Hello President Biden. Are you filling up or drawing down the Strategic Petroleum Reserve?

SPR weekly totals courtesy of the EIA, US Energy Information Administration, chart by Mish

Oil Tops Highest Level Since Summer of 2022, Gasoline Prices Will Follow

After consolidating at the high end of a yearly price range, crude busted out of the range to a price last see in August of 2022.

$WTIC West Texas Intermediate Crude chart courtesy of StockCharts.Com, yesterday’s close, annotations by Mish.

Recall that President Biden pledged to refill the SPR at $60 after releasing the supplies to fight gasoline prices. There was a huge problem with his not so clever idea. Oil never fell back down to the price level he sought.

EIA Chart Notes

• The current SPR level is 350,980,000
• When Biden took off the SPR level was 634,967,000.
• The SPR is down 44.7 percent since Biden to office
• The SPR is roughly at the same level as in 1983

Biden’s October 18, 2022 Fact Sheet

Please consider this White House “Fact Sheet” from October 18, 2022

President Biden is committed to doing everything in his power to respond to Putin’s Price Hike at the pump, and he is delivering.

First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December. This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump.

The Fact Sheet Title

The White House Fact Sheet title is more than a bit amusing: “President Biden to Announce New Actions to Strengthen U.S. Energy Security, Encourage Production, and Bring Down Costs“.

What a Hoot!

Did Biden Strengthen Energy Security? Encourage Production? Bring Down Costs Other Than Temporarily?

The SPR is down to 1983 levels. Can someone in the Biden administration please explain how this strengthened security?

Biden also claims he is reducing inflation. Dear Biden administration, please explain where. Also explain how well the Inflation Reduction Act is working in practice.

The Shocking Truth About Biden’s Proposed Energy Fuel Standards

As a bonus, please note The Shocking Truth About Biden’s Proposed Energy Fuel Standards

The National Highway Traffic Safety Administration NHTSA did an impact assessment of 4 fuel standard proposals and compared them to the cost of doing nothing. Guess what.

Buried deep on Page 56,342 of volume 88 of the Federal Register, the agency makes this concession about its latest proposed rules: “Net benefits for passenger cars remain negative across alternatives.”

China Abandons Clean Energy Goals Making U.S. Efforts Painful and Pointless

Q: What about China?
A: China Abandons Clean Energy Goals Making U.S. Efforts Painful and Pointless

A Huge Backlash Against Climate Change and Immigration Madness Has Started

Please note A Huge Backlash Against Climate Change and Immigration Madness Has Started

I am pleased to report a global backlash against woke madness, climate change silliness, and immigration polices is underway in the US, Europe, and Australia.

Biden’s energy policies have made the US less secure on oil, more dependent on China for materials needed to make batteries, fueled a surge in inflation, and ironically did not do a damn thing for the environment, arguably making matters worse.

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