Peak Prosperity - Team Biden Drained the SPR Making America Weaker & Now MSNBC Is Lying About It

Episode Date: June 19, 2024

As we lurch toward war, the sensitive topic of the drained strategic petroleum reserve is sure to crop up. Perhaps in an effort to blunt that among its dwindling viewer base, MSNBC tells a whopper of a lie.

As we potentially head towards war, there's nothing more important than oil, oil data, and by the way, the media and the Joe Biden administration are just now lying through their teeth. Hello, everyone. I'm Dr. Chris Martins, and today we are going to take a quick look at some of the lies. Let's go straight to them. It begins here with this MSNBC piece. Where else do you go for blatant mistruths, misinformation, malinformation? Where do you go to get misinformed? This is my number one spot. I go here if I ever want to know what's not really happening. Let's listen in. Joe Biden just broke OPEC, and he did that through a truly incredible bit of oil market trading. Here's how The Economist describes it. In 2022, when he released 180 million barrels of crude,

he sold an average of $95 a barrel. In July last year, when oil was at $67 a barrel, he began to refill the reserve. He has replaced about one fifth of what he sold, posting a profit of 582 million dollars and has managed to time the market to perfection he's managed to time he well he he didn't do anything obviously joe biden is not competent to even get around on a stage by himself that much is obvious we all know that of course uh but this is actually completely fraudulent reporting it's completely wrong. I don't know what's wrong with these people, but you know us.

We like the numbers and we like to do the numbers. So let's go there really quickly. Let's look at, let's see, let's start here. So this is the Strategic Petroleum Reserve, according to the Department of Energy. Remember, they just told us that he refilled one fifth of what got sold off. Now, here's where he took office pretty much right around here. Get that up to January of 2021, April 20, right there ish. Go back one.

OK, more or less there. That's where Joe Biden took office. And then all this oil was sold off. It hit a low right about here. And so here is where this is what they're saying, refilled about one all this oil was sold off. It hit a low right about here. And so here it is where this is what they're saying, refilled about one fifth of what he sold off. Does that look like about one fifth? Nah, it's about six percent.

Let me show you what the numbers are real quick because I did the math. Here is the math and we're going to go over it together real quickly just so we can understand and parse the lies. So when he took office, there was 638 million barrels of oil in the Strategic Petroleum Reserve. And as of today, well, we're down about to 347. That means that from high to low, 274 million barrels of oil have gone missing during Joe Biden's presidency. From the low to current, the low was at 347 million barrels, currently 364. That means that about 17 million barrels have been refilled. I'll give you that.

But that represents 6%, not 20%, like the economist was saying. So that's lie number one, that they've managed to refill a lot of this stuff and made a huge profit in the process. Now, here's the other part of this that's a real problem that we have to talk about, and that is the price. So this is the average price. Anything above that red line means that you would have sold oil at a profit compared to today. And anything below that red line means oil would have been sold for a loss compared to today and anything below that red line means oil would have been sold for a loss compared to today. And by the way, oil was sold and bought all the way, mostly sold all the way along that whole red line. Some is at a loss. Some is at a gain. So far. But I guarantee you that if they tried to replace all 274 million barrels, That would be an additional 1 million barrels per day demand on the

world oil supply for the next 274 days. This would drive prices through the roof. And current oil prices over $80 a barrel. And of course, they sold a lot of it below that price, which means they will be losing money in that. But it's hard to say because it was a big, giant amount. It was all put in there at very cheap prices and added and subtracted along the way. Accounting for this is not easy. But what you can't say is that Joe Biden has been a master oil trader. We are down 274 million barrels as a nation. We have less oil in the Strategic Reserve than we've had since, oh, 1980s. And we just don't have all that much in the Strategic Reserve.

Now, there's one more layer of complexity under this that really matters. And that is that there's two grades of oil in there there's a medium sour and then there's a light sweet they've really been hitting the medium sour because that's what our refineries are tuned to use they like that stuff it's got the right juice in it it's awesome the media the ultra light stuff the light sweet we got lots of that coming out of the shale play in fact we're exporting that because we don't need that while we're importing the other stuff that our refineries do like it's a tale of two ships crossing in the night the nation right now the united states is at its most weak point ever in its oil history given where we are on the world stage with so many

threats going on around the world where we know that, well, if you fight a war, you're going to need lots of oil, lots and lots of oil. Will that oil be there for us? We don't know. But what I can tell you flat out, let me pull this back up, is that this piece right here, this is 100% a big fat lie. So that's my fact checking for MSNBC. It's just no bueno at this particular point in time. Now, that's just part one.

Part two is we've got to talk about what else is going on out here, which is that NATO. So we just had Blinken and Jens Stoltenberg, head of NATO, get together, joint press conference. I'm always stupid nervous when these things are coming up because who knows what they're going to announce. And they've announced all kinds of craziness here. But listen to this. Europe, you are about to get a whole lot poorer. He's announcing this like it's good news, but this is just good news. What he's announcing for him and his military industrial complex buddies. This is not good for the average person unless

unless you own an armaments factory or some sort of war material supply shop. I don't know, night vision goggles, fatigues, boots. I don't know anything you might need. Listen in. NATO was founded in Washington 75 years ago. Since then, the alliance has been the ultimate security guarantee for all our members. Standing together, we prevent war and preserve peace. In NATO, the US has 30... Didn't NATO, weren't they part of bombing Serbia, a major European capital? Yeah, they were. Standing for peace. Oh, wasn't it nato that took out qaddafi uh specifically bombing the front and the back of his convoy and then radioing the the coordinates in so the rebels could come and take qaddafi out and now the whole country is an open

air slave market with isis and and arms trading and human misery yep yeah that that's true uh yeah you gotta you can't take these people at their face value when they say these things. They don't mean them. You know that they don't mean them. So it's just, that's junk. One friends and allies. Together, allies represent half of the world's economic and half of the world's military might. Advancing US interests and multiplying og halvdelen av verdens militære kraft. Vi forventer USAs interesser og forbedrer Amerikas kraft. NATO gjør Amerika større. I går, som vi har snakket om, med presidenten Biden, NATO-alliene gjør større fornøyelser i fornøyelsespennende. I dette året er fornøyelsespennende i Europa og Canada opp 18%, det største fornøyelsen i dekader.

23 allier vil møte targetet for å fornøyde minst 2% av GDP på fornøyelsespennende. Dette er mer enn to ganger så mye som bare fire år siden. GDP on the fence. This is more than twice as many as just four years ago. Since 2014, Europe and Canada have added over 640 billion extra in defense spending. This demonstrates a historic improvement in burden sharing within NATO. All right. Hey, Europe, you know what? That was kind of a fun ride. Look, you've got some nice things. You've got some nice trains that go from A to B. Pretty nice little country you have there.

That's over. If you want to see what's in your future with this increased defense spending, as if it's some magnificent thing, oh, Jens Stoltenberg, oh, this is for our defense. Yeah, no, it's not about defense. This is actually offense spending, obviously, at this point in time. And so let me tell you what's in your future. Trains that don't work anymore, crumbly bridges, potholes everywhere. Suddenly you're going to find yourselves getting taxed. You're going to have to pay for things like health care and college education. Trust me, you're on the path now. And when you let these men, military industrial complex men and black kind of folks come in and start running your financial show. And they always like with the fear, like, oh, this is for you. This is so you don't die. Now it's so they get rich. It's just how it is. So just please. It's a giant scam. Always has been. It's a racket. War is a racket. So please pay attention to that. But to the extent that Russia is still supplying Europe with gas, to the extent that a lot of oil that the world needs flows out of the Middle East and all of this is now up in have they made or lost on that particular program? It's ridiculous. We are surrounded by lies. We're being gaslit all the time. Please do what you can to stay on top of the news. That's the service I

perform. I am the world's information scout at this point in time. If you want me to be your personal information scout, please come by Peak Prosperity, sign up membership, less than a dollar a day. You will have me helping you decode the world all the time. By the way, I got to run because in just a couple of minutes, we're doing something that I do monthly with my subscribers. It's called Peak Insider Live. It's a webinar. Evie and myself get on live. Any questions for any of our subscribers who tune in, get to come on board. And that's at three o'clock on Tuesdays once a month. So that's one of the many services we offer at Peak Prosperity.

Listen, you need to know what's going on now. You should stay on top of stuff. And if you don't have the time for that, that's my job. Let me stay on top of things for you. All right, with that, thanks very much for listening. We will see you next time. Now I got to jump for my Peak Insider Live. Can't wait for that.

Bye.