Posted on 09/14/2022 12:44:32 PM PDT by SaxxonWoods
Joe Biden and the Democrats destroy everything they touch.
The Biden Regime is looking to pay $80 per barrel to fill the Strategic Petroleum Reserve.
Just two years ago the Democrats blocked President Trump from filling the Strategic Oil Reserves at $24 per barrel.
The Democrats cost the US BILLIONS in potential profits, Bloomberg News reported.
(Excerpt) Read more at thegatewaypundit.com ...
I will be absolutely shocked if the repubs take back the senate.....thrilled.....put completely surprised.
I believe Trump filled it to the brim.
Dumb restriction. Zero H is not liberal on most issues.
As if the media will cover anything the Pubbies say
Yep!!!
The democraps will fu*k up a one car funeral.
“it was already low when President Trump wanted to replenish it, and then Biden released so much, just how lo did we go?”
The Reserve can hold 605-750ish million barrels depending on the source. I read that when Biden finishes in November (though he’s now saying he may keep selling!) it will have about 377 mm left, IIRC. That’s 377 days at his current rate of selling.
Adding a million barrels a day to the market brings the price of oil down about 35 cents a gallon worldwide according to the estimates I’ve seen. We pay to make it cheaper for everyone, while they just benefit from Uncle Sugar.
If the USA was allowed to produce enough more to add 3mm barrels a day, gas would go down well over a buck. OPEC+ would cut production to keep the price up if we did that, but at least we’d get the jobs and other benefits here.
Govts control the worldwide price because govts control most of the supply in the world. The 5 largest private multi-national companies control a total of 7% of the market. So, expecting cheap prices except for short periods is probably a pipe dream going forward.
He’s already talking about extending the sales instead of stopping.
You can just hear the fed printing presses warming up now. Hold on to what’s left of your wallets.
Effing Democrats, screwing up everything they touch or look at.
I’d say about the knee deep....
“I believe Trump filled it to the brim.”
That’s my memory too.
I remember when this was at the early days of the pandemic.
Trump in March of 2020 was looking to stabilize the oil industry after Covid-19 hit in 2020 and crushed global petroleum demand. With oil at the time priced at about $24 a barrel, Republicans proposed spending $3 billion to fill up the reserve.
But the idea became a political football in larger negotiations on trillions in coronavirus relief, with Senate Democratic Leader Chuck Schumer then proclaiming that his party had blocked a “bailout for big oil.”
When Zerohedge was a fairly new site, we were allowed to post from it. Suddenly the administrators didn’t like it. It is mostly financial which is apolitical, and other is mostly libertarian or conservative. One of the few sites I read daily, I post good stuff in comments section.
“You can just hear the fed printing presses warming up now. Hold on to what’s left of your wallets.”
A lot of big money people are worried right now because they say the FED is doing too much of the opposite. Not with interest rates, with removing liquidity from the money markets by not re-upping bond holdings as those bonds sell off.
Was Trump ever on top of it: His request was at just about the 20-year low on price.
I’m just reading...and finding the Dems blocked him from doing that....but still...filling it is my memory also so I’m going to hunt around.
“I post good stuff in comments section.”
Good, someone needs to. I got banned from there years ago for trashing the commenters’ wet dreams about the money crisis they said was the “The End Of Everything”. You know, the End before this one and the End after the one before that other one that was the “End Of Everything”.
Agreed.
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