Biden Promised To Refill Oil Reserves at a Profit. Now Prices Are Too High.

Collin AndersonJanuary 9, 2023

China has taken over the emergency reserves, which have dropped to their lowest level in four decades.

Jennifer Granholm (energy secretary), President Joe Biden (energy adviser) / Getty Images Collin Anderson • January 9, 2023 3:50 pm

President Joe Biden said that America would replenish its emergency oil reserves at a price that is affordable to it. “actually make money for the taxpayers.” The Energy Department of the United States now claims that prices are too high to allow this, which means that emergency reserves for the country will be kept low.

The Biden administration was last week All offers accepted Because of these offers, it was able purchase oil to replenish its dwindling oil reserves. “were either too expensive or didn’t meet the required specifications,” Bloomberg reported Friday. The White House made the announcement just weeks ago. It would “turn a profit for the taxpayers” Biden’s Energy Department allows you to purchase upto three million reserve barrels at a discounted price Promised You can get your order by February

Biden’s failure not to complete the purchase means that America’s Strategic Petroleum Reserve will continue at its lowest level since 1983. At least, this is the case for the near term. When Biden took office, the reserve contained more than 600 million barrels—that number is now less than 400 million. The Energy Department stated in a statement that the department still intends to replenish the reserves. However, it will not do so. “at a price that is a good deal for taxpayers,” It is unclear when and how much future reserve oil purchases will be made. “We expect to share next steps in our 2023 repurchase plan soon,” A department spokeswoman said that the Washington Free Beacon.

The mistake is likely to be criticized again by congressional Republicans who have accused the president of mismanaging its oil reserves.

Biden made the decision to release 200 million reserves barrels last year in spite of record-high gas prices. His administration stated that this would allow him to keep his administration afloat. “address the pain Americans are feeling at the pump.” Instead, Biden Sold many of those barrels to the Chinese government and other foreign entities—sales that inhibited his ability to “lower record pump prices” According to Reuters.

The House Republicans responded by launching a new initiative in July. formal investigation Biden’s administration was criticized by Rep. Ronny Jones (R. Texas) “wasting our money and resources by sending oil that’s intended for emergencies to the Chinese Communist Party.” The GOP’s victory was almost six months later.