Biden Calls for Increased US Oil Production With SPR $70/Barrel Promise

Newsmax ^ | October 19, 2022 | Eric Mack

[Navy Patriot]

Amid pressures of the midterms, gas prices, inflation, and economic uncertainty, President Joe Biden announced a plan he claims will produce a "profit for taxpayers" – and it includes a long overdue call for oil companies to increase production.

Biden is releasing 15 million more barrels of oil from the U.S Strategic Petroleum Reserve (SPR) now, calling for U.S. oil companies to ramp up production, and offering them a $70 per barrel guaranteed price to sell it back to the U.S. government to refill the SPR in the future when demand falls and the price drops below $70 per barrel.

"You're sitting on record profits and we're giving you more certainty, so you can act now to increase oil production now," Biden said during a news conference Wednesday.

[Navy Patriot]

Let's Go Brandon!

[crusty old prospector]

Just turn one of those valve thingies.

[curious7]

If you want that to happen, BiteMe, then you and your fellow commies need to scrap all your worthless, useless regulations, fees and taxes that are hindering production and refining. Oh, that’s not going to happen, is it?

[ClearCase_guy]

He’s slowly re-introducing Trump’s policies — but taking credit for them, and using his “brilliant ideas” as a reason why Democrats should retain control of Congress in the mid-terms.

[Tench_Coxe]

""You're sitting on record profits and we're giving you more certainty, so you can act now to increase oil production now," Biden said"

Sure. We'll get right on that PedoPete....

[rktman]

More production! Butt, NO drilling! He’s not joking. Mannnnn! 🤔😵🐎💩

[jaydubya2]

"On March 19, 2020, President Donald Trump directed the Department of Energy to fill the Strategic Petroleum Reserve to maximum capacity. This directive was given to help support domestic oil producers given the impending economic collapse from COVID-19 and extreme drops in international oil markets.However, funding was blocked by Congress. Oil was trading around $26 per barrel during this time."

[Navy Patriot]

My first posting comment stands.

[Parmy]

Wasn’t Trump able to buy oil for the reserve at a much cheaper price?

[sauropod]

.

[ProtectOurFreedom]

No leases, no fracking, no drilling, no exploration, no refineries, CO2 caps, no more ICE cars, everything electric, pressure finance companies with ESG regs to not finance fossil fuel projects...

BUT...PRODUCE MORE! I COMMAND IT!!

How many people in the USA really understand what a total freaking idiot worthless legacy no-account politician this slimeball is?

[NWFree]

WTI is over $85 barrel and President Retard wants to give you $70

Gee what a deal.

Libtard math

[Tench_Coxe]

Imagine the oil companies not lifting a finger to help him.

Next step? Probably an attempt to do to the oil companies that this guy suggested to do to Starlink:

Former Bush Speechwriter Says Feds Should Plan to Seize Starlink From Elon Musk

[Yo-Yo]

Biden Calls for Increased US Oil Production With SPR $70/Barrel Promise

Two words, Joe: Keystone XL Pipeline...

[Tench_Coxe]

I agree. Time to sit back and let Biden and his handlers twist in the wind.

[NWFree]

“Wasn’t Trump able to buy oil for the reserve at a much cheaper price?”

Stupid libtards like Schumer refused to pay for it but now they’ll waste 3 times as much for President Retard and claim they did something good

Watch and see

[mykroar]

iswydt

[know.your.why]

This crap must nauseate anyone with at least half a brain.

[MortMan]

Except he is not removing the barrier regulations against producing more oil.

[Chode]

wait till after UKR is concluded, it we get nuked it won’t matter

and if we don’t prices will come back down...