The U.S. Department of Energy (DOE) has announced that it intends to buy oil to replenish the country’s Strategic Petroleum Reserve (SPR), which has been depleted to multi-decade-low levels. According to the DOE’s Request for Proposal (pdf) issued on May 15, the department is seeking to purchase up to three million barrels of sour crude…
Energy Department to Buy 3 Million Oil Barrels to Replenish Strategic Reserves
May 16, 2023
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Refilling Nation’s Depleted Petroleum Reserves Not Happening Overnight: Biden Official
March 17, 2023
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economyglobal oil pricesNational SecurityPolicies & ImpactsUSUS energy securityUS NewsUS Strategic Petroleum Reserve
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The Biden administration remains undecided about replenishing the nation’s strategic petroleum reserves (SPR) even as oil prices have fallen to favorable levels and resources are at multi-decade lows. Last year, the Biden administration sold 180 million barrels of oil from the SPR. In January 2021, when Biden became president, America’s SPR reserves stood at 638…
Hearing on Biden’s Dip Into Strategic Petroleum Reserves Becomes Debate on Race, Renewables
March 9, 2023
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A House Oversight Subcommittee hearing on President Joe Biden’s decision to draw down the Strategic Petroleum Reserves had some tense moments as some committee members called witnesses shills for the oil industry and accused one of espousing white supremacist views. Both witnesses denied working for the fossil fuel industry, and the witness accused of racism…
NTD Business (Feb. 14): Peter Schiff: Real Inflation Is Double CPI Inflation; US to Sell 26 Million Barrels of Reserve Oil
Inflation numbers are out for January. Prices increased the most in three months, by 0.5 percent, and egg prices are up 70 percent year-over-year. We talk with Peter Schiff about where inflation is headed. Credit rating agencies report a drop in medical debt. What does the White House say is behind it? The Biden administration…
Energy Secretary Opposes GOP Push to Add Conditions for Withdrawing More Oil From National Reserves
January 19, 2023
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Business & Marketseconomyenergygas pricesPolicies & ImpactsSecretary of Energy Jennifer GranholmStrategic Production Response ActUSUS Strategic Petroleum Reserve
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U.S. Secretary of Energy Jennifer Granholm sent a letter to the House energy panel warning that the GOP push to add stipulations to the withdrawal of oil from strategic reserves will harm Americans and contribute to an increase in gas prices. Earlier this month, Rep. Cathy McMorris Rodgers (R-Wash.) introduced the Strategic Production Response Act…
NTD Business (Jan. 12): US Inflation Slows in December; House Passes Bill to Block SPR Oil Exports to China
January 12, 2023
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Monthly inflation is down for the first time in more than two-and-a-half years. We talk to traders about the report. The White House says the president does not support banning gas stoves, after an official said he’s thinking about it. House lawmakers come together to block China from buying oil from America’s emergency stockpile. Microsoft is…
Washington’s Dilemma in Trying to Refill Petroleum Reserves After 220 Million Barrel Drawdown
News Analysis After the Biden administration released 180 million barrels of oil last year from its Strategic Petroleum Reserve (SPR) in an attempt to rein in gasoline prices, Washington is now facing a dilemma while trying to replenish the SPR as it deals with price and funding challenges. The release of 180 million barrels of…
White House Now Looking to Refill SPR at $70 per Barrel
November 30, 2022
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The Biden administration has changed its stance on refilling the Strategic Petroleum Reserve (SPR) after significantly depleting it earlier in its attempt to control oil prices. During an interview with Bloomberg, energy security advisor Amos Hochstein said that the White House will consider replenishing the SPR once oil prices are “consistently” at the level of…
Head of US Energy Alliance Says Biden Administration’s Energy Policies are Driving up Costs of Oil and Gas
December 25, 2021
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While the pandemic has spurred demand, leading to increased energy prices, the Biden administration’s reliance on imports is a greater contributor to the increased costs of oil and gas said Jerry Simmons the president of The Domestic Energy Producers Alliance (DEPA) in a Dec. 23 interview on NTD’s “Capitol Report” program. NTD is an affiliate of…
Oil Reserve Release ‘A Drop in the Ocean,’ Symbolic Gesture Has Minimal Effect on Price: Goldman Sachs
November 24, 2021
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A coordinated global release of oil reserves led by the United States, resulting in 70–80 million barrels of additional crude supply, fell short of the amount markets were pricing in, and according to Goldman Sachs has turned out to be little more than a symbolic gesture as global oil prices rebounded to a one-week high…
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