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

[excalibur]

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.​

​

...​

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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.”​

​

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

 

[Hang on Sloopy]

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

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

 

[The Irish Ram]

They are draining the life out of this country....

 

[1srelluc]

China is drinking our milkshake.

 

[MarathonMike]

Their election strategy is to distract Americans away from the damage Biden's administration has done to our national security and our economy. So get ready for a non-stop blitz about abortions and "Trump is bad".

 

[occupied]

What is the strategic reserve for if not to offset supply disruptions? The reserve is filled as a royalty payment from oil and gas producers pumping oil from the western gulf of Mexico.

 

[KissMy]

We filled the SPR when oil price went negative. Now Biden is selling it for major profit at the highest prices to pay down Trumps debts.

We no longer need to rely on the SPR created because of Arab oil embargo, because we no longer depend on them, since we have our own oil supply.

 

[JusticeHammer]

They are draining the life out of this country....

Typical demscum.

 

[mudwhistle]

What is the strategic reserve for if not to offset supply disruptions? The reserve is filled as a royalty payment from oil and gas producers pumping oil from the western gulf of Mexico.

So you're going to redefine what our emergency supply of oil is for now?
You will make a prefect communist.....nothing that these criminals are doing is wrong to you.

 

[mudwhistle]

We filled the SPR when oil price went negative. Now Biden is selling it for major profit at the highest prices to pay down Trumps debts.

We no longer need to rely on the SPR created because of Arab oil embargo, because we no longer depend on them, since we have our own oil supply.

He's not paying down Trump's debts.
Congress has control of the purse strings.

 

[excalibur]

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

Trump wanted to fill the reserve at much lower prices. Schumer stopped it and the dolt bragged about stopping it.

Everything is about politics with Democrats, nothing is about America.

 

[occupied]

So you're going to redefine what our emergency supply of oil is for now?
You will make a prefect communist.....nothing that these criminals are doing is wrong to you.

The strategic reserve has often been used to bolster supplies. What do you think it's for?

 

[mudwhistle]

The strategic reserve has often been used to bolster supplies. What do you think it's for?

It's supposed to be for emergencies....not because a president needs to boost his poll numbers due to his mishandling of the energy industry.

 

[occupied]

It's supposed to be for emergencies....not because a president needs to boost his poll numbers due to his mishandling of the energy industry.

God you're dumb.

 

[mudwhistle]

God you're dumb.

Yeah....you were going to say that regardless what I said.
They created it during the Gulf oil embargo in the 70s.
It was to give us a short term supply to counter any foreign attempts to cut us off from oil, particularly OPEC.

It's also something that can be used if a hurricane stops off-shore drilling.

Most of the current supply was purchased at under $30 per barrel....and is being sold at $60 per barrel.
Whatever the price is when they decide to refill it will be nearly double that.....which will cost taxpayers billions.

 

[excalibur]

... is filled as a royalty payment from oil and gas producers ...

Actually, we buy the oil.

Trump wanted to buy more at cheap prices.

Chuck Schumer blocked it and bragged about blocking it.

 

[excalibur]

He's not paying down Trump's debts.
Congress has control of the purse strings.

Leftoids, smart as rocks.

 

[occupied]

Yeah....you were going to say that regardless what I said.
They created it during the Gulf oil embargo in the 70s.
It was to give us a short term supply to counter any foreign attempts to cut us off from oil, particularly OPEC.

It's also something that can be used if a hurricane stops off-shore drilling.

Most of the current supply was purchased at under $30 per barrel....and is being sold at $60 per barrel.
Whatever the price is when they decide to refill it will be nearly double that.....which will cost taxpayers billions.

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

 

[mudwhistle]

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

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.

 

[occupied]

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.

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