‘Fleecing Taxpayers’: Here’s How Americans Will Pay For Biden’s Draining Of Emergency Oil Reserves

[mudwhistle]

Just admit you didn't know anything about it and move on.

Try explaining where I'm wrong or STFU.

 

[mudwhistle]

Just admit you didn't know anything about it and move on.

If Biden tries to go on the open market to refill the SPR he's going to have to borrow more money to do it.
Since he keeps suspending leases he's reducing the royalties that oil companies pay in oil from federal leases, which will make it take longer to refill the reserve.
He's going to wait till after the election to refill it....and reduce the market supply after the election of course. Nevermind the fact that he's only contracting to replace a third of what he took out.

 

[occupied]

If Biden tries to go on the open market to refill the SPR he's going to have to borrow more money to do it.
Since he keeps suspending leases he's reducing the royalties that oil companies pay in oil from federal leases, which will make it take longer to refill the reserve.
He's going to wait till after the election to refill it....and reduce the market supply after the election of course. Nevermind the fact that he's only contracting to replace a third of what he took out.

The only problem here for you is that Biden did something. You would have also bitched if he did nothing.

 

[mudwhistle]

The only problem here for you is that Biden did something. You would have also bitched if he did nothing.

Doing something wrong for the sake of doing something isn't exactly a good thing.
If he had done nothing I figure that the price of gas and Diesel never would have gone over $3.00/ gal.
The reason he's in this fix is because he did something.
He and his adm have admitted that they wanted prices to go up....and that it's all part of a transition period.
If he had just left Trump energy policies alone he would have been able to ride thru it with a Democrat congress in 2024 and another Dem winning the White House.
But because of their Green energy policies it's screwing everything up.

 

[Concerned American]

Now Biden is selling it for major profit at the highest prices to pay down Trumps debts.

Yeah, right. Want to buy a bridge? SMFH.

 

[surada]

The more one looks the worse Biden and his rabble administration are. Just one giant clusterfuck.

​

President Joe Biden’s continuous sales of crude oil from the U.S. Strategic Petroleum Reserve (SPR) could have severe consequences for taxpayers, experts told the Daily Caller News Foundation.​

​

The Biden administration announced plans last Tuesday for another wave of oil sales from the SPR, as well as a proposal to help restock the reserve, according to a White House press release. The Biden administration aims to strategically sell oil from the reserve to boost supplies and fight soaring gas prices, but the rapid draining of U.S. stockpiles could cause taxpayers to foot the bill when the department inevitably refills its reserves. (RELATED: ‘Major Problems Down The Road’: Biden Drains Petroleum Reserves Of Crucial Type Of Crude)​

​

“We filled the SPR at $60 a barrel … and now we’re looking to replenish at $90, meaning there is still a $30 per barrel delta, and we have sold millions and millions of barrels,” Daniel Turner, executive director of Power The Future, told the DCNF. “Biden is fleecing taxpayers to save the midterms.”​

​

SPR barrels that need to be replaced will be bought back by the Department of Energy (DOE) at a fixed price of $90, in accordance with the DOE’s final rule-making, which could be higher than the market rate in the future. The Biden administration claims that by giving producers assurances about future oil prices they will increase their production levels and investments in SPR barrels.​

​

“If the previous president had sold this scheme, the media would have crucified him as being in the pocket of ‘big oil,'” said Turner.​

​

...​

​

“We are draining the SPR at an incredibly fast rate and we are still seeing large draws in commercial crude stocks,” Tracy Shuchart, a partner at Intelligence Quarterly, told the DCNF. “Expect higher for longer energy prices.”​

​

The White House and DOE did not immediately respond to the DCNF’s request for comment.​

‘Fleecing Taxpayers’: Here’s How Americans Will Pay For Biden’s Draining Of Emergency Oil Reserves

President Joe Biden's continuous sales of crude oil from the U.S. Strategic Petroleum Reserve could have severe consequences for taxpayers.

dailycaller.com

This is unbelievably stupid. 15% of the oil in the strategic oil reserve was sold at auction. Less than what Trump sold off in 2017.

 

[ChemEngineer]

 

[surada]

View attachment 699126

View attachment 699127

Biden has auctioned less than 15% and less than Trump in 2017. What does your faith say about lying?

 

[surada]

If Biden tries to go on the open market to refill the SPR he's going to have to borrow more money to do it.
Since he keeps suspending leases he's reducing the royalties that oil companies pay in oil from federal leases, which will make it take longer to refill the reserve.
He's going to wait till after the election to refill it....and reduce the market supply after the election of course. Nevermind the fact that he's only contracting to replace a third of what he took out.

You're really full of it. US oil production is increasing.

 

[22lcidw]

You're really full of it. US oil production is increasing.

The swamp is in control under the globalist wing.

 

[LAUGHatLEFTISTS]

The more one looks the worse Biden and his rabble administration are. Just one giant clusterfuck.

​

President Joe Biden’s continuous sales of crude oil from the U.S. Strategic Petroleum Reserve (SPR) could have severe consequences for taxpayers, experts told the Daily Caller News Foundation.​

​

The Biden administration announced plans last Tuesday for another wave of oil sales from the SPR, as well as a proposal to help restock the reserve, according to a White House press release. The Biden administration aims to strategically sell oil from the reserve to boost supplies and fight soaring gas prices, but the rapid draining of U.S. stockpiles could cause taxpayers to foot the bill when the department inevitably refills its reserves. (RELATED: ‘Major Problems Down The Road’: Biden Drains Petroleum Reserves Of Crucial Type Of Crude)​

​

“We filled the SPR at $60 a barrel … and now we’re looking to replenish at $90, meaning there is still a $30 per barrel delta, and we have sold millions and millions of barrels,” Daniel Turner, executive director of Power The Future, told the DCNF. “Biden is fleecing taxpayers to save the midterms.”​

​

SPR barrels that need to be replaced will be bought back by the Department of Energy (DOE) at a fixed price of $90, in accordance with the DOE’s final rule-making, which could be higher than the market rate in the future. The Biden administration claims that by giving producers assurances about future oil prices they will increase their production levels and investments in SPR barrels.​

​

“If the previous president had sold this scheme, the media would have crucified him as being in the pocket of ‘big oil,'” said Turner.​

​

...​

​

“We are draining the SPR at an incredibly fast rate and we are still seeing large draws in commercial crude stocks,” Tracy Shuchart, a partner at Intelligence Quarterly, told the DCNF. “Expect higher for longer energy prices.”​

​

The White House and DOE did not immediately respond to the DCNF’s request for comment.​

‘Fleecing Taxpayers’: Here’s How Americans Will Pay For Biden’s Draining Of Emergency Oil Reserves

President Joe Biden's continuous sales of crude oil from the U.S. Strategic Petroleum Reserve could have severe consequences for taxpayers.

dailycaller.com

This makes perfect economic sense to leftists. These are the people who believe politicians spending creates a sustainable growing economy.@

We do do not purchase oil for the reserve. It comes from royalties paid by oil companies for their public leases.

This is a perfect example of leftists understanding of economics.

 

[struth]

gas prices are on their way up again…thanks xiden

 

[Concerned American]

You're really full of it. US oil production is increasing.

Bullshit. Biden dropped the bottom out, he had nowhere to go but up and he still hasn't matched the production under Trump.

United States Crude Oil Production

Crude Oil Production in the United States increased to 13182 BBL/D/1K in March from 13105 BBL/D/1K in February of 2024. This page provides the latest reported value for - United States Crude Oil Production - plus previous releases, historical high and low, short-term forecast and long-term...

tradingeconomics.com

 

[surada]

Concerned American
Can't you read a chart?

 

[Superbadbrutha]

user9280682463243 on TikTok

#greenscreensticker #foryou #moreyouknow #didyouknow #whathappened #viral #foryoupage

www.tiktok.com

 

[Concerned American]

Concerned American
Can't you read a chart?

As I said, Biden dropped the bottom out of oil production--there was nowhere to go but up after his actions. US Oil production still hasn't reached the levels under the Trump administration. Can't you read a chart? BTW, are you paying $2.25 for diesel yet? That's what it was prior to Biden. Run your little partisan, lying ass down the road.

 

[surada]

As I said, Biden dropped the bottom out of oil production--there was nowhere to go but up after his actions. US Oil production still hasn't reached the levels under the Trump administration. Can't you read a chart? BTW, are you paying $2.25 for diesel yet? That's what it was prior to Biden. Run your little partisan, lying ass down the road.

US oil production doubled during the Obama years. Trump was riding his coattails. Basically the ppb was high enough to spur investment from 2008-2016.

Obama has presided over America's biggest oil boom ever

Harold Hamm, the leading contender to be Trump's energy secretary, says Obama destroyed the U.S. oil boom. But the numbers paint a different story.

money.cnn.com

 

[Concerned American]

US oil production doubled during the Obama years. Trump was riding his coattails. Basically the ppb was high enough to spur investment from 2008-2016.

Obama has presided over America's biggest oil boom ever

Harold Hamm, the leading contender to be Trump's energy secretary, says Obama destroyed the U.S. oil boom. But the numbers paint a different story.

money.cnn.com

Try again, moron. Deflection noted. You lied.

 

[Superbadbrutha]

charlottesouthern2 on TikTok

charlottesouthern2's short video with ♬ This Is a Work of Art (Sketchy)

www.tiktok.com

 

[surada]

Try again, moron. Deflection noted. You lied.

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