The Biden Administration has been selling oil from the Strategic Petroleum Reserve to lower the price of gasoline and avoid a crushing defeat for the Democrats in the midterms
In an effort to lower gas prices, the Biden Administration will sell an additional 20 million barrels of oil from SPR
bringing the total sales to 200 million barrels
The sale will take place in September and October and conclude just days before the November midterm elections.
- Over the past three months, the Biden admin - desperate to lower
the price of gasoline and avoid a crushing defeat for the Democrats in
the midterms - has been selling roughly 1 million barrels a day from the
Strategic Petroleum Reserve, which has been drained by 125 million
barrels so far in 2022, with nearly 70 million barrels already delivered
to purchasers including several million going to China, roughly two
thirds on the way to the original stated goal of 180 million barrels in
SPR release (it is still unclear how Biden getting crushed in the polls
amounts to an "emergency").
- Which is why on Tuesday morning, the Biden administration said it will sell an
additional 20 million barrels of oil from the Strategic Petroleum
Reserve held in hollowed-out salt caverns on the coasts of Louisiana and
Texas, as part of the previous plan to tap the facility to lower oil
prices, and bringing total sales to 200 million.
https://www.zerohedge.com/markets/biden-sell-additional-20-million-barrels-oil-strategic-reserve-just-ahead-midterms
No comments:
Post a Comment