/politics\/biden-admin-cancels-plan-to-refill-emergency-oil-reserve-amid-high-prices\">according<\/a> to Fox Business.<\/p>\n<p>\u201c[President] Joe Biden drained the SPR for political reasons, cut our domestic production for his climate agenda, and now he\u2019s leaving our critical reserve more vulnerable because he\u2019s incompetent,\u201d Turner added. \u201cAs a result, Americans are paying more at the pump, more at the grocery store and our SPR is less full during a time of rising turmoil in the Middle East.\u201d<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration announced on Wednesday a retreat from refilling the Strategic Petroleum Reserve (SPR) after substantial drawdowns. This decision, reported by Bloomberg News, contrasts with last month&#8217;s plan to procure up to 3 million barrels for a Louisiana site in August and September<\/p>\n","protected":false},"author":1588,"featured_media":2212344,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-1434808195-scaled-e1712166974449.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-2212343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/GettyImages-1434808195-scaled-e1712166974449.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2212343","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\/1588"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2212343"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2212343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2212344"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2212343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2212343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2212343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}