The Biden administration announced on Dec. 16 that it will purchase 3 million barrels of oil to replace Strategic Petroleum Reserve (SPR) withdrawals. The Department of Energy’s (DOE) Office of Petroleum Reserves said in a statement that it will start repurchasing crude oil for the SPR “to secure a good deal for American taxpayers by…

The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…

The Biden administration has claimed it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos Hochstein, told CNBC “Squawk Box” host Joe Kernen on Dec. 5: “I had conversations—as did others, my colleagues—with CEOs and other senior executives in the oil…

With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…

The Saudi Arabian energy minister indirectly slammed the decision by the Biden administration to release oil from the Strategic Petroleum Reserve (SPR) as an attempt to “manipulate markets.” This is the latest spat between Riyadh and Washington over crude production. Saudi Energy Minister Prince Abdulaziz bin Salman did not directly mention President Joe Biden over…

A group of House Republicans has begun a probe into a potential U.S. ban on fuel exports and what they called the “potential misuse” of the national strategic oil reserve by the Biden administration. In an Oct. 26 letter to Department of Energy (DOE) Secretary Jennifer Granholm, Republican lawmakers on the House Committee on Oversight…

Commentary Along with polyester leisure suits and lines at the gas station, the 1970s is remembered for moralizing dystopian movies, most of which blame the global catastrophes facing the principal characters on corporate greed or excessive procreation; like “Soylent Green,” whose title refers to a government mass-produced food whose sinister ingredients turn out to have…

White House Chief of Staff Ron Klain said Republican criticism of President Joe Biden’s decision to drain the nation’s Strategic Petroleum Reserve (SPR) can’t be taken too seriously because the GOP demanded lower pump prices for American drivers and that’s exactly what “we did” by depleting the stockpile. Klain made the remarks in an appearance…

Gas prices remain persistently high throughout the United States, as swing-state voters increasingly turn away from the Democrats because of rising fuel costs, three weeks before the midterm elections. The cost of gas is currently higher than at least nine of the last election cycles. Meanwhile, President Joe Biden announced the release of more oil…

Republican lawmakers are criticizing President Joe Biden over his decision to release 15 million barrels of oil from the Strategic Petroleum Reserve (SPR), arguing that his move was politically motivated and left the United States vulnerable to foreign adversaries. “President Biden is draining the SPR to bailout Democrats ahead of the midterms, further surrendering our…