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When the Department of Energy announced that it had successfully replenished the nation's stockpile with the total purchased volume of 40 million barrels, the announcement had some people scratching their heads.
The Strategic Petroleum Reserve (SPR), as the stockpile is called, contained over 630 million barrels of crude oil when President Biden took office in January 2021. Last week, it had less than 376 million barrels. How did the DOE refill the SPR with only 40 million barrels?
“I think it's a very purposely worded, misleading press release to make it seem like it replenished the SPR. And that's not true at all,” Robert Rapier, a chemical engineer and editor in chief of Shale Magazine, told Just the News.
“That’s not what happened,” he said. He said what’s really happening is that the DOE is taking credit for another 140 million barrels that Congress had originally authorized, which would have drained the SPR even further. Those sales were canceled and combined with the 40 million barrels the DOE has purchased, the agency comes to a total of 180 million barrels.
“Those canceled sales wouldn't necessarily have happened anyway, with the SPR depleted like it is. So, they're taking credit for something that they shouldn't be taking credit for,” Rapier explained.
The SPR could have been much higher when Biden took office at a great value to taxpayers. In 2020, then-President Donald Trump had proposed $3 billion in funding as part of the COVID-19 economic stimulus package to buy oil for the SPR.
Then-Senate Minority Leader Chuck Schumer, D-N.Y., told CNBC that Democrats had “eliminated [a] $3 billion bailout for big oil.”
Crushed under the weight of collapsing demand from the pandemic, oil prices were so low that the purchase would have been at approximately $30 per barrel.
originally posted by: grey580
a reply to: rickymouse
Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should of bought that oil at $10 a barrel when it was negative.
originally posted by: rickymouse
Trump had boosted the reserve up, but not nearly as much to account for this discrepancy. Trump did it because it was necessary to keep the bottom from falling out of oil prices, plus at that low price, it was a really good time to buy it and add to the reserve. What they are claiming now as fully replenished is a lie, even compared to before Trump boosted the reserves.
Trump was a good business man, he capitalized on the good deal, and Biden sold it off and took credit for not having increased the national debt as much as he did because that money went into the nations coffers. The Democrats are the biggest deceivers there are it appears, tricking the American people into believing things that are not true by twisting the numbers.
originally posted by: grey580
a reply to: rickymouse
Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should of bought that oil at $10 a barrel when it was negative.
originally posted by: rickymouse
originally posted by: grey580
a reply to: rickymouse
Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.
Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..
originally posted by: pianopraze
originally posted by: rickymouse
originally posted by: grey580
a reply to: rickymouse
Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.
Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..
Maybe not the oil company but the futures buyers would.
As I understand, and feel free those who know better to correct, the futures buyers buy oil barrels that they have to take possession of at a certain date and time. Most of these grifters can’t actually receive the oil so they HAVE to sell before the date/time they are set to receive it.
Anyways that was what I was told - feel free to correct if I’m wrong.
Hmmm....I wonder where the saying lie like a fish comes from. Fish can't even talk.
originally posted by: pianopraze
originally posted by: rickymouse
originally posted by: grey580
a reply to: rickymouse
Biden sold off the reserve to lower oil prices. Otherwise we'd be paying even more at the pump due to the war in Ukraine. What should be happening is that we need to stop exporting oil until the reserve is back up to where it should be. Also Trump should have bought that oil at $10 a barrel when it was negative.
Trump bought it at under thirty bucks a barrel I think which is cheap. Biden sold it for around ninety I think when the price was so high. The oil companies would never sold the oil at twenty bucks a barrel let alone ten bucks a barrel..
Maybe not the oil company but the futures buyers would.
As I understand, and feel free those who know better to correct, the futures buyers buy oil barrels that they have to take possession of at a certain date and time. Most of these grifters can’t actually receive the oil so they HAVE to sell before the date/time they are set to receive it.
Anyways that was what I was told - feel free to correct if I’m wrong.
originally posted by: nugget1
a reply to: rickymouse
Hmmm....I wonder where the saying lie like a fish comes from. Fish can't even talk.
Must have come from back east; out west it's always been 'you lie like a rug'.