Biden to Pay $80 Per Barrel to Fill Strategic Oil Reserve – Two Years After Democrats Blocked Trump From Filling Reserve at $24 Per Barrel
Joe Biden and the Democrats destroy everything they touch.
The Biden Regime is looking to pay $80 per barrel to fill the Strategic Petroleum Reserve.
Biden waged a war on domestic oil production as soon as he was sworn into office.
On his first day in office, Joe Biden killed off 42,100 jobs by ending construction of the Keystone XL Pipeline and the end of construction of the Trump border wall.
The Biden regime also shut down more pipelines last winter as gas prices were surging.
After waging a war on domestic production, Joe Biden (possibly illegally) released millions of barrels of oil from US Strategic Oil Reserves.
Now Joe Biden wants to fill the Strategic Reserves with $80 per barrel oil.
Just two years ago the Democrats blocked President Trump from filling the Strategic Oil Reserves at $24 per barrel.
The Democrats cost the US BILLIONS in potential profits, Bloomberg News reported.
Bloomberg News reported:
The Biden administration is considering replenishing the Strategic Petroleum Reserve when oil dips below $80 a barrel, just two years after Democrats blocked former President Donald Trump from filling the reserve at a fraction of that price.
Biden in March ordered the release of a record 180 million barrels of oil from the reserve in an attempt to stem supply shortages and the rapid rise of gasoline prices in the US following Russia’s invasion of Ukraine. The administration now is looking to protect US oil-production growth and prevent crude prices from plummeting, according to people familiar with the matter.
Trump in March of 2020 was looking to stabilize the oil industry after Covid-19 hit in 2020 and crushed global petroleum demand. With oil at the time priced at about $24 a barrel, Republicans proposed spending $3 billion to fill up the reserve. But the idea became a political football in larger negotiations on trillions in coronavirus relief, with Senate Democratic Leader Chuck Schumer proclaiming that his party had blocked a “bailout for big oil.”
That decision effectively cost the US billions in potential profits and meant Biden had tens of millions of fewer barrels at his disposal with which to counter price surges.
It also will take more oil to fill the reserve than two years ago. In March 2020, the reserve had 634 million barrels stored out of a capacity of 727 million barrels. After a record drawdown last week, the reserve is down to 442 million barrels, its lowest level since 1984.