Posted on 10/06/2022 8:16:43 AM PDT by bitt
In 2020, Democrats blocked Trump's proposal to buy American oil at $24 a barrel. Yesterday, a Biden official disclosed a secret offer to buy OPEC+ oil at $80 a barrel.
In early September, United States Secretary of Energy, Jennifer Granholm, told Reuters that President Joe Biden was considering extending the release of oil from America’s emergency stockpiles, the Strategic Petroleum Reserve (SPR), through October, and thus beyond the date when the program had been set to end. But then, a few hours later, an official with the Department of Energy called Reuters and contradicted Granholm, saying that the White House was not, in fact, considering more SPR releases. Five days later, the White House said it was considering refilling the SPR, thereby proposing to do the exact opposite of what Granholm had proposed.
The confusion around the Biden administration’s petroleum policy was cleared up yesterday after a senior official revealed that the White House had made a secret offer to buy up to 200 million barrels of OPEC+ oil to replenish the SPR in exchange for OPEC+ not cutting oil production. The official said the White House wanted to reassure OPEC+ that the US “won’t leave them hanging dry.” The fact that this offer was made through the White House, not the Department of Energy, may explain why a representative of the Department called Reuters to take back the remarks of Granholm, who has shown herself to be out-of-the-loop, and at a loss for words, relating to key administration decisions relating to oil and gas production.
The revelation poses political risks for Democrats who, in the spring of 2020, killed a proposal by President Donald Trump to replenish the SPR with oil from American producers, not OPEC+ ones, and at a price of $24 a barrel, not the $80 a barrel that the Biden White House promised to OPEC+. At the time, Trump was seeking to stabilize the American oil industry after the Covid-19 pandemic massively reduced oil demand. Trump and Congressional Republicans proposed spending $3 billion to fill the SPR. Senate Democratic Leader Chuck Schumer successfully defeated the proposal, and later bragged that his party had blocked a “bailout for big oil.”
Even normally strong boosters of the Biden White House viewed the Democrats’ opposition to refilling the SPR as a major blunder. “That decision,” noted Bloomberg, “effectively cost the US billions in potential profits and meant Biden had tens of millions of fewer barrels at his disposal with which to counter price surges.” Moreover, observed Bloomberg, it will take significantly more oil today to fill the SPR than it would have two years ago. In spring 2020, the SPR contained 634 million barrels out of a capacity of 727 million. Now, the reserve is below 442 million barrels, its lowest level in 38 years.
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ran for gov of CA as an indie -
Pro-civilization : Time, “Hero of the Environment” : Bestselling author of “Apocalypse Never” & “San Fransicko” : Green Book Award : MD = my initials. Not a doc
Treason is the reason for the sleezin................😒
Here’s the shell game: the government buys oil to fill the SPR using tax dollars. Imagine opening your wallet and handing your money over to government. Then you drive to the gas station to fill your gas tank. Again, you open your wallet. You fill your tank with gas refined from the SPR. It price is still high, but not as high as in June. You’re stupid and happy, well maybe not.
Golly. If only there were a stable country that could produce oil for our own strategic reserves...
It’s almost EMPTY. They sold it all to China and will claim it leaked back into the ground.
He supposedly Got 81 million votes, more than any other candidate in history.
His actions overt and covert hurt this nation and its people 24/7.
Joe ByeDone is still doing exactly what the Dem elites tell him to do! They hate a strong America and us 24/7!
Trump tried to refill the SPR at around $30 a barrel IIRC. Schumer and Pelosi blocked any consideration of it.
They should be tried for treason.
L
Buy canned food.
Just sayin’.
At the rate we’re going, the Strategiegic Petroleum Reserve will soon be the Strategiegic Empty Hole in the Ground.
My guess is McConnell etal contacted OPEC with an offer of some sort if they would cut production one month prior to mid-terms.
Democrats, always saying the opposite of what they mean.
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