Biden released 180 million barrels of our strategic oil reserves to ease gasoline prices so Democrats would look better during the 2022 election. It was a cynical political move.
Donald Trump filled up the reserves with cheap, top-quality oil. Biden used the strategic reserves as a campaign credit card as he destroyed the underpinnings of the energy sector.
They not only deleted half the reserves, but they also depleted the top reserves, the top-quality oil – medium sour.
In March, the DOE admitted it would be at least a year before they could fill it back up. In October 2022, Fox Business reported it could be years.
Recently, the DoE said they planned to fill the reserves back up at 3 million barrels a month. Only, so far, they aren’t.
THE FAIR DEAL
The Energy Department is now rejecting offers because the price is too high. They say they are seeking a ‘fair deal for taxpayers.’
The Biden administration is delaying the replenishment of the nation’s emergency oil reserve after deciding the offers it received were either too expensive or didn’t meet the required specifications, according to people familiar with the matter.
The Department of Energy rejected the several offers it got for potential purchases in February, said some unnamed spokespersons, who asked not to be identified as details of the process hadn’t been published.
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THEY SAID SOMETHING DIFFERENT LAST MONTH
The department outlined its intention in December to begin restocking the Strategic Petroleum Reserve, starting with a purchase of 3 million barrels next month. The plan follows the historic 180 million-barrel release of oil from the reserve ordered by President Joe Biden as he sought to tame the high gasoline prices, blaming it on Russia’s invasion although the prices were high before the invasion.
The department will put off the purchase it had originally planned for next month, but its program, which used a new approach that accepts fixed-price offers, will continue, one of the spokespersons said.
The Biden administration had planned to start buying crude when it dropped to around $70 a barrel. Oil fell during the fourth quarter, and US benchmark prices fell close to those levels last month.
“DOE has put forth a long-term plan to transition from release to replenishment, and we’re committed to doing so in a manner that provides a fair deal for taxpayers,” the department said in a statement Friday.
THEY REJECTED MULTIPLE OFFERS
The US Department of Energy has reportedly rejected multiple offers from producers, hoping to get a better deal.
They said the prices are too high.
The failure to get a deal means the purchase will be put off until an unspecified later date, the Energy Department has confirmed in a statement.
“DoE only selects bids that meet the required crude specifications and that are at a good price for taxpayers. Following a review of the initial submission, DoE will not be making any award selections for the February delivery window,” the department said Friday.
They might be kicking the can down the road for political reasons. They have plenty of money for illegal aliens from the entire world, but not for our oil reserves.
Neither the DoE nor the media sources offered any information on which producers submitted bids, nor the possible reasons, besides cost, that they were turned down.
Biden’s gambling with energy security for a price drop that may never come.
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