When Donald Trump was in office, he wanted to top off our SPR while oil prices were low.
At the time, oil prices were holding at $24 per barrel.
We needed 77 million barrels to fill it to the rim.
That would have cost us about $1.85 billion.
Democrats blocked it.
Bad Move
The effort to halt the purchase was led by Senator Chuck Schumer (D-N.Y.).
He called it a bailout for the oil industry, but it was just common sense.
Regardless of anything else, why not take advantage of the low price?
Joe Biden just announced his plan to replenish the SPR, which is now 165 million barrels lower than it was because of his release.
Biden is willing to pay $67 to $72 per barrel.
The 77 million barrels that Trump would have replenished at that price will now cost $5.16 billion, or $3.13 billion more.
A reporter asked White House Press Secretary Karine Jean-Pierre, "Back in 2020, when Congress was debating funding for replenishing the SPR, Democrats blocked it, saying it was a bailout for big oil.
"Why is it a good deal for taxpayers now?"
She responded, "Look, it was a different time.
"It was not the same situation that we are currently in.
"The reserve was close to full capacity at that time, and so there was no reason to make that type of repurchase."
Since when is it a bad time to save $3 billion in taxpayer money?
When Joe fills those tanks back up, and our deficit goes up even more, we can all point to Chuck Schumer and tell him thanks.
Source: Washington Examiner
