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Politics : Formerly About Advanced Micro Devices

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From: Mick Mørmøny

11/24/2021 12:15:40 AM

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Biden has been quietly selling America's Strategic Petroleum Reserves to China since February.

Why isn't the mainstream media reporting and discussing this odd situation?

Biden has been quietly selling America's Strategic Petroleum Reserves to China since February. - by Goodyear Mercury - Goodyear Mercury News (substack.com)

Goodyear Mercury

Nov 19

The day before Biden’s virtual summit with President Xi Senator Schumer called on the president to begin selling oil from the nation’s Strategic Petroleum Reserves (SPR) to help slow skyrocketing gasoline prices. The request from the Senate Majority Leader was odd primarily because Biden has been emptying the SPR since he took office selling more than 32 million barrels. Having continually tapped the SPR Biden called on the Chinese president to begin selling oil from China’s strategic oil reserve to help slow skyrocketing gas prices in the United States. This request was similarly bizarre because China has been buying the oil Biden has been selling from the SPR since February. It is almost as if these facts are being suppressed by the mainstream media instead of being reported and discussed. Why?

In October Biden almost doubled SPR sales to China from 3.5 million barrels in September to 7.1 million barrels. This month SPR sales are on track to double again to 13.5 million barrels for a total drawdown of almost 50 million barrels. As of November 12th, the U.S. had less than 30 days of oil left in the SPR putting the U.S. precariously close to violating its obligations as a member of the International Energy Agency (IEA) to stock at least 90 days worth of U.S. imports. The administration desperately needs more oil in the supply chain than it can sell from the SPR explaining why Biden personally appealed to OPEC+ members including Iran, Libya, Venezuela, and Russia to increase oil production an appeal that was flatly rejected by the oil cartel.

For background, it is important to remember that President Trump ordered the Department of Energy to fill the SPR during the pandemic to take advantage of record low oil prices, to support US producers, and to protect the nation in the event of war. This year the sale of ten million barrels of oil from the SPR was congressionally mandated to pay for SPR modernization efforts in addition to the millions of barrels sold by order of the president.

The answer to skyrocketing gasoline prices is to open up MORE production in the United States by increasing the number of drilling and pipeline permits. Reducing the level of the SPR further is dangerous and should not be used to attempt to control prices. It is important to realize that members of this administration have publicly stated that they want to bankrupt the oil industry as a solution to climate change—what is going on now is not an accident.

Subscribe to Goodyear Mercury NewsBy Goodyear Mercury · Launched 11 days ago

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