The entire US 1 million barrel Northeast Gasoline Supply Reserve will be required to be sold and closed in fiscal 2024, according to bill text of government funding legislation unveiled Sunday Did China write this bill? docs.house.gov/billsthisweek/…
It is important to note that the OPEC+ nations have reached a consensus to prolong oil output cuts from Q1 to Q2 of 2024. These cuts total to approximately 2.2 million barrels per day and were initially established in November. Therefore, it is advised to keep an eye on the prices of Oil and Gasoline as we head into the second quarter. As a matter of fact, Gasoline Futures have already increased by 10% in the last 30 days! #opec #Oil #gasoline
The Northeast Gasoline Supply Reserve (NGSR) is a one-million-barrel stockpile of emergency gasoline that is stored in Maine, Massachusetts and New Jersey. It is part of the Strategic Petroleum Reserve (SPR), which is the world's largest supply of emergency crude oil that can be used to protect the nation's energy security in case of a supply disruption. The NGSR is scheduled to be sold and closed in fiscal year 2024, which means it will be disposed of and not used as an emergency reserve. This is because Congress has passed a government funding legislation that requires the sale of the entire SPR, including the NGSR, to avoid a shutdown of federal agencies. The Biden-Harris Administration has been sort of trying to replenish the SPR. They have already secured cancellation of 140 million barrels of congressionally mandated sales scheduled for fiscal years 2024 through 2027. This isn't a good thing for the US.
@zerohedge Yes, indirectly. Please read the book "Blood Money" by Peter Schweizer. It's a real eye opener and talks about how so many of our politicians are in China's pockets. One that surprised me was Mitch McConnell. Now I understand why none of them want to retire. Chinese millions $$$$
@zerohedge They are not even hiding it anymore. They are taking us down.
@zerohedge Sell the gasoline supply reserve?! It is called a Reserve for a reason, so remind me selling it benefits who? And what would the expected % increase in gasoline prices in the northeast as a result?