New Math? Biden Proudly Pays Triple The Price For Oil And Declares It A Victory For Taxpayers
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.