U.S. Strategic Oil Reserve at 2003 low – Why Are We Tapping it? Where Did It Go? To Asia!

That’s curious. Our strategic oil reserve is at a 2003 low. How could that be? Trump filled it up before he left office and confirmed it on a Hannity interview. Turns out Biden is shipping our reserves to Asia!

Trump Orders US Strategic Oil Reserves to Be Filled ‘Up to the Top’ Amid Coronavirus Pandemic

“Based on the price of oil, I’ve also instructed the Secretary of Energy to purchase… large quantities of crude oil for storage in the US strategic reserve. We are going to fill it right up to the top. It puts us in a position that’s very strong, and we are buying it at the right price”, Trump said.

So how are we at the lowest level of our reserves since June of 2003??

Oil Drilling Platform

Everyone is talking about opening the tap. Namely one Chuck Schumer as reported in yesterday’s post.  Let’s follow the bread crumbs for the surprise ending. Here is the give away!

Biden is selling massive amounts of SPR oil…to Asia!

Here is the craziness:

Schumer Calls On Biden To Release Oil Reserves And End Oil Production

 ForexLive:

U.S. reduces strategic petroleum reserve by 3.2M barrels, lowest deposit level since 2003: EIA

  • US reduces stocks and strategic petroleum reserve by 3.2 million barrels
  • The reserves are now at the lowest level since June 2003
Yesterday the acting head of the EIA said that any release from the US strategic petroleum reserve (SPR) would have only short-lived impact on oil markets.
 
It even gets more interesting- in a previous post:

The South China Morning Post reports that President Biden asked President Xi, during their virtual meeting overnight, to release China’s oil reserves as part of an economic cooperation pact.

According to a person familiar with the matterthe US has asked China to release oil reserves to help stabilize soaring international crude oil prices.

The issue was also broached during a phone conversation between Chinese foreign minister Wang Yi and US Secretary of State Antony Blinken two days earlier.“One of the pressing issues for both sides is energy supply,” the person said, which made us wonder just what China would want to give up some of that ‘supply’ for to help out its arch-competitor on the global hegemon stage?

 
Now why would that be? And where did our strategic oil go?
 
The Strategic Petroleum Reserve (SPR) is a supply of petroleum held by the United States Department of Energy (DOE) for emergency fuel. It is the largest emergency supply in the world, and its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m3).

Here is a handy dandy interactive chart which will give you the monthly and yearly stats:

US Crude Oil in the Strategic Petroleum Reserve Stocks

YCHARTS

638.08M bbl Jan 1 2021.  Then
 
606.15M bbl for Wk of Nov 12 2021.  Now
 
Hmmm
 

SPR Quick Facts 

The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. 

Current inventory –  Click to open inventory update window

 
DIR
 

It turns out that Biden is already tapping into the SPR; he’s just not doing it to help Americans.  A report in investment circles is finally trickling down into the mainstream news: Biden is selling massive amounts of SPR oil…to Asia!

According to Bloomberg/Quint:

(Bloomberg) — If the Biden Administration decides to tap U.S. emergency crude reserves to push down domestic energy prices, it may not help all that much. The supplies may just be exported away like last month. 

American Thinker:

About 1.6 million barrels of crude from the U.S. Strategic Petroleum Reserve — a monthly record — was shipped out in October, according to data from market intelligence firm Kpler.

All three supertankers went to Asia.

“Given the ongoing pace of the current SPR release — 12 million barrels in the last two months and the biggest weekly release so far last week at 3.1 million barrels — it’s fair to assume more SPR barrels are going to leave U.S. shores in the weeks ahead,” said Matt Smith, an oil analyst at Kpler.

As far as I can tell, the administration has not explained why, with Americans struggling to keep up with rising fuel prices, it’s shipping our SPR to Asia.  During the virtual meeting between Biden and Xi Jinping, the two men allegedly discussed releasing oil from both countries’ petroleum reserves but made no mention of the sales to Asia that already took place.

It’s becoming clearer daily that there is a clown in the White House, but it’s not a cute, loving clown like Bozo (although I always found him kind of creepy).  Instead, we’re being led by the political equivalent of the Joker from the D.C. Comics, a mad man who wants to burn it all down.

Continue at American Thinker

Bonus: Liar liar pants on fire. Does he even know the reserves are being released?

Biden noncommittal on a potential Strategic Petroleum Release … – CNN

 
Nov 6, 2021 — President Joe Biden on Saturday was noncommittal on ordering a Strategic Petroleum Reserve release in an attempt to address rising crude oil …

That my friends is one of the biggest days in swamp land. Go figure this one out.

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