For a while there it looked like we’d have to tap the strategic bacon reserve as well.
It seems they always buy when the prices are up and sell when they are down (like now).
When Clinton was President, lots were sold off, on credit, and one went to a young Black man in his early 20’s who lived with his mother. IIRC, it was worth millions and the kid’s mother worked for Jesse Jackson.
This is based on memory and I hope I recall correctly. Wish I had the names to document the story.
When Trump’s energy policies kick in we’ll have even more surplus reserves.
Why are we selling these reserves when we have ships that cannot get underway due to lack of fuel?
Why?
Because Zero said so?? Stupid!
Sales are done to: “respond to a severe energy supply interruption, to prevent or address lesser supply shortages or to conduct evaluations of drawdown and sales procedures.”
“Evaluation of drawdown and sales procedures” is the only one reason than “it was scheduled and we’re too dumb to change it” that could possibly apply here.
This is bad for several reasons. First, this is a time of low oil prices - we should be stocking up MORE. Second, this lowers prices and hurts American producers who should be propped up or at least not undermined.
The last budget deal used these scheduled sales as a source of revenue for the federal budget, believe it or not. That’s why they’re happening.