How will US restock the strategic petroleum reserve?

President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices that have spiked amid Russia’s invasion of Ukraine.

Erik Milito, president of the National Ocean Industries Association, weighs in on what that means.

#GasPrices #Oil #strategicpetroleumreserve

NewsNation is your source for fact-based, unbiased news for all America.

[Qingeaton]

Not only does Potato man want to tax, borrow and spend,
but he wants to drain down what we had saved as well.
How many different ways can someone be reckless?

[badmonkey]

We need policies to be able to produce our own oil but we also need at least 3 more refineries to be able to consistently produce enough gasoline to keep prices low and have enough supply, the last new refinery in the US was built in the late 50s that's basically 70 years That's a big problem.

[buddyclubs]

If we produce oil here why are we low on oils and need to tap into our reserves? This has to be some kind of political act to a massive gain on oil cash flow..

[timcraven]

Our reserves are drying up faster than lake mead!

[frankzivic]

By getting rid of Biden and 6he rest of his party

[mikeoxlong]

Our navy is gonna have to row those aircraft carriers into battle.

[vdiddy]

You could buy more oil and put it In The strategic reserve when oil falls below 50 dollars a barrel….oh wait, that was what trump tried to do. Oh well, at least no more mean tweets

[lanacmurphy]

They’ll buy it from one of our other enemies

[helendropinski]

Drill, drill, drill. The sun has been behind clouds for 3 days. My solar lights are useless. I trust corn fields more than solar fields. We need food!

[cecelialynch]

Simply answer, they will buy it with our tax money. So we get to pay for it 3 times.

[BlotRorschach]

We won't unless we kick Biden out.

[aef]

Many people don't understand how this actually costs us more money for gas. Yes, releasing oil now may lower gas prices but there is no free lunch. Whenever they refill the reserves and buy oil, that will force gas prices up. It will just be at a time when prices are lower so people don't notice - at least in theory.

You would think this would be a zero sum game of dollar cost averaging. However, that ignores the transaction and storage costs of the reserve and the inefficient government management of such. This actually costs consumers more in the long run.

[bababouey]

Annex Saudi Arabia? They don't seem like an ally anymore nowadays, and it would likely have bipartisan support...

[Vsor]

Why would we have issues refilling the oil reserves? We take in about 2x more oil than we need. It will cost money obviously but it is a reserve to pull from and stabilize prices or lessen fears as needed. The reserves are also nowhere near low enough that we start tapping into the emergency preparedness portion of the reserve.
This seems like pointless bickering

[SensibleCreeper]

something something something keystone XL

[notinterested]

With the juice extracted from your hopes and prayers. Not to mention your good wishes.

[stev]

They don’t care if it will work.
Just how it looks

[doparada]

when will USA start to import petroleum from Latin America
unite americas
promote El Salvador with cryptocurrency
US Reserves needs to take lead with Canada Alaska South America Central America with Oil Imports to US, refineries, distributors, resellers stop all imports from OPEC
Texas California Mexico needles this oil to come primarily from Latin America, specifically Venezuela and its neighbors and we can sanction and promote their economies, it’s a mutual trade and promote their products primarily with within all of americas

[traumatizethemback]

We have too much oil, we just aren’t allowed to drill for it.

[deloughi]

Double talking to defend oil companies, unbelievable..