- Nov 10, 2019
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- Moderator
- #41
The fact OPEC was again holding the world for ransom, just like in the Jimmy Carter days and the world price of oil was spiking and gasoline and diesel selling to consumerse here and abroad. Of course Biden started putting what was necessary back into the reserves, but not completely refilling by any means.
When President Biden began refilling the Strategic Petroleum Reserve, the average price of oil was around $76 per barrel. This was part of the administration's strategy to replace the 180 million barrels released in 2022, which had been sold at an average price of $95 per barrel.
WASHINGTON, D.C.—The U.S. Department of Energy today announced
that 200 million barrels of crude oil have been delivered, contracted at a good deal for taxpayers, an average price of $74.75. following the closure of the most recent solicitation to acquire 2.4 million barrels of crude oil for the Strategic Petroleum Reserve (SPR). This aggressive buyback strategy has resulted in the purchase of 20 million barrels more than the 180 million barrels sold under the emergency declaration authorized by President Biden in 2022 following the unpreceded Russian invasion of Ukraine.
To date, DOE has directly purchased 59 million barrels of oil for the SPR at an average price of under $76 per barrel. This is about $20 per barrel lower than the $95 average sales price for 2022’s emergency sales.
All $16.95B in emergency revenue made from the 2022 sale was used to secure these barrels, except for the $2.05B that was rescinded by Congress for deficit offset.
Biden-Harris Administration Makes Final Purchase for the Strategic Petroleum Reserve - Secures 200 Million Barrels at a Good Deal for the American Taxpayer
The New Purchase of 2.4 Million Barrels Closes Out the Emergency Revenues from the Biden-Harris Administration’s Emergency Sales in 2022 that Calmed Global Markets and Protected American Businesses and Consumers with a Reliable Supply of Fuel.
