America’s emergency oil stockpiles have dropped to 40-year lows under President Joe Biden and Vice President Kamala Harris’ mismanagement. The SPR currently has 346.8 million barrels on hand which is enough to supply about 18 days of activity in a crisis.
Energy Secretary Jennifer Granholm said the administration would refill the depleted Strategic Petroleum Reserve. But as Biden drained nearly 300 million barrels to try to cover up the massive inflation he caused, it won’t be finished anytime soon.
“The bottom line is we are going to replenish,” Granholm said. “The first term’s over in a year and a half.
“So, I’m not sure it’ll be fully replenished.
“But certainly, the plan is this term and the next term to be able to do that.
“We still have the largest strategic petroleum reserve in the world.
“We have, by far, enough to be able to deal with any emergencies over the next couple of years.”
Bob McNally, who served as an energy adviser to former President George W. Bush, said Biden “draining the SPR was a mistake that will take many years to correct.
“I forecast oil prices headed higher this decade and, if that’s right, then SPR refilling will largely stop.
“It’s possible President Biden might even resort to more releases due to political panic about high pump prices.”
“We don’t want people paying higher gas prices because other nations have decided to cut back on what is a commodity that is traded globally,” Granholm added trying to blame other countries for Biden’s blunder.
“We want everybody to have access to the energy that they need. And it is concerning when nations cut back.”
America’s Strategic Petroleum Reserves at 40 Year Low Thanks to Biden https://t.co/UuyY81mTZe
— Sean Hannity (@seanhannity) July 18, 2023