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Biden to pay $80 per barrel to Fill Strategic Oil Reserve – Two Years After Democrats Blocked Trump From Filling Reserve at $24 Per Barrel
Gateway Pundit ^ | 9/14/2022 | Cristina Laila

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 ...


TOPICS:
KEYWORDS: anwr; bidenflation; gaywaypundit; globalistreality; keystonexl; opec; opecplus; russia; sodomyblog
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To: 9YearLurker

“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.


61 posted on 09/14/2022 1:44:02 PM PDT by SaxxonWoods (The only way to secure your own future is to create it yourself.)
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To: SaxxonWoods

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?


62 posted on 09/14/2022 1:44:23 PM PDT by Presbyterian Reporter
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To: Presbyterian Reporter

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::


63 posted on 09/14/2022 1:51:23 PM PDT by SaxxonWoods (The only way to secure your own future is to create it yourself.)
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To: Sacajaweau

Here’s a chart of barrels:

https://www.cato.org/blog/strategic-petroleum-reserve-was-never-used-strategically-1


64 posted on 09/14/2022 2:00:48 PM PDT by gloryblaze
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To: SaxxonWoods

Still to Trump’s credit, however.


65 posted on 09/14/2022 2:01:24 PM PDT by 9YearLurker
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To: gloryblaze

thanks...that’s a good graph...


66 posted on 09/14/2022 2:05:03 PM PDT by Sacajaweau ( )
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To: SaxxonWoods

Joe Bidon, The unelected, enelectable fake president.....


67 posted on 09/14/2022 2:10:11 PM PDT by PrayAndVoteConservesInLibsOut
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To: 9YearLurker

Yes, Trump had the common sense to stay out of the way of the market.


68 posted on 09/14/2022 2:13:04 PM PDT by SaxxonWoods (The only way to secure your own future is to create it yourself.)
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To: SaxxonWoods

first stop the drain...


69 posted on 09/14/2022 2:16:04 PM PDT by Chode (there is no fall back position, there's no rally point, there is no LZ... we're on our own. #FJB)
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To: SaxxonWoods

No mention if it would be from a foreign or domestic source.


70 posted on 09/14/2022 2:32:53 PM PDT by philman_36 (Pride breakfasted with plenty, dined with poverty and supped with infamy. Benjamin Franklin)
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To: SaxxonWoods

That’s demented Joe; day late and dollar short.


71 posted on 09/14/2022 2:49:11 PM PDT by chopperk
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To: SaxxonWoods

It’s a wonder the United States has lasted as long as it has.


72 posted on 09/14/2022 2:49:43 PM PDT by laplata (They want each crisis to take the greatest toll possible.)
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To: SaxxonWoods

Democrats only know how to screw up things that are working OK not how to fix them after they “fix” them.


73 posted on 09/14/2022 2:50:58 PM PDT by antidemoncrat
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To: SaxxonWoods
"Biden to pay $80 per barrel to Fill Strategic Oil Reserve"

So what's to keep the price of oil from shooting up over $80 per barrel the moment biden starts buying?
74 posted on 09/15/2022 3:15:15 PM PDT by clearcarbon (Fraudulent elections have consequences.)
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