The U.S. Is Pumping Oil Faster Than Ever

[Toddsterpatriot]

When you give us a real link for Biden's depletion and replenishment of the SPR.

Biden sold off nearly half the U.S. oil reserve. Is it ready for a crisis?

Biden tapped the SPR last year when Russia’s invasion of Ukraine sent oil prices soaring. Now Republicans blame him for putting the nation’s energy security at risk.

www.politico.com

 

[John Edgar Slow Horses]

Toddster does not give you the whole story. From his own source, we read the following

"In fact, the reserve still holds 351 million barrels — equivalent to nearly 56 days of total U.S. oil imports last year — though well below the peak of 727 million barrels it held during the Obama administration. That’s on top of 424 million barrels that private companies were storing in the U.S. as of early October.

The administration has defended its handling of the reserve, saying it still holds ample crude to protect the nation’s strategic needs and offer a cushion against price shocks. “I am not worried about the reserve levels at all,” Energy Secretary Jennifer Granholm told a House committee in September, adding: “It is the largest strategic reserve in the world.”

And the U.S. is no longer the energy beggar it was in 1973, when the Yom Kippur War prompted an Arab oil embargo against the United States that sent prices spiraling and left Americans waiting in hours-long lines at gas pumps. Back then, U.S. oil production was dropping while its thirst for the fuel was rising — prompting Congress to pass a law in 1975 to create the reserve.

Five decades later, the United States is the world’s biggest oil producer, which exports more crude and petroleum products than it imports. Its output is at record highs and is climbing, even as demand has flattened.

He is not even mediocre at this type of attack. His source contradicts him mightily.

 

[Toddsterpatriot]

Toddster does not give you the whole story. From his own source, we read the following

"In fact, the reserve still holds 351 million barrels — equivalent to nearly 56 days of total U.S. oil imports last year — though well below the peak of 727 million barrels it held during the Obama administration. That’s on top of 424 million barrels that private companies were storing in the U.S. as of early October.

The administration has defended its handling of the reserve, saying it still holds ample crude to protect the nation’s strategic needs and offer a cushion against price shocks. “I am not worried about the reserve levels at all,” Energy Secretary Jennifer Granholm told a House committee in September, adding: “It is the largest strategic reserve in the world.”

And the U.S. is no longer the energy beggar it was in 1973, when the Yom Kippur War prompted an Arab oil embargo against the United States that sent prices spiraling and left Americans waiting in hours-long lines at gas pumps. Back then, U.S. oil production was dropping while its thirst for the fuel was rising — prompting Congress to pass a law in 1975 to create the reserve.

Five decades later, the United States is the world’s biggest oil producer, which exports more crude and petroleum products than it imports. Its output is at record highs and is climbing, even as demand has flattened.

He is not even mediocre at this type of attack. His source contradicts him mightily.

638 million barrels in Jan 2021, 351 million barrels in September 2023.

287 million barrels less.

What's the contradiction?

 

[Oldestyle]

Drill, baby, drill!

The U.S. is pumping oil faster than ever. Republicans don’t care.​

​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

And that means events far beyond the nation’s borders will play a sizable role in voters’ verdict on “Bidenomics” — as global oil prices rise and fall in response to banking conditions in Europe, China’s slumping real estate market, Vladimir Putin’s war in Ukraine and the latest maneuvers by Saudi Arabia.

[snip]

U.S. oil production is forecast to average an all-time high of 12.8 million barrels a day this year and keep growing to 13.1 million in 2024, the federal Energy Information Administration said in its latest forecast.




This reality has not stopped dishonest Republicans from lying:


In one campaign ad, former Vice President Mike Pence pretends to fill his pickup truck and blames Biden’s energy policy for “causing real hardship” for Americans, while ex-South Carolina Gov. Nikki Haley has vowed to bring oil production back to the United States.

And Sen. Tim Scott (R.-S.C.) railed last month on the Biden administration, which he asserted “has shut down energy production in America.”

“Why won’t this President tap into our abundant energy resources here at home and bring down prices at the pump?” he asked.

In fact, though, oil production from federal lands and waters has risen on Biden’s watch, reaching past 3 million barrels per day last year. The high mark during President Donald Trump’s term was 2.75 million barrels a day.

And yet President Potato Head STILL hasn't replaced the oil that he took out of the Strategic Oil Reserves! Why is that, G5000?

 

[Toddsterpatriot]

Trump depleted by over 425 million barrels and did not replace it.

Did you ever find your link to support this claim?

 

[KissMy]

And yet President Potato Head STILL hasn't replaced the oil that he took out of the Strategic Oil Reserves! Why is that, G5000?

Neither did Trump who also depleted the Strategic Oil Reserves for no reason other than to bankrupt US oil drillers killing US oil production for years. Why didn't Trump replace the oil when the price was negative????

 

[Toddsterpatriot]

Neither did Trump who also depleted the Strategic Oil Reserves for no reason other than to bankrupt US oil drillers killing US oil production for years.

When did he do that?
Link?

Why didn't Trump replace the oil when the price was negative????

It was negative for about 5 minutes. The federal government doesn't move that fast.

 

[John Edgar Slow Horses]

Did you ever find your link to support this claim?

And Biden continues to drill more than Trump and replenish the SRP. Once your "proof" exploded, you ran away.

 

[Toddsterpatriot]

And Biden continues to drill more than Trump and replenish the SRP. Once your "proof" exploded, you ran away.

Trump didn't deplete the SPR by 425 million barrels.
Biden did reduce it by 287 million barrels. It's down
10 million barrels in the last 6 months.

How is Biden replenishing it? Is Corn Pop helping him?

 

[John Edgar Slow Horses]

Trump did deplete the SPR. Biden is building it back up. Don't deny the truth.

The US is producing at all time levels.

 

[Toddsterpatriot]

Trump did deplete the SPR. Biden is building it back up. Don't deny the truth.

The US is producing at all time levels.

Trump did deplete the SPR.

That's awful! By how much?

Biden is building it back up.

When will he be done? 2137?

The US is producing at all time levels.

I know, even with the current fucktard administration,
they're drilling the shit out of private leases.

 

[John Edgar Slow Horses]

The SPR is being built up, yes.

The US is pumping oil at all an all time high with other pumping capcity coming on line.

Toddster does not know what to say.

 

[Toddsterpatriot]

The SPR is being built up, yes.

The US is pumping oil at all an all time high with other pumping capcity coming on line.

Toddster does not know what to say.

The SPR is being built up, yes.

How much build up this year?
How much scheduled next year?

 

[John Edgar Slow Horses]

The SPR is being built up, yes.

How much build up this year?
How much scheduled next year?

Your deflection is an admission you have failed.

 

[Toddsterpatriot]

Your deflection is an admission you have failed.

I would never deflect from Biden's huge drawdown of the SPR.

 

[Oldestyle]

Neither did Trump who also depleted the Strategic Oil Reserves for no reason other than to bankrupt US oil drillers killing US oil production for years. Why didn't Trump replace the oil when the price was negative????

When did Trump deplete the SOR?

 

[Oldestyle]

The SPR is being built up, yes.

The US is pumping oil at all an all time high with other pumping capcity coming on line.

Toddster does not know what to say.

 

[Oldestyle]

The SPR is being built up, yes.

The US is pumping oil at all an all time high with other pumping capcity coming on line.

Toddster does not know what to say.

Show me on that chart where Joe Biden has built up the SPR, John!

 

[KissMy]

Show me on that chart where Joe Biden has built up the SPR, John!

eia.gov

Stocks of SPR Crude Oil

07/07/2023

346,758,000

10/27/2023

351,274,000

= 4,516,000 barrels added since 07/07/2023

 

[Tom Paine 1949]

The very point of keeping a huge SPR has changed as the U.S has freed itself from dependence on Gulf Oil and become the world’s largest producer of oil, become the world’s #1 producer, and #1 exporter of Liquified Natural Gas for export. The mix of fuels we stock and the reasons we stock them underground — after pumping them from underground wells in the first place — has become more a financial matter to stabilize long-term futures contracts for our Allies and trading partners, than a real matter of crucial national or international security.

The disruptions of demand due to COVID under Trump and its increase later under Biden of course drove thousands of small less profitable producers in the U.S. out of the market, bankrupted them, and then the big oil majors bought their drills and property and were able to take big profits after demand increased again — so we saw remarkable deflation and inflation in a short period of time.

There was nothing surprising or wrong about Biden releasing some petroleum supplies for awhile, which oil specialists at the Fed encouraged. This reportedly led to an estimated decline of 40 cents per gallon in the price of domestically produced gasoline at the pump at its most inflated period.

But of course Biden’s MAGA opponents manage to make even this reasonable decision seem somehow treasonous and unpatriotic. The SPR will be replenished, though possibly never reach the super-high levels of the past, just as other QE measures — like QE purchases of Treasury Securities by the FED during COVID — are gradually and intelligently being rolled off the FED books and reversed.

Refilling the Strategic Petroleum Reserve offers chance to recalibrate its size

A series of emergency drawdowns, exchanges and planned sales since 2020 have reduced crude oil inventories held by the U.S. Strategic Petroleum Reserve to a 40-year low. Calls to fully refill the SPR in recent months raise important questions.

www.dallasfed.org