In The NewsWhite House Watch

‘A Win For Taxpayers’: Biden To Pay Nearly Three Times More Than Trump Would Have To Refill Strategic Oil Reserves

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President 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 would have paid.

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, according to a White House fact sheet. Former President Donald Trump proposed in March 2020 to refill the strategic reserves at a price of $24.49 per barrel; however, Senate Majority Leader Chuck Schumer helped block the proposal, calling it a “bailout for big oil.”

“This approach is a win for taxpayers – refilling the SPR at a lower price compared to the barrels sold,” the fact sheet reads.

The administration will refill its stockpiles when oil reaches its favored price range and stabilize global demand, according to the fact sheet. The DOE will also put a plan in place to allow the department to buy back oil barrels at a fixed price, even if the oil will be delivered at a future date when market prices have fluctuated.

“This repurchase approach will protect taxpayers and help create certainty around future demand for crude oil,” the fact sheet said.

Biden authorized the release of 180 million SPR barrels in March to bring down soaring gas prices that were being exacerbated by Russia’s invasion of Ukraine. The SPR is currently at its lowest level since 1984, according to Energy Information Administration data.

“It is a win for energy security … spurring needed increases in production at a time when Putin’s war continues to disrupt global energy markets,” the sheet states.

The White House and DOE did not immediately respond to the Daily Caller News Foundation’s request for comment.

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2 Comments

  1. Not sure about the headline Public wins???? When the idiot buys more oil to refill our emergency supply his is spending 3 times as much as the oil he used (With Our Money) not his —so how do we win??????

  2. Yep, wondered why it was worded that way too. It is difficult to realize that biden spent so many years in the arms of government and yet never learned how to run a country decently and by the Constitution when faced with problems. He is always backtracking when he realizes he goofed up. Instead of trying to figure out what would work and what wouldn’t or when to leave well enough alone, his first thought is to take out his revenge on us by undoing everything President Trump put into place that was making things a whole lot better. Either way, this fool is drowning us in debt that will be impossible to pay off. Wish we could force him out as easily as the British keep doing with their elected leaders.

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