The new emergency exchange is aimed at addressing “potential supply disruptions” caused by the shutdown of the Keystone Pipeline due to a leak earlier this month, the Energy Department said. Part of that key pipeline remains shuttered and no timeline has been issued for a full reopening. Emergency exchanges allow oil refineries to borrow oil from the SPR for a short period due to supply disruptions such as hurricanes or pipeline outages.
The move to begin to refill the SPR — and to lock in a price — comes as oil prices have plunged to one-year lows amid recession fears. “This repurchase is an opportunity to secure a good deal for American taxpayers by repurchasing oil at a lower price than the $96 per barrel average price it was sold for, as well as to strengthen energy security,” the Energy Department said in a statement.
LetsGoBrandon is choking off affordable energy in America. He needs to fast-track licenses, drilling permits, and EXPLORATION FUNDING! The economy is a CONSUMER PULL SYSTEM, NOT A GOVERNMENT PUSH SYSTEM! GOVERNMENT IS THE PROBLEM, NOT THE SOLUTION!
More hydrocarbons! Pls, in this information economy of ours, HAVE YOU EVER WISHED YOU LEARNED THINGS FASTER AND/OR RETAINED MORE FACTS AND FIGURES from each item of information you consume? We just dropped a short but INCISIVE publication on this. See our timeline. Thanks.
Biden: oil is destroying the planet. Also Biden: burn more oil ASAP. 🔥🛢
He fucked it all up when he took office. Now he's scrambling around pretending he cares so dems don't lose the white house in two years.
What a backfire to the Biden Administration lololol