Biden Considering Releasing More Oil From Strategic Oil Reserves

“If pump prices keep rising, the Biden administration will shift gears and reconsider SPR releases, though we current do not think they are imminent.” Remember when the Biden admin said it would refill the SPR? Meanwhile Gold reached record highs yesterday for the fifth straight day.

So not only are we not going to refill the strategic oil reserve, Biden will no doubt release more of it as oil heads toward $100 dollars a barrel. Craven self-interest comes to mind in the Dems never ending battle to some way some how to win in November.

This statement alone should prove that Biden and his henchmen have little concern over the welfare of the Nation as the drums of war beat across the world, in no small part due to Biden’s ineptness.

Zero Hedge:

According to Bloomberg, Biden’s Energy Department said it was “keeping the taxpayer’s interest at the forefront” in its decision not to purchase as many as 3 million barrels of oil for a Strategic Petroleum Reserve site in Louisiana. The plan for the barrels to be delivered in August and September had been announced in mid-March. It has now been canceled meaning that the already dismal rate of SPR refill will now flatline for the foreseeable future, at least until the NBER admits the US is in a recession.

The Energy Department has been slowly refilling the emergency oil supply after it reached a 40-year-low following the administration’s unprecedented drawdown of a record 180 million barrels in the wake of Russia’s invasion of Ukraine. It currently holds about 363 million barrels, according to Energy Department data, down from almost 600 million at the start of 2022.

And just like that anyone hoping that Biden would add more than a few drops to the SPR can stop holding their breath: “Domestic crude prices are likely to remain too high for the remainder of the year for DOE to resume its refilling program,” said Bob McNally, president of consultant Rapidan Energy Group and a former adviser to President George W. Bush.

Strategic Petroleum Reserve will become a live issue for Biden this summer, says RBC’s Croft

Helima Croft, RBC Capital Markets global head of commodity strategy, joins ‘Squawk on the Street’ to discuss the situation in Damascus relative to oil prices, how the Strategic Petroleum Reserve will be used, and more.

Let us not forget as was posted yesterday as Ukraine targets Russian oil refinieries.

• Biden Loses Control of Zelensky, Makes Deepest Strikes In Russian Territory

Bonus: The news yesterday?

Gold Closes At Record High For 5th Straight Day, Dollar Dumps As Bond Bloodbath Stalls

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