Biden Drained The SPR At $30/bbl In Order To Keep Oil Prices Low Prior To Midterms. Now Filling It Back At $96/bbl With Tax Payer Money

[Jim H - VA USA]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

 

[toobfreak]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel
Now willing to fill it at up to $96 per barrel with taxpayer money.

So basically, you're saying that Biden spent 2.8 billion in order to infuse our economy temporarily with 870 million in order to help win the midterms.

 

[Jim H - VA USA]

So basically, you're saying that Biden spent 2.8 billion in order to infuse our economy temporarily with 870 million in order to help win the midterms.

He used US taxpayer dollars to lower the price of oil worldwide.

There was no need to drain the SPR like he did, and now we have to refill it. He basically cashed out the equity in it. That equity was ours for strategic purposes, and he used it for political purposes.

 

[pknopp]

Oil hasn't been as high as $96 in a long time.

 

[Batcat]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

View attachment 739226

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

Democrats always spend money like drunken sailors. Republicans are not much better.

 

[B. Kidd]

He used US taxpayer dollars to lower the price of oil worldwide.

There was no need to drain the SPR like he did, and now we have to refill it. He basically cashed out the equity in it. That equity was ours for strategic purposes, and he used it for political purposes.

Sippy Cup has no problem with this.

Afterall, it's only other people's money.

 

[Toro]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

View attachment 739226

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

LOL

Awesome.

I'm long oil stocks.

 

[Jim H - VA USA]

LOL

Awesome.

I'm long oil stocks.

Me too. Bought during the pandemic at the bottom. Figured Biden's war on fossil fuels would make it a good investment.

 

[AntonToo]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

View attachment 739226

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

Bullshit.

Government realized a big profit by buying for $29 and selling at $85+

 

[MarathonMike]

Oil hasn't been as high as $96 in a long time.

Yeah at least 3 weeks or so.

 

[pknopp]

Yeah at least 3 weeks or so.

Nope.

Last time was in August.

CL.1 | Crude Oil WTI (NYM $/bbl) Front Month Overview | MarketWatch

 

[Jim H - VA USA]

Bullshit.

Government realized a big profit by buying for $29 and selling at $85+

Well, that's not necessarily true if constant dollars are used (which is the proper way to do it).

Still, the purpose was to keep oil price down. In order to do that, we drained the US SPR in order to influence worldwide oil prices.

We cashed out the equity in the SPR to keep prices tolerable right up until the election. It was done for political gain, IMO, and it puts us in a risky situation until it is refilled.

It was never advertised as a money-making opportunity for the US; it was advertised as an action to keep the price at the pump down.

 

[AntonToo]

Well, that's not necessarily true if constant dollars are used (which is the proper way to do it).

Still, the purpose was to keep oil price down. In order to do that, we drained the US SPR in order to influence worldwide oil prices.

We cashed out the equity in the SPR to keep prices tolerable right up until the election. It was done for political gain, IMO, and it puts us in a risky situation until it is refilled.

It was never advertised as a money-making opportunity for the US; it was advertised as an action to keep the price at the pump down.

No matter what it was advertised, a PROFIT was realized, so let's not talk shit about "on public dime"

 

[B. Kidd]

No matter what it was advertised, a PROFIT was realized, so let's not talk shit about "on public dime"

How much profit, Einstein??

 

[Fort Fun Indiana]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

View attachment 739226

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

So what? That's one of the functions and reasons to be of government: do necessary things that don't turn a profit.

Else a private corporation would already do it.

Hot garbage whiny thread, zero stars.

 

[MarathonMike]

So what? That's one of the functions and reasons to be of government: do necessary things that don't turn a profit.

Else a private corporation would already do it.

Hot garbage whiny thread, zero stars.

So in your view, it was "necessary" to drain our "strategic" oil reserves to score some election points. Got it.

 

[Fort Fun Indiana]

So in your view, it was "necessary" to drain our "strategic" oil reserves to score some election points. Got it.

No, sorry, I have no use for your pathetic strawman.

 

[AntonToo]

How much profit, Einstein??

Don't know, but it doesn't take an Einstein to tell that buying low and selling high results in a profit.

 

[easyt65]

The oil Biden sold before the Midterms was purchased at an average price of $29.70 per barrel [Link]

View attachment 739226

Now willing to fill it at up to $96 per barrel with taxpayer money.

Biden Admin Quietly Raises The Price It’s Willing To Pay To Refill Oil Reserves

The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel.

dailycaller.com

Price at time of sale was about $85 per barrel [Link] White House says $96.

Clearly, this was done to influence the election. Does not seem to have a reasonable financial justification.

You can't fix 'stupid' or 'evil'.


.

 

[AntonToo]

So what? That's one of the functions and reasons to be of government: do necessary things that don't turn a profit.

Else a private corporation would already do it.

Hot garbage whiny thread, zero stars.

Well as it happens it DID turn a profit. So even that dog don't hunt.