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

[surada]

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

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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.​

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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)​

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“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.”​

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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.​

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

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...​

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“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.”​

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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

Intelligence Quarterly isn't intelligent.

 

[JusticeHammer]

Intelligence Quarterly isn't intelligent.

Neither are demscum.

 

[surada]

Neither are demscum.

You didn't buy any gas this past year?

 

[Cellblock2429]

Intelligence Quarterly isn't intelligent.

/----/ There is a reason I put this quote in my signature. It's for libs like you who can't debate without name calling.
When you can't refute the message, attack the messenger - Saul Alinsky

 

[francoHFW]

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

wrong again, as the GOP fear mongering almost always is...

 

[JoeB131]

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.

Actually, you are a tad confused. Biden sold the oil from the SPR when oil was at it's height of $120 a barrel, and it's selling for 71 a barrel now, that's a 49 dollar a barrel profit.