First on CNN: Biden administration launches plan to refill emergency oil reserve

CNN ^ | 5-5-22 | Matt Egan

[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.

[dynachrome]

The demented retard adds to the dumpster fire.

[EEGator]

We can buy some from Russia...

[MNJohnnie]

Standard Democrat Econmics, sell cheap and buy high

[MrRelevant]

Maybe they’ll buy some Russian oil.

[uranium penguin]

He probably plans to buy it at 250% over market.

All from Iran.

[janetjanet998]

Trump wanted to buy more when oil was $20-30 and the Dems went nuts and blocked it

Oil now at $100

[MrRelevant]

Hey look at the bright side ….. since they emptied the reserves gas has only climbed like 25 cent a gallon….lol

[Lurker]

Trump did it in a month at bargain prices.

L

[griswold3]

The Dems want us on our knees. Easier to control.

[tet68]

the SPR, which has been drained by the war in Ukraine and sales mandated by BIDEN to raise revenue.

[Vikon99]

What Morons. Stopped Trump from refilling the full reserve when the prices were dirt cheap as a “handout to Oil Barons” and now trying to fill it when Prices are through the roof. Another attack on the American Economy.

[JoSixChip]

Sell at $90, then buy at $120. biden’s a genius! Beware the unintended consequences.

[rktman]

Usually how my strategies work out.

[Sacajaweau]

https://www.cnbc.com/2022/03/31/us-to-release-1-million-barrels-of-oil-per-day-from-reserves-to-help-cut-gas-prices.html

[Publius Maximus]

Sell low, buy high.

The man’s a financial genius.

God help us, this kind of stupid is fatal.

[digger48]

Gas went up around me .25 since Tuesday

Highest price here yet

[alancarp]

1 teaspoon at a time?

[irishjuggler]

Yes, but Trump was a businessman. Biden is hack politician grifter. The approach is apparently “sell high, buy higher.”

[MrRelevant]

Yea but it didnt drop a dime when they released the reserves lol

[Telepathic Intruder]

"drained by the war in Ukraine"

It was drained because Democrats have no interest in energy independence. So the Democrat plan is to use the strategic reserve as our only source, which they must buy using taxpayer money and sell again to the public at elevated cost.