The Biden administration announced on Dec. 16 that it will purchase 3 million barrels of oil to replace Strategic Petroleum Reserve (SPR) withdrawals. The Department of Energy’s (DOE) Office of Petroleum Reserves said in a statement that it will start repurchasing crude oil for the SPR “to secure a good deal for American taxpayers by…
Biden Administration Announces Another Purchase of Oil to Replenish the Strategic Petroleum Reserve
Biden Administration Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyenergyEnergy policyExecutive BranchMarketsPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsWorld
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The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
Biden Admin Drained Strategic Petroleum Reserve to Save ‘Global Economy’: White House Adviser
December 5, 2022
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2022 Midterm Electionsbiden administrationBusiness & MarketscongressDemocratseconomic policieseconomyenergyEnergy policyExecutive BranchMarketsPolicies & ImpactsPoliticsStrategic Petroleum ReserveUSUS NewsWorld
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The Biden administration has claimed it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…
US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA
November 24, 2022
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APIBusiness & Marketseconomic policieseconomyEIAenergyExecutive BranchGold and CommoditiesInvestmentMarketsNational SecurityOilPolicies & ImpactsPoliticsrecessionStrategic Petroleum ReserveUSUS News
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With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…
Saudi Blasts Release of US Oil Reserves as an Attempt to ‘Manipulate Markets’
October 28, 2022
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2022 Midterm ElectionsBiden administraitonBusiness & Marketseconomic policieseconomyenergyEuropeInvestmentMarketsMiddle EastOilOPECPolicies & ImpactsPoliticsRussia-Ukraine WarSaudi ArabiaStrategic Petroleum ReserveUSWorld
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The Saudi Arabian energy minister indirectly slammed the decision by the Biden administration to release oil from the Strategic Petroleum Reserve (SPR) as an attempt to “manipulate markets.” This is the latest spat between Riyadh and Washington over crude production. Saudi Energy Minister Prince Abdulaziz bin Salman did not directly mention President Joe Biden over…
House Republicans Launch Probe Into Biden’s Potential Oil Export Ban
October 27, 2022
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bidenBusiness & Marketseconomic policieseconomyenergyEnergy DepartmentOilOversight CommitteePoliticsRepublicansStrategic Petroleum ReserveUSUS News
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A group of House Republicans has begun a probe into a potential U.S. ban on fuel exports and what they called the “potential misuse” of the national strategic oil reserve by the Biden administration. In an Oct. 26 letter to Department of Energy (DOE) Secretary Jennifer Granholm, Republican lawmakers on the House Committee on Oversight…
Biden Himself Almost Said It: ‘The Strategic Political Reserve’
Commentary Along with polyester leisure suits and lines at the gas station, the 1970s is remembered for moralizing dystopian movies, most of which blame the global catastrophes facing the principal characters on corporate greed or excessive procreation; like “Soylent Green,” whose title refers to a government mass-produced food whose sinister ingredients turn out to have…
GOP Criticism of Biden’s SPR Drain Can’t Be Taken Seriously as They Got What They Asked for by Demanding Lower Gas Prices: Klain
October 21, 2022
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Business & MarketseconomyenergyExecutive BranchJoe BidenMarketsPoliticsStrategic Petroleum ReserveUSUS News
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White House Chief of Staff Ron Klain said Republican criticism of President Joe Biden’s decision to drain the nation’s Strategic Petroleum Reserve (SPR) can’t be taken too seriously because the GOP demanded lower pump prices for American drivers and that’s exactly what “we did” by depleting the stockpile. Klain made the remarks in an appearance…
Gasoline Prices Are Stubbornly High in Election Swing States as Biden Releases More Oil From Strategic Reserve
October 20, 2022
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2022 Midterm ElectionsBiden administraitonBusiness & MarketsDemocratseconomic policieseconomyenergygas pricesinflationmidterm electionpersonal financePolicies & ImpactsPoliticsrecessionStrategic Petroleum ReserveUS
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Gas prices remain persistently high throughout the United States, as swing-state voters increasingly turn away from the Democrats because of rising fuel costs, three weeks before the midterm elections. The cost of gas is currently higher than at least nine of the last election cycles. Meanwhile, President Joe Biden announced the release of more oil…
Republican Lawmakers Criticize Biden Over Releasing 15 Million Barrels of Oil From Reserve
October 20, 2022
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2022 Midterm ElectionsExecutive BranchJoe BidenJohn BarrassoMike GallagherPoliticsRepublicansStrategic Petroleum ReserveUS
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Republican lawmakers are criticizing President Joe Biden over his decision to release 15 million barrels of oil from the Strategic Petroleum Reserve (SPR), arguing that his move was politically motivated and left the United States vulnerable to foreign adversaries. “President Biden is draining the SPR to bailout Democrats ahead of the midterms, further surrendering our…
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