While trying to commemorate another win for his administration by reducing gas prices, the President has unknowingly marked another loss as the national reserve plunges to its lowest level since 1985. The massive quantity of oil released from the Strategic Petroleum Reserve has led to this depletion.
The President had announced his intention to pillage the emergency reserve in March, taking about a million barrels daily for 6 months to combat inflation. In September, the oil stockpile was reported to be 618 million. However, it has reduced to 469 million. This is the is the lowest level ever recorded since May 1985.
The crude oil from the reserve is now being auctioned off to accredited oil companies like Exxon, Chevron, and others via a virtual sale with a 5 day delivery condition. The 1 million daily BPD has not been met since May as oil companies have not always cleared out all of the offered oil. In an auction round that recently offered 45 million barrels, only 39 million barrels were reported to have been purchased.
The President has seen nothing wrong with this depletion as he is happy to have achieved his goal despite its cost.
“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this time. This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up,” the White House happily announced. However, several citizens do not share in the White House’s amusement as they believe the Democrat president is starting to threaten national security.
727 million barrels in US Strategic Petroleum Reserve–largest stockpile of govt-owned emergency crude oil in the world. #EIAConf— Joe Murphy (@Joejohnmurphy) June 15, 2015
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Only the President seems pleased about this depletion as he has continuously spoken about it. “I’ve been releasing about 1 million barrels of oil a day from the Strategic Petroleum Reserve and rallied our global partners to release a combined 240 million barrels of oil onto the market. Our actions are working, and prices are coming down,” Biden tweeted.
A concerned citizen, James Taylor of Heartland Institute, gave his opinion, which many other civilians seem to share with the press: “Joe Biden has dangerously sacrificed America’s long-term national security in exchange for a very slight, short-lived mitigation of his inflationary energy prices. Now, just a month later, gasoline prices are higher than ever, and our national energy security is in more danger than ever.“
Despite selling off the national reserve, the President’s efforts have proved futile to everyone but him because the gas price is now only lower by less than a hundred cents. Fortunately, the energy department has devised a plan to replenish the Strategic Petroleum Reserve in the coming years. They have suggested that the reserve enters a contract to buy oil in the future at predetermined prices to help boost the domestic production rate, and the people can only hope that the President in these coming years will be more thoughtful when exploiting the national reserve.