Buy Backs

Not those buybacks. Nope, after selling all of our oil reserves to the Chinese, the US is now planning to buy back 60 million barrels of oil at a future date.

The call for bids on the initial 60 million barrels “will take place in the fall of 2022 to secure delivery in future years when prices are anticipated to be significantly lower than they are today,” according to the press release.

I wonder if the press will investigate just who is making money on this deal. We already know that Hunter Biden is an investor in the company that is buying US oil, and I am wondering if he is an investor in the company that will be selling it back. I would also be interested to know if the deal is still “ten percent for the big guy.”

Can you imagine what the press would have done if Trump had been involved in a deal like this?

Communism

The World Economic Forum says that the average car is “only being used 4% of the time” so most people shouldn’t be permitted to own a car. Doing the math, this means that the average person drives their car an hour a day.

Most people have a computer and a cell phone, even though they are given one by their employer. This increases your carbon footprint, they say.

If people only replace their phone every five years instead of every three, they would reduce their carbon footprint, they say.

So the World Economic Forum thinks that we, the peasants, should not own cars. We shouldn’t own phones or computers. No, if we need one, it will be issued to us. Once every five years.

Who determines what you need? Why they do, of course. Not you.

This is nothing more than Soviet style communism.

Andrew Wilkow has coined a phrase called the “everyman king.” It is the idea that the American dream turns every property owner into royalty. You own land, a home, and most of the same luxuries owned by the elites. This means that the everyman has the same access to the same luxuries that the elites have. This cannot be permitted to stand. What good is it being an elite, if any member of the public can get the same stuff that you can?

This is the essence of communism- it is sold to the public as a plan to make everyone equal, but it of course does nothing of the sort, and never has. All communism is good at doing is making those in charge of the communist party into elites who have access to those luxuries that have been denied the everyman.

Back to the Carter Gas Lines

Today, the Biden administration announced that it is selling another 20 million barrels from the US oil reserve. It’s obvious at this point what the administration’s plan is- they are selling our nation’s future security in order to safeguard Democratic election chances by depleting our nation’s reserves of a vital war material.

When Biden took office, the US oil reserve was 638 million barrels. As of July 17, the US strategic oil reserve stood at 480 million barrels. In the 189 intervening days, there were 158 million barrels removed from the reserve, with more already earmarked to be removed and sold. Accounting for all promised sales, the reserve will be less than 340 million barrels by October 1. That means nearly than half of our oil reserves will have been sold by the administration in less than 9 months, and represents the lowest amount of oil in reserve since 1983.

The graph below, found at this location, outlines the depletion of our reserves, but keep in mind that this graph was created on June 17, which was before the most recent sales and releases that were authorized by the Whitehouse.

Keep in mind that Biden announced in March the release of 240 million barrels. This administration has no choice but to continue selling oil at this rate all the way through the election. What this means is that we will continue bleeding oil from the reserves at the rate of more than a million barrels a day.

It’s much worse than that, however. The SPR contains two kinds of crude: medium-sour, and light-sweet. Typically, US refiners prefer medium-sour crude, which can easily be processed into gasoline and other products. The light-sweet in the reserves has a much lower density, and is not as favored by refiners. So far, 85% of the oil removed from the SPR has been the medium-sour crude.

By October, the SPR will hold only 179 million barrels of medium-sour crude. Clearly, Biden is running out of firepower and out of time. By 2023, the US SPR will be virtually out of medium-sweet crude in the SPR.

Should that happen, you can expect gas shortages and when you can find gasoline, expect to see prices hit $10 a gallon or more.