Last November, when there were still tens of millions of extra barrels in the US Strategic Political Petroleum Reserve, we joked that not only would the historic drain by the Biden administration not reverse – contrary to what the senile occupant of the White House would read from his cue cards on occasion – but that the drains would continue until the salt caverns collapsed.
The drains will continue until the salt caverns collapse t.co/pSxiJjzlQT
— zerohedge (@zerohedge) November 30, 2022
It was supposed to be a joke, but like everything else relating to the Biden admin, it may not have been.
That’s because according to Bloomberg, months and months after vowing it would start refilling the SPR when oil dropped to a price where energy tzar Hunter Biden would be waving it in, the Biden administration “plans to begin purchasing oil to replenish the nation’s emergency reserve after completing maintenance work later this year.”
www.zerohedge.com/markets/biden-delays-spr-refill-again-now-says-must-wait-storage-repairs-first