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Posts Tagged ‘Biden administration’

Closing the books on the Biden SPR

Posted in energy policy, tagged , , , on January 30, 2025| Leave a Comment »

CNBC image: April 1, 2022

Closing the books on the Biden administration’s management of the Strategic Petroleum Reserve:

  • Incoming reserve as of 1/22/2021: 638.086 million bbls (This was also the max. volume during the Biden administration.)
  • Outgoing reserve as of 1/17/2025: 394.566 million bbls
  • Net loss: 234.520 million bbls
  • % loss: 38.2%
  • Cost to replace (assuming $70/bbl ave. oil price): $16.416 billion
  • Time required to refill at max. rate of 685,000 bopd: 342.5 days (Taking into consideration acquisition, operational, and maintenance delays, and concerns about oil price impacts, a more realistic estimate would be 5 years, and this would require a concerted effort.)

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WP: “Why Big Oil is less worried about Biden phasing out fossil fuels”

Posted in climate, energy policy, Offshore Energy - General, tagged , , on March 11, 2023| Leave a Comment »

HOUSTON — Oil and gas industry leaders say they’ve seen a big shift in tone from the Biden administration over the past year, helping to smooth over one of the president’s rockiest relationships.

Washington Post

Perhaps the Washington Post reporter is correct, but the “big shift in tone” is not apparent in the offshore sector. The only lease sales have been mandated by Congress, the 5 year plan is still 9 months from completion, the lease sale terms have been less than favorable, and language in the draft 5 year plan does in fact express the intent to phase out oil and gas.

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