Yes, Democrats, let's just give our oil reserves away
CAIRCO note: the Biden Regime's Green New Deal policies are deliberately intended to cripple American oil production and force the transition to alternative sources of energy. This will be accompanied by a deliberate reduction in American standard of living and quality of life, almost as if it's part of some diabolical Great Reset.
The Strategic Petroleum Reserve, created following the oil crisis of the 1970s, exists to supply Americans during a war or other emergency. Democrats are now calling for oil to be released from the reserve to help reduce the high gas prices that they themselves have created. This is not an emergency unless you believe that the loss of Democrat seats in the 2022 midterm election constitutes an emergency.
The Strategic Petroleum Reserve currently holds 638 million barrels, approximately 1,000 days of net petroleum imports — but far, far less (only 32 days worth) of total domestic demand of 20 million barrels per day. At the maximum draw-down capacity of 4.4 million barrels per day, the SPR would last only 145 days.
In fact, a release of 4.4 million barrels per day would be impossible because it would leave us strategically undefended. It is irresponsible to remove any amount from the SPR except in times of true emergency, but the little that could be removed would not be enough to affect global oil prices and therefore would not significantly reduce gas prices in this country or anywhere else. Global oil production is currently 95 million barrels per day: an additional half-million barrels, however imprudent, would have little effect...
Give them credit: Democrats have been successful at suppressing energy production and so inflicting misery on most Americans. Democrats are good at creating government programs that don't work...
Meanwhile, Democrats are driving down the supply of the fossil fuels that run our cars, heat our homes and businesses, and supply all manner of chemicals and plastics. The current U.S. rig count, the best measure of production activity, stands at 556, barely half of what prevailed during the pre-COVID years of the Trump administration....
What Democrats should be doing is exactly what they will never do: free oil and gas producers of unnecessary restrictions, including environmental, leasing, bank financing, and other controls. Under President Trump, restrictions were withdrawn, and the American oil and gas industry supplied record amounts of energy at near-record-low prices....
Something very peculiar is happening with our Strategic Petroleum Reserve, by By Andrea Widburg, American Thinker, November 18, 2021:
So why now, of all times, is the Biden administration selling off America's Strategic Petroleum Reserve (SPR) to Asia?
As the name suggests, the SPR is America's emergency backup supply of oil. The reason we have it is because of the energy crisis in the early 1970s. ...
Upon entering the Oval Office, one of the first things Biden did was to shut down the Keystone XL pipeline. Henceforth, rather than flowing safely through a pipeline, Canadian oil will come the expensive way, over land, whether in trucks (which are in short supply) or on trains....
Biden's also on the verge of ending all new oil and gas leases around major Native American cultural sites, which will shut down massive amounts of exploration and drilling in New Mexico. And following initial denials, the administration admitted that it plans to close a major Michigan pipeline....
Practically overnight, America went from oil independence and being a net oil exporter to suffering shortages and, as noted, rising prices. ...
U.S. Is Already Exporting Oil From Strategic Reserve at Record Pace, Bloomberg, November 11, 2021.
China Releases Strategic Oil Reserves Following US Invite, Vision Times, November 19, 2021.
U.S. asks Japan, China, others to consider tapping oil reserves -sources, Reuters, November 18, 2021.
Emergency Action Against Bidenflation: Biden Regime Releases 50 Million Barrels of Oil from National Strategic Petroleum Reserve, Breitbart, November 23, 2021.
Backfire: Oil Prices Soar as Market Rejects Biden Administration’s Strategic Reserve Ploy, Breitbart, November 23, 2021.
Oil reserves released by Biden expected to primarily go to China, India, Geller Report, November 24, 2021.