When oil prices crashed, Donald Trump noted at the time that the solace that could be taken was that our oil reserves could all be topped off very cheaply.
Trump asked Congress for the legislation to approve the spending, and it was shot down by Democrats, with Senator Chuck Schumer (D-N.Y.) leading that charge.
Now Biden wants us to believe that a deal paying $79/barrel is a good deal.
Free Spending
At the time that Trump wanted to top off the oil reserves, the price was about $25 per barrel.
Trump had earmarked money in the COVID relief bill for that purpose, but Schumer called the move a “bailout for Big Oil.”
Biden has released an unprecedented number of barrels to help offset high gasoline prices, a political move.
The problem was there were millions of barrels going to other places than the United States, not to mention that is not the purpose of the reserve.
Regardless, now they want us to believe that we are getting a great deal, with the solicitation statement reading, “Today’s announcement advances the President’s commitment to safeguard and replenish this critical energy security asset, following his historic release from the SPR to address the significant global supply disruption caused by Putin’s war on Ukraine and help keep the domestic market well supplied, which ultimately helps bring down prices for American consumers and businesses.
“This is the second solicitation for January 2024 delivery as DOE aims to purchase oil when it can purchase at a good deal for taxpayers: a price of $79 dollars per barrel or below, far less than the average of about $95 per barrel DOE received for 2022 emergency SPR sales.”
The strategic petroleum reserve is now at its lowest level since 1983 thanks to Biden trying to score political points with something that is in place to protect our national security.
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