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When the Biden administration was selling off oil from the strategic reserve, this article says that oil sold for $96 per barrel. Now, the Administration is starting to refill said reserve, buying 3 million barrels (which is not that much, really, since 180 million barrels were removed) at $75 per.
I suppose the Administration cannot simply 'buy' 180 million barrels in one day, since that would exceed supply, and would cause prices to rise sharply.
Imagine if Congress let Trump fill it up at $20/barrel ~ now that would've been a great deal! And btw, I read the article it says that 3 million barrels will be purchased in January. Since Congress blocked Trump's plan, has Congress approved Biden's plan to buy it in January at ~$75/barrel?
Also gas is still $4.47 on average here in Dark Blue California.
The "Putin Price Plunge". Love it. I wonder if KJP the White House press secretary will use that one today.
She'll be telling people that Biden lowered the prices by giving a sound thrashing to those rapscallions at big oil and how he personally punched that Rockefeller chap in the nose last week outside a moving picture show.
She then went on to credit Biden for expanding telephone service to all 48 states.
Don't look now, but gas prices are going back up here. Up 7 cents in the county and up 10 cents nationwide. Probably going to be another expensive summer "driving season".
Imagine if Congress let Trump fill it up at $20/barrel ~ now that would've been a great deal! And btw, I read the article it says that 3 million barrels will be purchased in January. Since Congress blocked Trump's plan, has Congress approved Biden's plan to buy it in January at ~$75/barrel?
Also gas is still $4.47 on average here in Dark Blue California.
Reality is if congress had approved Trump's plan to buy oil back in 2020 the price would have skyrocketed because it would have put great pressure on demand. It was only in the $20 range for a few days. And it was March 2020 not January.
With few exceptions oil and gas on average move hand in hand over time.
It's right there in 20-30 years of history.
But hey, once something becomes a partisan football the brain just shuts off for many.
It's all rigged bra.
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