To: Brumar89 who wrote (1357566 ) 5/5/2022 12:34:13 PM From: Broken_Clock 1 RecommendationRecommended By
Read Replies (3) | Respond to apparently the same angel talked to BidenTl;dr : Not The Onion...Just 6 weeks after President Biden unveiled the greatest, most-massivest, democracy-saving plan to release millions of barrels of oil from the Strategic Petroleum Reserve into the market to bring down the price of gasoline at the pump for Americans... which was crushing his approval ratings as the average joe's pocket book is eaten alive by Biden-flation...CNN reports that the Biden administration plans to seek bids this fall to buy 60 million barrels of crude oil as the first step in a years-long process aimed at replenishing America's shrinking emergency oil reserve , an Energy Department official said."As we are thoughtful and methodical in the decision to drawdown from our emergency reserve, we must be similarly strategic in replenishing the supply so that it stands ready to deliver on its mission to provide relief when needed most," Energy Secretary Jennifer Granholm said in a statement. Beyond trying to refill a vital rainy fund, the Biden administration hopes the buyback plan will encourage domestic oil production by guaranteeing a source of future demand. sell low and buy high has sent oil prices back above $110... and erased any short-term impact on oil prices from Biden's plan..."Congress has been irresponsibly selling the SPR down," said Bob McNally, who in the early 2000s oversaw the Energy Department's efforts to replenish the SPR under former President George W. Bush, adding that "draining the reserve leaves the country and the world more vulnerable to geopolitical shocks." CNN adds that the buyback plan won't impact congressionally mandated sales of oil from the SPR aimed at raising revenue to ease the federal deficit... WTF is going on!!!
