It was bad enough that the Feds, under Biden, sold off our Strategic Reserve of crude oil… to keep pricing down to make the economy look good….it weakened the country…
But now there is another problem:
It seems that no one is willing to meet the Federal Government’s specifications for oil to refill the Strategic Petroleum Reserve.…in either oil quality OR price. (Plus the fact that the budget from Congress for refilling will only allow purchasing enough oil at today’s prices to pay for about a third of what was sold)
So there is gonna be a (probably very longish) delay in refilling the first 180 million barrels of the 220 total that were sold to artificially bring prices down so that people wouldn’t be (as) angry at Joe, the Ho, and Congress in the months leading up to the Mid-Term elections.
The easy and best way to have done it (we shouldn’t have done it at all, really) would have been to have sold the oil to DOMESTIC oil companies at a set price…and part of that sale (should have been a public auction!) should have been a promise (and a requirement) for those buyers to sell oil of the proper grades back to the SPR at a (much lower) set price within a set time frame.
As it is, oil was sold on the open market….to lots of companies, including those of our adversaries…..But hey, 10% and all that, right?
Yeah, 10% for the big guy… grrr
Trump sold oil from the SPR once, but I thought then as I think now, that it is a mistake. Those reserves should be held for only certain circumstances, such as war, some huge problem with drilling for new oil, or some other major reason.
Using those reserves for political or other non emergency reasons is never a good move, and when done it shows the short sightedness of the current resident of the White House.
Especially now, when so much of the reserves have been sold down, and cannot be refilled. The only way that they will ever be filled again will be by opening up the domestic drilling again.