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<blockquote data-quote="HiredHand" data-source="post: 3776521" data-attributes="member: 2469"><p>The rest of the story…</p><p></p><p>"Replenishing the reserve is absolutely the responsible thing to do. It shows they are serious about getting it back. That's laudable," said Bob McNally, who in the early 2000s oversaw the Energy Department's efforts to replenish the SPR under former President George W. Bush.</p><p>Yet McNally, now president of consulting firm Rapidan Energy Group, cautioned that the Biden administration's efforts to buy back oil will only partially reverse the drawdown in the SPR's size in recent years.</p><p><strong>The buyback plan won't impact congressionally mandated sales of oil from the SPR aimed at raising revenue to ease the federal deficit.</strong></p><p><strong></strong></p><p><strong>The Energy Department says those sales total as much as 265 million barrels between fiscal 2023 and fiscal 2031. </strong></p><p><strong>"Congress has been irresponsibly selling the SPR down," McNally said. "Draining the reserve leaves the country and the world more vulnerable to geopolitical shocks."</strong></p><p><strong></strong></p><p><strong>[URL unfurl="true"]https://www.cnn.com/2022/05/05/energy/spr-biden/index.html[/URL]</strong></p></blockquote><p></p>
[QUOTE="HiredHand, post: 3776521, member: 2469"] The rest of the story… "Replenishing the reserve is absolutely the responsible thing to do. It shows they are serious about getting it back. That's laudable," said Bob McNally, who in the early 2000s oversaw the Energy Department's efforts to replenish the SPR under former President George W. Bush. Yet McNally, now president of consulting firm Rapidan Energy Group, cautioned that the Biden administration's efforts to buy back oil will only partially reverse the drawdown in the SPR's size in recent years. [B]The buyback plan won't impact congressionally mandated sales of oil from the SPR aimed at raising revenue to ease the federal deficit. The Energy Department says those sales total as much as 265 million barrels between fiscal 2023 and fiscal 2031. "Congress has been irresponsibly selling the SPR down," McNally said. "Draining the reserve leaves the country and the world more vulnerable to geopolitical shocks." [URL unfurl="true"]https://www.cnn.com/2022/05/05/energy/spr-biden/index.html[/URL][/B] [/QUOTE]
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