Biden Taps Northeast Gas Reserve in Move to Curb Prices

We should be drilling our own oil.
But Biden is stupid. He's being run by the pie in the sky, no gas liberals, who "feel" a utopia where no one is using fossil fuels.
Idiots.

The only "idiot" here is you Boaz. Stop reading your disinformation sites and find REAL news and reporting.

United States produces more crude oil than any country, ever

The United States produced more crude oil than any nation at any time, according to our International Energy Statistics, for the past six years in a row. Crude oil production in the United States, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous U.S. and global record of 12.3 million b/d, set in 2019.

The crude oil production record in the United States in 2023 is unlikely to be broken in any other country in the near term because no other country has reached production capacity of 13.0 million b/d. Saudi Arabia's state-owned Saudi Aramco recently scrapped plans to increase production capacity to 13.0 million b/d by 2027.

Under Biden's presidency the US is setting ALL TIME OIL PRODUCTION RECORDS never before reached by any country, including Saudi Arabia. So we've been producing more oil every single year since Trump left office. If this is stifling domestic oil production, then words have no meaning whatsoever.

So all you moronic "drill baby drill" parrots can stop lamenting another invented lie from the rightwing, anti-America, fascist supporting media that makes Pravda look like Politifacts in comparison.

It is legally required to be closed. Storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed in March by Biden. I am laughing because this reserve was created after Hurricane Sandy because of damage to 2 regional refineries and the ensuing gas shortage in the region. I have to believe they waited until now to sell of the stock because of the summer gas prices.

Good move by DB.

" Surely you recognize that Biden is being criticized for inflation, right?
#17 | POSTED BY TRUTHHURTS AT 2024-05-22 04:54 PM | FLAG: "
First off, our current level of inflation is not a crisis. Secondly, yes Biden is getting blamed for inflation. When things go well presidents receive far more credit than they deserve. When things go poorly they get far more criticism than they deserve.
But you are trying to change the subject. The strategic reserves are there as a short term way of bolstering supply in a situation where an extreme event (like a hurricane temporarily knocking out key production). Biden has drained them to it's lowest level in four decades and it's been done to try and drive gas prices down during an election year to try and boost his popularity with the public. It's corrupt.

#19 | POSTED BY BELLRINGER A

YOUR presidential candidate just yesterday

www.foxnews.com

that was 1 day ago

Remember everyone, jeff thinks he makes good arguments.

LOL

Why do you think gas prices are up? Booming economy, booming gas demand.

#10 | POSTED BY SYCOPHANT AT 2024-05-22 02:01 PM | FLAG:

Mostly the energy war that's part of the Ukraine conflict. The US admin has told Ukraine stop hitting Russian refineries, several times.

" #22 | POSTED BY TONYROMA AT 2024-05-22 05:34 PM | FLAG: | "

The problem isn't current production, it's future production. Biden's team has declined so many land lease applications, it's not even funny. So, as current wells run dry future production is impacted.

MOSCOW, May 20 (Reuters) - The Russian government on Monday instructed state-owned gas giant Gazprom (GAZP.MM) , opens new tab not to pay dividends for 2023, according to a decree published on its website, after the company reported its first annual loss since 1999. Just Gazprom is 12% of the global natural gas supply as of 2021. With sanctions and light sport aircraft converted into slow but effective cruise missiles raining down on Gazprom infrastructure, the natural gas market is in a bit of turmoil.

I don't know what the standards are for tapping the reserves. What i do know is, the Republican candidate for President literally tried to steal an election that he lost, so watching these people cry about Biden trying to lower gas prices by a few cents to get a few votes is mind-numbingly stupid.

"We are not in any kind of crisis."

Fox News will be the judge of that!

It's not a "crisis" unless Trumpy and his cultists say so!

Biden has drained them to it's lowest level in four decades and it's been done to try and drive gas prices down during an election year to try and boost his popularity with the public. It's corrupt.

#19 | POSTED BY BELLRINGER

Waaaa!

Biden reduces gas prices for a profit for the American taxpayer potentially (for political purposes) and DingDong calls it "corrupt".

What does DingDong call it when Trumpy tried to overthrow our government and undermine an election for political purposes? Normal political discourse.

Figures.

...

Biden apparently scored a cool 4 $billion profit in 2022.

U.S. Scores $4 Billion Windfall on Oil-Reserve Sales

www.wsj.com

Wonder how much Dark Brandon will net this time.

Did jeff complain the 8 times ------- released oil from the SPR?

"We should be drilling our own oil." the US refineries are designed for mid east crude. So "our" oil becomes an export. I say: leave it in the ground where it belongs. Find some other way to buy a candy bar.

Putin and saudis raising prices to help their trump puppet win is fine, but biden tapping the reserves is not ok I guess.

Will barely move the needle [gasoline cost-wise], and then only in the mostly Blue, NorthEast which are mostly biden voters anyways, so will have practically no effect on the voters come November.

I don't know what the standards are for tapping the reserves.

#29 | POSTED BY JOE AT 2024-05-23 10:40 AM | REPLY | NEWSWORTHY 2

Lets ask AI

The President of the United States can authorize the release of oil from the Strategic Petroleum Reserve (SPR) under specific circumstances. The standards and conditions for tapping into the SPR are outlined in the Energy Policy and Conservation Act (EPCA). Here are the main criteria:

Severe Energy Supply Interruption: The President can authorize a drawdown if there is a severe energy supply interruption that has caused a significant reduction in oil supply, which leads to a major adverse impact on the economy. This interruption could be due to natural disasters, geopolitical events, or other disruptions.

National Emergency: The President can tap into the SPR in the case of a national emergency that requires the immediate release of oil to support national defense or other critical needs.

Significant Energy Price Increase: A release can be authorized if there is a significant and sustained increase in petroleum prices that is likely to cause a severe economic impact.

Testing and Evaluation: Periodically, the SPR is used for testing and evaluation purposes to ensure that the systems and procedures are functioning correctly. These releases are generally small and planned in advance.

The President typically consults with the Secretary of Energy, who assesses the situation and provides recommendations. The decision to release oil from the SPR is a significant one, often involving input from various stakeholders, including government agencies, industry experts, and policymakers.

In practice, the use of the SPR is considered a last resort measure to address urgent and significant disruptions to the oil supply or to stabilize markets during crises.

So we're in some sort of massive geopolitical crisis. Allegedly.

#37 Literally an INVASION, according to Deplorables.

Haha yeah they do. Over here in the real world, we've gone from Inflation Isn't Real to Inflation is a Major Strategic Crisis.

"Strategic Petroleum Reserve"

That's oil.
Biden released some gasoline.
Different reserve.

"The move, which the department said is intended to help "lower costs for American families and consumers, follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it." apnews.com

Why lie? I used to think you weren't a dirtbag.

"Significant Energy Price Increase: A release can be authorized if there is a significant and sustained increase in petroleum prices that is likely to cause a severe economic impact."

We are still being told by Big Oil that they are still "suffering" from a "massive geopolitical crises" and must keep prices high, other than the standard 'summer oil' discount.

So, yeah, besides helping Save America from an authoritarian traitor as Pres again, that's as good a reason as any.

" Why lie?"

A question has been on the table for several topics now.

That poster made a claim yesterday, was corrected within 10 minutes, and refused to acknowledge or retract.

Sad what happens to old white guys. And he isn't even old, or white.

Okay.

The President of the United States has the authority to release gasoline from the strategic gasoline reserves under certain conditions. These conditions typically include:

Severe Supply Disruptions: The President can authorize the release of gasoline reserves in response to significant supply disruptions, such as those caused by natural disasters, geopolitical events, or other emergencies that severely affect the availability of gasoline.

Severe Price Increases: If there is a substantial and sustained increase in gasoline prices that could harm the economy or consumers, the President may decide to release gasoline from the reserves to help stabilize the market.

Refinery Outages: In the event of significant refinery outages that impact the production and supply of gasoline, the President can release reserves to ensure a stable supply.

Regional Shortages: The release can also be authorized to address regional shortages, especially if those shortages are caused by localized disruptions and are severe enough to warrant intervention.

So we're back to it being a severe geopolitical crisis, under a slightly different name.

Being pedantic is the sure ticket to victory.

That poster made a claim yesterday, was corrected within 10 minutes, and refused to acknowledge or retract.

#42 | POSTED BY DANFORTH AT 2024-05-24 12:52 PM | FLAG:

The stupid Foxconn failure that somebody claimed Microsoft was building? It was nonsense and not worth revisiting. MS doesn't build a data center, in Foxconn's old buildings, without the utility subsidies built for Foxxconn. It's just a subsidy transfer to another billion dollar corporation, after Dems tried to bail it out with expanded production tax breaks that failed after the original concept failed. Failure, on failure, on billion dollar subsidy transfer. Phyric victories held up as triumphs.

" The stupid Foxconn failure that somebody claimed Microsoft was building?"

No, that the FEC had looked into Trump's election interference, and deemed it OK.

RustyBeach posted the facts 6 minutes later. Then I asked the liar directly why he lied, as did at least one other poster.

"These conditions typically include"

What about this condition: "a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it."

How come you don't think that's what's happening here?

" In practice, the use of the SPR is considered a last resort measure to address urgent and significant disruptions to the oil supply or to stabilize markets during crises.

#36 | POSTED BY SITZKRIEG AT 2024-05-24 12:43 PM | FLAG: "

Exactly

"In practice, the use of the SPR"

SPR isn't part of this story.

__________
#48 | Posted by snoofy at 2024-05-24 03:03 PM
What about this condition: "a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it."

#48 | Posted by snoofy at 2024-05-24 03:03 PM
How come you don't think that's what's happening here?

Because that's NOT the stated and emphasized reason in WH speeches and statements they released to press about the insignificant amount of gasoline, relative to daily gasoline output and consumption in the US or even Northeast:

www.whitehouse.gov - Biden to Release 1 Million Barrels of Gasoline to Reduce Prices at the Pump Ahead of July 4 | WH - May 22, 2024

|------- Statement from Press Secretary Karine Jean-Pierre: "With Memorial Day weekend and the start of the summer driving season around the corner, the Biden-Harris Administration is taking action to lower gas prices with the sale of one million barrels of gasoline from the Northeast Gasoline Supply Reserve. This builds on other actions by President Biden to lower gas and energy costs - including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy." ...

... "By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state [region] and northeast at a time hardworking Americans need it the most," Energy Secretary Jennifer Granholm said in a statement Tuesday.
-------|

MarketWatch, 2024-05-21:
|------- Gasoline prices at the pump are little changed from a year ago, but the Biden administration on Tuesday said it's taking action to help lower prices at the pump for the summer. The U.S. Department of Energy announced Tuesday that it will release 1 million barrels of gasoline from the nation's Northeast Gasoline Supply Reserve to help lower retail prices of the fuel ahead of this weekend's Memorial Day start to the summer driving season.
-------|

And so on and so on - more in the above statement from WH briefing room.

#50 | Posted by snoofy at 2024-05-24 05:56 PM
SPR isn't part of this story.

Correct - The "mandate from Congress to sell off the 10-year-old Northeast reserve and then close it" isn't but should have been the story< told by WH and Energy Dept and news media, but that's not what was emphasized and widely reported.

apnews.com - Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump | AP, 2024-05-21

|-----
A 2022 report by the GAO said the gasoline reserve, which has never been tapped, would provide minimal relief during a severe shortage. The reserve costs about $19 million a year to maintain.

Patrick De Haan, an analyst for GasBuddy, said sale of the Northeast reserve would have little impact on gasoline prices nationally, although there "may be a slight downward pressure on prices" in the Northeast. The million-barrel reserve only amounts to about 2.7 hours of total U.S. gasoline consumption...

The move, which the department said is intended to help "lower costs for American families and consumers," follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.
-------|

Definitely should be part of the story.
__________