https://citizenfreepress.com/breaking/biden-to-pay-3x-trumps-price-to-refill-the-spr/

Posted by Kane on October 19, 2022 9:57 pm

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Update — White House unveiled their SPR purchase plan this morning

Joe Biden will buy oil to refill the Strategic Petroleum Reserve (SPR) at a price that is nearly three times higher than the price the Trump administration wanted to pay.

Biden’s Energy Department (DOE) aims to buy back crude oil at a price of $67 to $72 per barrel after selling 15 million barrels in December to complete the largest series of SPR releases in the nation’s history.

President Trump proposed in March 2020 to refill the strategic reserves at a price of $24 per barrel; however, Chuck Schumer blocked the proposal, calling it a “bailout for big oil.”

The SPR is currently at its lowest level since 1984, according to Energy Information Administration data.

SOURCE

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