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 ...
So,they sell the oil that was bought cheap and then buy it when it’s expensive.🙄
Sell low, buy high. More economic brilliance from the communist government.
Buy high, sell low.
This admin. does the opposite of anything resembling common sense.
Complete Moron.
And compete with the private sector - driving prices up even more
This is nothing more than an implementation of the Broken Window Theory, but on STERIODS and will taxpayer dollars!!
Oh great…that will continue to jack the price of oil after drawing on the reserve which had very little effect on reducing prices…
“Long-term buyback plan” means “after the election”, when they can blame the Republicans for the consequences.
Democrats: fiscally and morally moronic.
So we bought it decades ago at 20/brl now buying it back at 100/brl.
This is brilliant. /What a moron.
Lol, so true.
They waited until the price of oil was at its highest. These people just aren’t very smart.
Brilliant isn’t it?
Deplete low and replenish high during shortages further increasing prices.
Right.
Paid $3.519/gallon credit at the Wal-Mart in Myrtle Beach this weekend.
SloJoe has saved us! Hallelujah!
Why doesn’t the retard fill the spr with electricity generated by windmills and solar?
Refill with what? Are we even producing oil anymore under this jarf?
Since he just emptied it I interpret this as a subsidy. He’s going to buy oil at a high price and then sell it at a low price.
Exactly. They have no concept of economics, only power.
Be cheaper to heat our cities by burning giant piles of hundred dollar bills. Btw, how did releasing all that oil from the reserves to lower gas prices work out? I filled up yesterday at a mere $5.07
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