U.S. to Purchase 3 Million Barrels |
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reaper
Admin Group Joined: 27 Jan 2022 Status: Offline Points: 367 |
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Posted: 16 May 2023 at 10:47am |
U.S. to Purchase 3 Million Barrels of Oil at $80/Barrel to Replenish Emergency Oil Reserves Depleted by Joe Biden – After Democrats Blocked Trump from Purchasing $24/Barrel Oil 3 Years AgoOn Monday, the U.S. Department of Energy (DOE) announced that it will purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) after the Biden regime aggressively drained the US stockpile. A record-breaking 180 million barrels were released from the SPR by the Biden regime. According to the US Energy Information Administration, the SPR held about 638 million barrels of oil when Biden took office in January 2021. It has dropped to its lowest level since October 1983 today, at 362 million barrels. “Today’s announcement advances the President’s replenishment strategy following his historic release from the SPR to address the significant global supply disruption caused by Putin’s war on Ukraine and provide a wartime bridge for domestic production to increase,” according to DOE’s news release. Adding, “DOE is committed to executing an SPR replenishment strategy that provides the best deal for taxpayers— aiming to repurchase crude at a lower price than the average of about $95 per barrel it was sold for in 2022, while strengthening energy security by providing certainty to the industry in a way that helps encourage near-term supply. DOE intends to purchase more oil later this year.” Recall, Joe Biden wanted to fill the Strategic Reserves with $80 per barrel oil. Just three years ago the Democrats blocked President Trump from filling the Strategic Oil Reserves at $24 per barrel. Reuters reported:
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