Biden sold off nearly 50% of the Strategic Petroleum Reserve. Is that a problem?

11 comments

1. Yes

2. Yes

3. Yes this is a problem. The spr was designed to protect the United States in case of a supply shock.

   It was not designed to help the Democrats win the 2022 midterms because Biden’s policies were terrible

4. Yes. The SPR is not meant to decrease prices at the pump and increase poll results. Yet, politicians love it for that.

   Now, when will the SPR be refilled?

5. depends on two things:

   * why did he do it?
   * can he refill it?

   If there is a good reason, and he can with relative ease, then it’s not a problem

6. It’s what modern corporations do for their shareholders 😉

7. Not a problem, the U.S. is currently the global top producer of Oil even over Saudi and Russia.

   Source:
   https://www.eia.gov/todayinenergy/detail.php?id=61545

8. The SPR was created when the US was gas importer. Now that we are a major exporter the SPR isn’t very “Strategic” anymore.
   This is not a problem.

9. Lol no…it would only be a problem if Trump had done it

10. No – we are now a net exporter of oil. The reserve was in-case imports were cut off due to another oil embargo. Using the reserve to moderate oil price swings is good policy.

11. It is a huge problem as we are right importanting more oil than we produce. We maybe the number 1 producer but the industry has been handcuffed and causing prices to be higher than they should be with the GDP numbers you are seeing in the world causing part of the inflation you are still seeing.