April 2, 2023

SAVVY: How Joe Biden turned a healthy profit for the Treasury from the Strategic Petroleum Reserves

SAVVY: How Joe Biden turned a healthy profit for the Treasury from the Strategic Petroleum Reserves

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The Biden administration has announced that the Department of Energy will repurchase oil at a profit to replenish the nation’s strategic oil reserves after releasing a large quantity of those reserves to the American marketplace to help reduce gas prices earlier this year.

The move signifies another win for President Joe Biden as he seeks to ease the pain at the pump for everyday Americans while insuring the country is prepared in the event of another oil and gas crisis.

Prices soared in the wake of Russia’s invasion of Ukraine in February of this year, sending the price of crude oil through the roof and squeezing the life out of a market already crushed by a worldwide pandemic.

Since releasing petroleum from the reserves for $96/barrel at the height of petroleum’s inflationary spiral, the price of gas has gone down an average of $1.80 a gallon since reaching a record high in the summer of 2022.

America, however, has been bouncing back bigger and better thanks to President Joe Biden’s administration.

American energy security is at the forefront of priorities for the Department of Energy and the President — and this includes replenishing the Strategic Petroleum Reserves, the largest in the world.

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But in true GOP fashion, members of the Republican Party — including Rep. Lauren Boebert (R-CO) — were incapable of acknowledging the commander-in-chief’s accomplishment.

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The recently narrowly re-elected congresswoman couldn’t help making a total fool of herself in an attempt at “owning” President Boden.

Boebert accused the Biden administration of buying barrels back at a deficit, which couldn’t be further from the actual truth of what’s going on.

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Then again, when has truth ever gotten in the way of good gaslighting when it comes to the GOP?

President Joe Biden and his administration have been committed to bringing the United States on the upright side of the Covid-19 pandemic that upended the nation, pushing back against Trump-era policies that restricted and hindered the economic progress of the country struggling to get the economy back on track.

January 13, 2023, is the deadline for contract proposals to start in February. There are currently four underground caverns storing reserves across Texas and Louisiana. Soon they will once again be full of the oil we’ll need to sustain the economy until renewable energy resources are sufficiently developed.

Follow Ty Ross on Twitter @cooltxchick

Ty Ross

News journalist for Washington Press and Occupy Democrats.

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