As Biden telegraphs his $79 bid for oil to the entire world, just a reminder that Trump tried to refill the Strategic Petroleum Reserve at $24 and was stopped by Dems who called it “an oil industry bailout”.
The Biden administration is considering replenishing the Strategic Petroleum Reserve when oil dips below $80 a barrel, just two years after Democrats blocked former President Donald Trump from filling the reserve at a fraction of that price.
Biden in March ordered the release of a record 180 million barrels of oil from the reserve in an attempt to stem supply shortages and the rapid rise of gasoline prices in the US following Russia’s invasion of Ukraine. The administration now is looking to protect US oil-production growth and prevent crude prices from plummeting, according to people familiar with the matter. Bloomberg
Biden has been faking the price at the pump to prevent adverse comparisons with Trump’s era of cheapish gas by releasing our strategic reserves for political reasons. Now we have to pay the piper. As oil prices slump slightly, this seems a good time for him to prepare us for the pain if the Middle East chaos spills over into anti-American war.
BREAKING: In an effort to refill the SPR faster, the DOE has announced monthly solicitations to buy crude at $79 per barrel going out to May 2024, with hopes of buying up to 6 million barrels for Dec & Jan delivery.— Energy Headline News (@OilHeadlineNews) October 19, 2023