Wednesday, September 28, 2022

Biden dangerously draining Strategic Petroleum Reserve like 'campaign credit card, industry warns

 The Strategic Petroleum Reserve has been used as a campaign credit card to buy down political risk for the midterms

  • At the current rate, the U.S. is selling more oil out of its emergency reserves than the production of most medium-sized OPEC countries like Algeria or Angola
  • We're selling twice as much per day than we're producing out of Alaska
  • This puts us somewhere between Exxon and Conoco in terms of the impact we are having on the daily supply - and this is happening without new oil going into replace it

https://justthenews.com/government/federal-agencies/pres-us-oil-and-gas-association-says-reserve-being-used-campaign-credit

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