US Oil Reserves Nearly Depleted

Guest Post by Martin Armstrong

The US Strategic Petroleum Reserve (SPR) has been at its lowest level since, ironically, 1984. The reservoirs are composed of four underground sites constructed from salt domes on the Gulf Coasts of Louisiana and Texas. The White House began extracting oil from the emergency reserves to combat rising gas prices. Politicians simply hope that the problem can be patched up for as long as they can remain in power.

In August, the US extracted 18 million barrels of crude. The stockpile now sits at only 450 million, reaching a nearly 40-year low. Additionally, the White House under Biden has been selling off the remaining reserves to foreign refiners. China received nearly a million barrels of oil to a subsidiary of Sinopec, a company that previously received BILLIONS in investments from an equity firm operated by none other than Hunter Biden. In fact, Biden has sold off nearly a quarter of oil reserves this year alone. Is he deliberately trying to create a crisis to spark the Great Reset?

Russia is not to blame for rising gas prices, as a gallon cost a mere $2.28 in December 2020. A year later, after Biden implemented disastrous green policies, the price rose to $3.40. Biden panicked once gas hit $5 in June and began to pull from the reserves to make it seem as if he had a grip on the problem. The government has no solution for the current energy crisis. The best we can hope for is the Republicans coming to power and demanding that domestic production continue immediately.

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ConservativeTeachersExist
ConservativeTeachersExist

The depletion of our reserves raises several other questions. Who is Biden going to turn to when he starts to refill the reserves? Will it be American oil companies or foreign? What promises will these oil companies make to gain the gain the government contract for that oil? Given the current price of a barrel of oil, how much will replenishing the Oil Reserve cost not just the government, but consumers as well? Then we have to ask ourselves, how much does ammo cost?

NtroP
NtroP

Best bet will be replenish with Russian oil, best deal on the market. ;^)

TampaRed
TampaRed

“Best bet will be replenish with Russian oil, best deal on the market. ;^)”
but it needs to be brokered thru china,the same way germany is getting much of her petroleum–
that’ll teach those russkies a thing or two–

Anonymous
Anonymous

Are we being set up to lose a war?

brian
brian

the current war has been lost already… maybe voting harder and squinting your eyes may help in the voting booth… and turn the tide…

credit
credit

yes. our stockpile of weapons have disappeared into Ukraine, our military has been castrated by queers, our oil industry has been stalled, our supply chains are failing, our people are listless mRNA cyborgs, our children are illiterate and innumerate, our border is invaded and we are doing battle with each other enough to not require an exterior threat.

Daddy Joe
Daddy Joe

Anon, foreign war, yes. domestic war, no. They’ll need oil to war against our own citizens.

Daddy Joe
Daddy Joe

They should have called the SPR the strategic vote-buying reserve. It’s been used almost exclusively for that purpose.

beau
beau

is there really a reserve of oil? what about gold in Ft. Knox?

rhs jr
rhs jr

Early 2023, 40 million Westerners will be out of water and the WDC democrats will be shocked; and blame the Republicans. And also blame the Republicans for the Sun cooling during this Grand Solar Minimum period (named the Eddy Minimum est 2000 – 2100 AD). The Eddy Minimum shouldn’t be as bad as the Maunder Minimum of 400 years ago but it is starting out to be pretty bad (big weather/climate changes), and it has nothing to do with CO2 but everything to do with the Milankovitch Cycles. PS: Vote all the democrats possible out on 8Nov2022 and demand the Do Nothing Party investigates, charges, tries and imprisons Traitors; that would just about dry up the WDC Swamp.

Jdog
Jdog

In government, nothing happens by accident, and there are no coincidences. Things in government happen due to deliberate policy.
If the west is running low on water, then that is the policy. If the strategic oil reserves are being drained, that also is policy. If the cost and scarcity of fertilizer is causing farmers to have lower crop yields or prevent them from raising crops all together, that is policy. If the cost of feed is so expensive that ranchers are selling off their herds and looking to raise far less animals for food in the future, then that is policy.
When the people who run governments, and set governmental policy, publicly state as one of their objectives to lower world population, then that becomes policy.

rhs jr
rhs jr

Add that when TPTB liberals want public Law & Order, honest voting, tax & stimulus check fairness, racial & gender fairness, education quality, manufacturing, transportation, agriculture, fossil energy, the economy, morality, Christianity, the Military, the MSM, Hollywood, Art, popular music, the weather/climate order (without chem-spraying), the raising of food and livestock without deprivation by predators and deer, profitable small farms, etc, to all go to shit it will go to shit.

Diaper wearers will never change
Diaper wearers will never change

I try to tell people I know to stock up on food. They don’t. They refuse to believe there can be a day when there is no food in the grocery store. Same with fuel. They can’t imagine a day when gas pumps run dry and oil trucks don’t come. They think I’m nuts. It’s predicted to happen circa Christmas (how appropriate). It will be cold and they will be sick from their jabs. They will freak out. It’s gonna get really ugly.

What are they concerned about? Political correctness, Virtue signaling, and “covid”. They are literally clueless.

rhs jr
rhs jr

I live in a rural area and half my neighbors are democrats (four are even LGQs) and they don’t have a garden or livestock (they are social maggots). I have talked economics and politics with them but they are incorrigibly lazy leftist; they vote for every thing I have an issue with; I and my producer neighbors will not voluntarily share anything with them, even my pitcher pumps will be broken every time they ask to use one.

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