Frustrated at the gas pump? You’re not the only one. There is a new update on the SPR or Strategic Oil Preserve, this s used for war or emergencies, the Biden administration cancels their purchase for Strategic Petroleum Reserve, citing high prices. The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high. In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel. As of today we have only 17 days of emergency fuel. In October, it announced a buyback plan targeting oil prices of between $67 to $72 per barrel to replenish the SPR, which it later raised to $79. In its most recent refill, last month, the department exceeded those prices— spending an average of $81 per barrel to replenish the reserves. Some analysts see oil heading much higher over the summer. JP Morgan said it now expects Brent prices to rise to $90 per barrel by May and $100 per barrel by September. There is more to this story and it impacts the cost of gasoline at the pump. Let’s look deeper into the US Petroleum Reserve requirements and regulations. On page 441 of the 1050 page "Government emergency funding bill" it says that the US must sell the US petroleum reserve, and close it forever in the "NorthEast". This is very concerning in case of an emergency. The bill makes it understood that the current administration knows electric vehicles will never compete with gasoline with consumers, buyers should be able to buy whatever works for them. The bill is a sabotage to our oil and gasoline supplies. Let me prove it to you. SEC. 308. Notwithstanding sections 161 and 167 of the Energy Policy and Conservation Act (42 U.S.C.6241, 6247), the Secretary of Energy shall draw down and sell one million barrels of refined petroleum product from the Strategic Petroleum Reserve during fiscal year 2024. All proceeds from such sale shall be deposited into the general fund of the Treasury during fiscal year 2024. Upon the completion of such sale, the Secretary shall carry out the closure of the Northeast Gasoline Supply Reserve. On March 3, 2024, (U:\2024OMNI\HMS31169.xml SEN.APPRO. 442), this was posted.The cost estimate for the establishment, operation, and maintenance of the reserve, including funding sources; a detailed plan for operation of the reserve, including the conditions upon which the products may be released; the location of the reserve; and the estimate of the total inventory of the reserve. SEC. 309. None of the funds made available by this Act may be used to draw down and sell petroleum products from the Strategic Petroleum Reserve (1) to any entity that is under the ownership, control, or influence of the Chinese Communist Party; or (2) except on condition that such petroleum products will not be exported to the People’s Republic of China. Bets by energy investors on Wall Street suggest that the price gains have room to run. The cost of gasoline shipments into New York Harbor next month has jumped 31% since the beginning of the year. That is faster than the average increase of 20% during the same period over the past quarter-century. Gas prices typically rise in the spring, reaching a peak in the summer when the demand is high and gasoline formulations are more expensive, per the U.S. Energy Information Administration. You’ll be charged even more to fill your tank when summer blend gasoline hits the pumps. This type of gasoline is formulated to prevent excessive evaporation when temperatures warm. Check out our Car Smarts channel for smart ways to see money at the pump. https://www.youtube.com/watch?v=T14ikSmkd9s 0:00 Truth Behind Rising Gas Prices 1:28 gas price regulations 2:23 Energy policy ** Go to our partner https://trymintmobile.com/laurenfix to get premium wireless for as low as $15 a month. Special offer: New customers can get any plan for $15/month. New activation and upfront payment of $45 for 3 mo. service required. Taxes & fees extra. Unlimited plans using more than 40GB/mo. will experience lower speeds with video streams at ~480p. Restrictions apply. ** ➡️ Buy me a cup of coffee: https://www.buymeacoffee.com/laurenfix ➡️ Listen to the Total Car Score Podcast: https://www.revolverpodcasts.com/shows/total-car-score/ ➡️ Social media: X: https://twitter.com/laurenfix FB: https://www.facebook.com/Lauren.Fix.The.Car.Coach IG: https://www.instagram.com/laurenfix/ Gettr: https://gettr.com/user/laurenfix Truth: https://truthsocial.com/@laurenfix ➡️ Check out our website: https://www.CarCoachReports.com/ ➡️ Get My Book: Lauren Fix's Guide to Loving Your Car: https://amzn.to/3ifDi3j ©Automotive Aspects, Inc., 2024. All Rights Reserved. #opec #gas #SPR #gasprices #news #car #energy #china