Strategic Petroleum Reserve To Drop 40 Percent As Biden Sells Oil


1. President Plans More Oil Sales From Emergency Stockpile

2. Government To Immediately Start Buying The Oil Back

3. Inflation Exploding – Wholesale Prices Surge 11% In April

President Plans More Oil Sales From Emergency Stockpile

The White House said last week it is prepared to begin large sales of crude oil from the nation’s Strategic Petroleum Reserve (SPR). President Biden wants to sell off about 40% of the SPR’s crude reserves, which he says will bring down oil and gasoline prices – even though he and his advisors know it would only be a temporary drop in prices, if at all.

Gasoline prices have soared to a record high this year with the national average price of a gallon of regular unleaded gasoline rising to about $4.50 per gallon; in some areas the price is well above $6.00 per gallon. The president claims the sales from the SPR will bring down gas prices significantly, but most energy analysts disagree and warn prices could go even higher when the government moves to replenish the Reserve later on. This makes absolutely no sense!

The Strategic Petroleum Reserve currently has 565 million barrels of crude oil stored around the country. If the president goes through with his plan to sell 40% of the SPR oil, that number will fall to around 385 million barrels, the lowest level since 1984, the Energy Department says.

We keep this oil in reserve for national security reasons, to insure we have a source we can tap in case there are unexpected supply interruptions. President Biden offers no good reasons for why he wants to sell the Reserve down by 40%, other than to bring down gasoline prices at the pump – conveniently just before the mid-term elections in November when the Democrats look to get crushed.

The president admits we will have to replenish the SPR to its current level of 565 million barrels at some point in the near future. The oil to replenish the SPR will be purchased at today’s much higher prices than what was paid for the oil now in the Reserve, most of which was purchased decades ago at much lower prices.