Posted on 09/14/2022 12:44:32 PM PDT by SaxxonWoods
“His request was at just about the 20-year low on price.”
Everyone who follows oil knew those ridiculously low prices (below the cost of production) were temporary. When they went up, know-nothing consumers screamed immediately as if those prices were sustainable.
FReepers,
Consider these numbers.
1. The crude oil in the SPR was probably purchased at a price of $30 per barrel.
2. As of today Biden has probably sold about 400 million barrels of SPR crude oil at $90 per barrel.
3. So Biden has made a profit of $60 per barrel on these sales or $24 billion.
So the question is: Where is Biden spending the $24 billion?
1. The crude oil in the SPR was probably purchased at a price of $30 per barrel.
::I think that number is $24.::
2. As of today Biden has probably sold about 400 million barrels of SPR crude oil at $90 per barrel.
::He’s sold less than 150mm.::
3. So Biden has made a profit of $60 per barrel on these sales or $24 billion.
::Adjust those figures based on the above corrections::
So the question is: Where is Biden spending the $24 billion?
::I don’t know, it goes into the Treasury first::
Here’s a chart of barrels:
https://www.cato.org/blog/strategic-petroleum-reserve-was-never-used-strategically-1
Still to Trump’s credit, however.
thanks...that’s a good graph...
Joe Bidon, The unelected, enelectable fake president.....
Yes, Trump had the common sense to stay out of the way of the market.
first stop the drain...
No mention if it would be from a foreign or domestic source.
That’s demented Joe; day late and dollar short.
It’s a wonder the United States has lasted as long as it has.
Democrats only know how to screw up things that are working OK not how to fix them after they “fix” them.
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