Posted on 03/15/2022 9:45:35 AM PDT by Presbyterian Reporter
On Friday, President Donald Trump announced that he has instructed the Secretary of Energy to begin buying tens of millions of barrels of oil for the Strategic Petroleum Reserve. "We're going to fill it right up to the top," he said in a White House speech that primarily focused on the response to the coronavirus.
The move is expected to provide some relief to U.S. oil producers like ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE:COP), which have been hurt by the fall in crude oil prices triggered by the Saudi Arabia-Russia oil price war.
According to Trump, the oil purchases will have numerous benefits, including "saving the American taxpayer billions and billions of dollars, helping our oil industry, and ... it puts us in a position that's very strong, and we're buying at the right price."
The Trump administration has been mulling over various steps to help the troubled oil industry in the wake of the oil price crash and projected declines in demand triggered by the coronavirus pandemic. On Tuesday, the administration suspended a previously announced sale of oil from the Reserve and met with oil industry lobbyists on Wednesday.
According to the Department of Energy, the Strategic Petroleum Reserve currently holds about 635 million barrels of oil. Energy Secretary Dan Brouillette announced on Twitter that the Reserve currently has an additional 77 million barrels of unused capacity. Trump apparently intends to purchase that entire amount in coming days and weeks.
Trump fills the SPR and Biden empties SPR.
I wonder if there is any coincidence that Biden sold 30 million barrels in Nov 2021 and now is going to sell 30 million barrels from the SPR.
Hmmmm????? Isn't 80 million barrels about equal to the 77 million barrels bought by Trump.
""""Energy Secretary Dan Brouillette announced on Twitter that the Reserve currently has an additional 77 million barrels of unused capacity.""""
G
I had forgotten that. But mean tweets
Thanks for reminding
See, the difference between Trump and 99% of Democrat politicians is that Trump is a businessman. When an asset class crashes and is available as fire-sale prices, you back up the truck and buy like crazy. Buy low, sell high: it’s the most basic element of capitalism.
Idiots like Dementia Joe have no concept of this...
It was genius
BTTT
Trump and Biden are polar opposites. Biden not only empties the SPR, he does so in a non-strategic manner. It is not the purpose of the SPR to temporarily lower gas prices. It is there for national defense. Biden makes America weaker every day and in every thing he does.
“Buy low, sell high: it’s the most basic element of capitalism.”
Trump bought low and Biden is selling high.
what was the price of oil then?? Makes complete strategic and financial sense.
Actually it would help the oil industry as replacement would be at higher and more profitable prices.
Biden has been a huge Burden to the US every single day that he has served, either as a senator, the VP, or now as pResident. He’s horrible.
Trump was the BEST! Miss him so much!
“Trump and Biden are polar opposites. Biden not only empties the SPR, he does so in a non-strategic manner. It is not the purpose of the SPR to temporarily lower gas prices. It is there for national defense. Biden makes America weaker every day and in every thing he does.”
This is true, though Bush did exactly the same thing.
Bush authorizes oil release from Strategic Petroleum Reserve
https://en.wikinews.org/wiki/Bush_authorizes_oil...
Mar 06, 2013 · The Strategic Petroleum Reserve is meant to act as a cushion for the oil market during disruptions of energy. Energy production was interuppted by Katrina as more than 735 oil
I recall it not being funded. So they chose to rent out he spr for storage. I don’t when they were able to purchase the oil.
Biden’s corrupt incompetence is staggering.
I complained when Bush did that too.
Exactly.
bkmk
Yeh, Trump filled up with cheap Saudi oil. It was smart.
And Bush was a pure politician too. The more I learn of his administration, the lower my opinion of his judgement.
His example of the Strategic Petroleum reserve serves as an example of what NOT to do.
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