Biden Begins Buying Back Oil To Refill Strategic Reserve...
May 5, 2022 12:17:51 GMT -5
Post by schwartzie on May 5, 2022 12:17:51 GMT -5
Biden Begins Buying Back Oil To Refill Strategic Reserve... Will Send Gas Prices Back To Record Highs
BY TYLER DURDEN
THURSDAY, MAY 05, 2022 - 09:25 AM
Tl;dr: Not The Onion...
Frankly, when this headline hit we just assumed it was a mistake... but it's not.
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.
Continued at link
BY TYLER DURDEN
THURSDAY, MAY 05, 2022 - 09:25 AM
Tl;dr: Not The Onion...
Frankly, when this headline hit we just assumed it was a mistake... but it's not.
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.
Continued at link
