Biden admin to release another 10-15 million oil barrels from nation’s emergency stockpile in bid to balance markets/keep gas prices from climbing

Biden admin to release another 10-15 million oil barrels from nation’s emergency stockpile in bid to balance markets/keep gas prices from climbing
Biden admin to release another 10-15 million oil barrels from nation’s emergency stockpile in bid to balance markets/keep gas prices from climbing

President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday in the range of 10 million to 15 million barrels, sources familiar with the plan told CNBC.

The move aims to extend the current SPR delivery program, which began this spring, through December, the sources said.

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The European Union embargo on Russian oil is scheduled to go into effect on Dec. 5, and the White House release is intended to offset some of the expected volatility in the oil market stemming from the implementation of the EU embargo.

So far this year, the White House has released about 165 million barrels of crude from the SPR, out of a total that it said would be around 180 million.

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The announcement of an additional 10 million to 15 million barrels on Wednesday would represent the culmination of the current release.

The White House and Energy Department did not respond to requests to comment.

I couldn’t agree more. And when Republicans win in November they ought to go after Biden for this. But you and I both know that won’t happen. [CNBC] has been banned from ad networks and is now entirely reader-supported CLICK HERE TO SUPPORT MY WORK…

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  1. In WW2, Germany didn’t have oil for gas and such. But they made it from coal. Today they claim we can’t figure that out and the technique was lost in WW2. Hmmmmm. BS!

  2. That’s not much stock at all really, when billions of barrels are produced daily. Also how is oil meant to effect the gas price? Turbines use gas, not petrol.

  3. Yeah, well. Bozobiden pissed off the Arabs and OPEC+. Now he has to deplete our stategicnoil reserves so gas prices won’t rise before midterms.

    What may happen is that by threatening the Arabs (for not producing an extra one millions barrels) so dems-satan worshippers would look good ahead of midterms may in fact prove disasterous. BRICS deal with Arabs accepting the redchinesey yuan for petrol. Redchinesey manipulate their currency too, so the dollar gets devalued and hosed, and redchinesey yuan goes up.

    Bozobiden is the the stupidest assholer on earth. Fricken imbecile!

    • Strategic oil reserves are for National security. Not pilfering by dirtbag satanist puppets to improve their chances of avoiding the red tidal wave at midterm elections!

      • I’m thinking the Fed is no longer Devos’ Sock Puppet. It appears they intend to save the dollar and trash the EU Banks. Being as this is the Devos/Satanists power center, we’ll all be better off. Notice they are all starting to wine and sound the alarm bell about the Fed raising rates? We shall see, but I’m betting they continue. The Fed did save the Swiss Bank a few days back. Prevented bank runs. But I don’t believe they will do that for Deutch Bank and such. Amazing times.

      • Barter is the future, I think. When it gets really tough, only real and needed things will have value. I’m a big gold and silver fan but believe it too will become worthless. I am hoping for a big gain there just before. So far, the riggers have caped the price when it should be way up from where it is at present.

      • Yeah on the gold/silver it should be much higher now. The fed printing press is working overtime. Much of my position in gold/silver is up by 200-400%. I don’t have tons, but I have been active since the 1970’s tucking away long for hard times. Even when I gambled, the minute I hit large, I would immediately leave and buy extra metals. That way I would always have something tangible to prove I won.

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