The excuse was that it consisted of sour crude that US refiners didn't want because of high sulfur content making it more expensive to process. That sour crude comprises around 60% of the reserves. This seems like a complete sham to me. If the idea of the SPR is to protect the US economy, why is over half of it more likely to be sold abroad rather than used to bolster the oil supply at home? Why has congress been using the SPR as a piggy bank? Actually, I know the answer to that one. It's for the same reason they've emptied out SS funds; they don't give a shit about you.
"Congress passed legislation in 2015 and 2016 to tap the SPR, held in several salt caverns on the Texas and Louisiana coasts, to fund the federal government, medical research and a modernization of the facility."
https://www.nasdaq.com/articles/u.s.-to-sell-up-to-20-mln-barrels-of-spr-oil-to-comply-with-2015-law-2021-08-23
The excuse was that it consisted of sour crude that US refiners didn't want because of high sulfur content making it more expensive to process. That sour crude comprises around 60% of the reserves. This seems like a complete sham to me. If the idea of the SPR is to protect the US economy, why is over half of it more likely to be sold abroad rather than used to bolster the oil supply at home? Why has congress been using the SPR as a piggy bank? Actually, I know the answer to that one. It's for the same reason they've emptied out SS funds; they don't give a shit about you.
"Congress passed legislation in 2015 and 2016 to tap the SPR, held in several salt caverns on the Texas and Louisiana coasts, to fund the federal government, medical research and a modernization of the facility."
https://www.nasdaq.com/articles/u.s.-to-sell-up-to-20-mln-barrels-of-spr-oil-to-comply-with-2015-law-2021-08-23
(post is archived)