Good day all. One of the may stupid things the maladministration of President* Bumbles Dementia Biden has done regard the Strategic Oil Reserves. Since his war on on energy independence and cheap energy began, gas prices have been skyrocketing. This has not made Americans happy at all, and the crater that is Biden’s poll numbers reflect this.
To try and boost his poll numbers, Dementia Joe has been dipping into the Strategic Oil Reserves, and using them to try and drive down the price of gas. It has failed miserably of course, since this is not what the reserves were meant for. However, it has come out that the corrupt, senile idiot has not been supplying domestic refineries exclusively. He has also been selling our strategic oil reserves to a hostile nation. Here are the details from the Daily Caller:
The Biden administration sold nearly six million barrels of oil from its Strategic Petroleum Reserve (SPR) since July 2021 to a Chinese state-run energy firm, according to a Daily Caller News Foundation review of Department of Energy (DOE) data.
From July 2021 until the end of June 2022, Biden’s energy department auctioned off 5.9 million barrels of strategic reserve oil to Unipec, the trading division of the Chinese state-owned Sinopec, in an effort to increase the supply of oil globally and drive down fuel costs in the U.S. that were exacerbated by the war in Ukraine and Biden’s climate policies. SPR oil is sold to the highest bidder, and some of the businesses entitled to make bids are American subsidiaries of foreign corporations like Unipec.
First, if selling our oil to a foreign government is permitted under the enabling acts, then we need to make a change legislatively. Second, using the SPR to try and lower the price of oil was a foolish idea. Of course, considering who is in the White House, the only ideas he has are foolish ones.
The DOE sold four million barrels to Unipec in the fall of 2021, almost six months before Russia’s invasion of Ukraine, making over $252 million from the sale, according to the FY22 Emergency Drawdown No. 2 Successful Awards Report. Each barrel was sold on average for roughly $63, or over eight dollars less than the average price of oil per barrel that month.
So, they were not only selling our oil to the People’s Republic of China, long before Putin’s Folly, they were selling it AT A LOSS? Just who’s brilliant idea was this, and can we have them shot for treason? (Sadly, no)
“I think it takes a bad policy and makes it worse,” Ben Lieberman, a senior fellow at the Competitive Enterprise Institute, told the Daily Caller News Foundation.
“The idea of tapping into the Strategic Petroleum Reserve rather than maxing out on American drilling was foolish from the start, it’s like taking out a loan instead of going out and earning more money,” he continued.
Using the SPR for political reasons, and this is what Dementia Joe and his handlers did, was bad enough. Selling the oil to the PRC at a loss smells to high heaven, especially with all the information on Hoovernose Biden’s “Deals,” and the “Big Guy’s 15%. As I recall, The Greatest President of the 21st Century, Donald Trump, started filling the SPR when oil prices were falling. This was late in his term, and he didn’t have enough time to fully top off the tanks as it were.
Then came the Worst President* in American history, Joe Biden and his war on fossil fuel. Within minutes of his stumbling his way through the oath of office, his minions and handlers started putting executive orders in front of him designed to kill off our energy independence. Now he and the Democrats are actively destroying our emergency supplies for their own personal and political gains. There is a word for this, but I’ll let you figure it out.
Thatisall
(2 votes, average: 5.00 out of 5)
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