Posted on 05/05/2022 7:50:48 AM PDT by dynachrome
The Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America's emergency oil reserve, an Energy Department official told CNN.
This would mark the first time since the early 2000s that the Energy Department has acquired large quantities of oil for the US Strategic Petroleum Reserve (SPR), the largest emergency supply of oil on the planet. The Energy Department plans to announce the launch of the long-term buyback plan on Thursday to show officials are serious about eventually refilling the SPR, which has been drained by the war in Ukraine and sales mandated by Congress to raise revenue.
(Excerpt) Read more at cnn.com ...
Whatever they do I can assure you it will punish us all in some way.
These are like people who buy a house on a sunny day and then sell off the roof thinking there’s no need for it then, after getting soaked, go about spending more money to replace the roof, only the cost of labor has increased and it will never be as sturdy as what was removed.
I swear these people couldn’t run an honest business to save their lives. When I called Barack Obama an “economic illiterate”, that wasn’t racism; that was reflecting his actual speeches where it was clear he did not understand even the basic principles of economics and, apparently, neither did his advisers - the same ones running Biden’s economy.
Yep, I kept,waiting for gas to,go down 4 or 5 cents a gallon, it didn’t, it went up .25 per usual. Now $4.45 gal.
We have a vegetable as a president. Honestly the wild onions in the woods have a higher IQ than this dumb idiot.
Right, Chuck the Schmuck called it a taxpayer gift to the oil campaniles.
Republicans should be in front of,the cameras explaining to,the public that now is not the time to refill, that it,is fiscally irresponsible to do so now, andmthatnthe people who are paying taxes should not have to be screwed over like this just so,that the lefts favorite terrorist nation can prosper
...WTH?!!!
Fill the reserves with likely imported Arab oil.
Sell low, buy high. It’s not his money, He always gets his cut.
Call Them Out. What was the crude price then vs now? Here’s a hint… it was $29.21 WTI in March 2020 and March 2022 $108.5 (it’s come down some but no where near $29). Source
Smart use of money, give away the $40/ barrel oil and replace it with $150/bbl oil. No wonder these jamokes don’t make it in the private sector.
So going into the market with a large scale purchase won’t inflate the oil price further? These people are idiots.
So was selling our strategic oil to China recently the way Biden could claim a decrease in the deficit?
Sell low and buy high with taxpayer dollars and getting paid off to do so. Leftists grifting for fun and profit.
When Trump proposed refilling at $29 Dems called it a “bailout for big oil”
They’re profiting somehow with such a deal. It’s the only thing that makes sense.
So. What Xiden is actually doing is taking government tax dollars to COMPETE against American consumers for a short-supply commodity to refill a reserve he purposely depleted for a worthless stunt to improve his poll ratings.
That didn’t work so he’s in the midst of starting WWIII so we’re gonna need that oil - to run the tanks and APCs we gave to Ukraine? To tow the Howitzers we gave them? To put AVGAS in the cargo-lift planes the EU et al don’t want to fill up for the flights to Ukraine? Yeah...the oil bill (and all the MIC resupply orders for the massive amounts of shells and other armaments) will come due. He’s hoping that won’t be until AFTER November. You bunch of suckers...
The stupid bastard, without objection from the neocon wing of the Republican party, has depleted the stock for no good reason.
Contrary to the best interests of the American people.
They are going to buy from Russia. This is such a bad idea anyways. Oil prices are historically high, worst time to buy. Unless of course they know it’s going higher
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