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

[surada]

Yeah. But what do we day if we really need it it which we will. Trump bought all that oil for near nuttin

Trump lied. He didn't replace any oil he sold from the SOR in 2017.

Sinopec Tech Houston – Providing Energy For Better Living

 

[excalibur]

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

It is still below February 2020 when it hit 12,842 thousand bbls per day. The most recent number is for June 2022 and it was 11,816 thousand bbls per day.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[excalibur]

Trump lied. He didn't replace any oil he sold from the SOR in 2017.

Sinopec Tech Houston – Providing Energy For Better Living

President Trump proposed adding to the reserve in 2020 and Chuck Schumer bragged about preventing that. Oil was far cheaper then than it is now.

Schumer, D-N.Y., wrote in a March 25 letter to his colleagues that Democrats had "eliminated $3 billion bailout for big oil" from the final bill. This funding could be included in future legislation.

In requesting the funding, the Trump administration indicated it wants to take advantage of historically low oil prices while sending a strong economic signal to the industry, said U.S. Energy Secretary Dan Brouillette on a March 19 call with reporters. The U.S. Department of Energy recently announced a solicitation to purchase an initial 30 million barrels of U.S. crude oil.​

Senate drops $3B oil reserve funding from final coronavirus bill, senator says

Senate Minority Leader Chuck Schumer wrote in a March 25 letter to his colleagues that lawmakers removed funding to purchase domestic oil to fill the nation's Strategic Petroleum Reserve from the coronavirus relief bill.

www.spglobal.com

 

[excalibur]

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

More bullshit. The increase was in spite of Øbama. The increase was owing to fracking in new sources mainly on private lands.

Øbama tried to end fracking on federal lands but an Øbama-appointed judge knocked that down.

Court strikes down Obama fracking rules for public lands

A federal judge has struck down the Obama administration's rules for hydraulic fracturing on public lands, a victory for oil and gas producers and state regulators who opposed the rules as an egregious overreach.

www.reuters.com

 

[Concerned American]

Sinopec Tech Houston – Providing Energy For Better Living

Relevance? WTF does a promotional site for a CCP owned energy company have to do with American oil production other than to make the point that Biden is selling us out. Are you off of your meds?

 

[Admiral Rockwell Tory]

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

Again,


Everything I have read says you lie! That should be no surprise to anyone!

 

[surada]

It is still below February 2020 when it hit 12,842 thousand bbls per day. The most recent number is for June 2022 and it was 11,816 thousand bbls per day.

U.S. Field Production of Crude Oil (Thousand Barrels per Day)

Two of the biggest buyers of the SPR are Exxon and shell.

 

[mamooth]

If Biden _wasn't_ doing it, every Republican here would be screaming that he should be doing it to get oil prices down.

That is, they're just inventing dumb reasons to fling shit at Democrats.

I hope none of them embarrass themselves by denying it. There should be some limits to how big they'll lie.

 

[surada]

Try again, moron. Deflection noted. You lied.

Nope US oil production doubled from 2008-2016. Rig counts were higher than they had been in 44 years.

 

[surada]

President Trump proposed adding to the reserve in 2020 and Chuck Schumer bragged about preventing that. Oil was far cheaper then than it is now.

Schumer, D-N.Y., wrote in a March 25 letter to his colleagues that Democrats had "eliminated $3 billion bailout for big oil" from the final bill. This funding could be included in future legislation.

In requesting the funding, the Trump administration indicated it wants to take advantage of historically low oil prices while sending a strong economic signal to the industry, said U.S. Energy Secretary Dan Brouillette on a March 19 call with reporters. The U.S. Department of Energy recently announced a solicitation to purchase an initial 30 million barrels of U.S. crude oil.​

Senate drops $3B oil reserve funding from final coronavirus bill, senator says

Senate Minority Leader Chuck Schumer wrote in a March 25 letter to his colleagues that lawmakers removed funding to purchase domestic oil to fill the nation's Strategic Petroleum Reserve from the coronavirus relief bill.

www.spglobal.com

Trump's allies want Biden investigated for selling oil reserves to China even though Trump did the same thing in 2017

While Trump and his allies ripped Biden for selling oil reserves to Sinopec, records show the Trump administration sold 550,000 barrels to PetroChina.

www.businessinsider.com

 

[surada]

If Biden _wasn't_ doing it, every Republican here would be screaming that he should be doing it to get oil prices down.

That is, they're just inventing dumb reasons to fling shit at Democrats.

I hope none of them embarrass themselves by denying it. There should be some limits to how big they'll lie.

Wonder why Trump sold oil from the SPR to China in 2017?

 

[surada]

Yeah, and I am the King of England!

Why did Trump sell oil from the SPR to China in 2017?

 

[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

Why did Trump sell Oil from the SPR to China in 2017?

 

[Admiral Rockwell Tory]

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

How many times are you going to repeat this bullshit with providing any proof of you fantasy?

 

[surada]

Anything that is paid to the US government goes to the treasury.....and since we are currently holding a massive debt...we're paying for it one way or another.

BTW, you do know that Biden suspended oil and gas leases in Alaska and off-shore drilling in the Gulf, right? How is he going to collect all of these royalties if he keeps suspending leases?
Easy....he's trying to increase the costs of drilling and oil production to make up the difference. He plans on forcing the price up over $10/gal of gas before 2024.

You really don't know what you're talking about.

 

[surada]

More bullshit. The increase was in spite of Øbama. The increase was owing to fracking in new sources mainly on private lands.

Øbama tried to end fracking on federal lands but an Øbama-appointed judge knocked that down.

Court strikes down Obama fracking rules for public lands

A federal judge has struck down the Obama administration's rules for hydraulic fracturing on public lands, a victory for oil and gas producers and state regulators who opposed the rules as an egregious overreach.

www.reuters.com

The US had little experience with fracking. Most US wells produce less than 50 barrels a day. They can't afford fracking or gas injection

The US still uses pumpjacks instead of Christmas trees.

 

[Cellblock2429]

God you're dumb.

/——/ God you’re thrr we dumb one. The Strategic Petroleum Reserve: History and Uses.

 

[Concerned American]

Nope US oil production doubled from 2008-2016. Rig counts were higher than they had been in 44 years.

You're all over the place moron. Please stay relevant to the discussion.

 

[surada]

You're all over the place moron. Please stay relevant to the discussion.

Why would I lie? The facts are not a secret.

 

[Concerned American]

Why would I lie? The facts are not a secret.

Do you understand what relevant means?