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It's a good thing. It puts a floor under oil prices which will encourage continuing growth in US oil production. Price support will encourage investment and exploration. Another price collapse like when Trump tanked the economy would take thousands of wells out of production. Good to see the Biden admin is thinking strategically.
It's no secret that life was better for the average American when Trump was in the white house playing 4D chess for us... These days, Jill is trying to dislodge the pieces that Brandon shoved up his nostrils... We are all feeling the impact of this change.
Yup, the adults are back in charge... The senile kind.
Quote:
Originally Posted by Ponderosa
It's a good thing. It puts a floor under oil prices which will encourage continuing growth in US oil production. Price support will encourage investment and exploration. Another price collapse like when Trump tanked the economy would take thousands of wells out of production. Good to see the Biden admin is thinking strategically.
We put a price floor on our manufacturing way back when. How did that work out? Did that encourage growth?
How many more industries do we have left for lefties to try these harebrained experiments on???
And Trump didn't tank the economy. COVID did. The economy was growing quite swiftly under Trump before the Chicom bioweapon was released. The poverty rate was at an all time low during Trump's time in office. You know this, yet you still lie.
Don't forget too that they sold that oil from the SPR for a lot more than 70 bucks.
They sold it for partisan points before the election, so the price of gas would be slightly lower. It was a stupid thing to do and Biden is the reason we have to scramble to replace it vs being able to wait it out for lower prices.
It's a good thing. It puts a floor under oil prices which will encourage continuing growth in US oil production. Price support will encourage investment and exploration. Another price collapse like when Trump tanked the economy would take thousands of wells out of production. Good to see the Biden admin is thinking strategically.
But what is the end goal ? It's not prosperity.
shut down refineries
buy back oil at near 3x the cost
They sold it for partisan points before the election, so the price of gas would be slightly lower. It was a stupid thing to do and Biden is the reason we have to scramble to replace it vs being able to wait it out for lower prices.
Regardless, there will be a net profit to the treasury.
We are not going to see oil sustained below $70 for a long time unless there is a recession. In that case thousands of wells will be shut in, investment, already threatened, will evaporate as will development and exploration. Having a buyer at $70 could prevent some of that. This is a smart move by Biden and is backed by oil economists and just about everyone who understands the issue.
Because liberals only understand power and authoritarianism.
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