Posted on 10/24/2022 4:30:47 AM PDT by EBH
After releasing the most oil ever from the U.S. emergency petroleum reserve, the Biden administration is signaling it will refill soon, a multibillion-dollar undertaking that it hopes will rouse sluggish domestic drilling activity.
The pitch is likely to be a hard sell for many domestic producers, say industry executives and analysts. “It’s a little bit more [complex] than this,” said Olivier Le Peuch, chief executive of oil-field services company Schlumberger Ltd.
On Wednesday, President Biden said for the first time that the Energy Department would begin purchasing oil to refill the U.S. Strategic Petroleum Reserve when oil prices are $67 to $72 a barrel, or less. Officials also said the department has made a final rule that would allow it to purchase crude at a fixed future price, which they hope would encourage producers to drill more.
(Excerpt) Read more at msn.com ...
The Chinese must be demanding more oil.
He depleted reserves built up by Trump at 19 bucks a barrel, and will have to pay 80 a barrel to replace it.
He depleted reserves built up by Trump at 19 bucks a barrel, and will have to pay 80 a barrel to replace it.
Biden keeps touting his “accomplishments”......telling voters that this election is about “my accomplishments as a leader and not about the challenges you’re experiencing.”
“Biden keeps touting his “accomplishments”...”
An incredibly short list! LOL
That is the question every day with this admin.
He just makes it up.
Despite this unprecedented draining of our emergency supply, here we are still sitting at gas prices still 1.50 - 2 dollars more than it was before he took over. Theres no upside to any of this for Biden. Hes either admitting failure in regards to antagonizing the energy sector or making another hollow attempt at gaslighting folks into not believing what theyre seeing and feeling each time they fill up.
The fascist Dems are both evil AND stupid: FedGov buying massive amounts of petroleum will increase prices even more
Where can I get some of that $2/gal gas he is talking about?
Officials also said the department has made a final rule that would allow it to purchase crude at a fixed future price, which they hope would encourage producers to drill more.
—
The administration made it their overt policy to destroy the oil industry. Now the administration wants the industry to drill more. Zero economic logic.
Full speed ahead. Reverse all engines. Try to pull up those anchors. See if they can find those engines we threw overboard. I need ice cream NOW! And have those sailors I had shot report to duty immediately. Which side is port?
His “accomplishments” could fit on a postage stamp.
It would be a leaflet, even shorter than "Famous Jewish Sports Legends".
Here is his plan - bully producers to produce more.
We could have done it back when oil was $25.00 a barrel.
Every single Dem voted to block it.
Never forget that.
L
C’mon, guys. I’ll pay you $25 a barrel. Drill, baby, drill.
“Exactly how ****ing stupid can a person be?”
Here is a FB post from a die hard lib (and Navy Vet):
“Fuel prices and Inflation increases are worldwide problems. President Biden is not responsible either.
The issue in November’s election is about freedom for all people in the US, regardless, of skin color, sexual preferences, religion, or ethnicity.”
Are We Paying Triple for A Tank of Gas?
Probably, because today’s price is based on Biden’s strategic reserve sales. We pay for that oil when we buy it to fill the spr, and we will pay again when we refill it after biden uses it to help democrats’ election hopes. My guess is today’s gallons at the pump cost us at least double per gallon, probably triple.
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