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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is how you manage the reserve, sell when high and buy low!

The U.S. Department of Energy confirms that more than 12 million barrels have been delivered or secured for purchase or return by February 2024.

Since January of this year, DOE has directly purchased nearly 9 million barrels an average price of $75 dollars a barrel. This is about $20 per barrel lower than the $95 average sales price for 2022’s emergency sales, meeting the Administration’s commitment to secure a good deal for taxpayers. DOE has also successfully accelerated nearly 4 million barrels in exchange returns initially slated for the summer of 2024 to maximize SPR refill. [/quote]

Back in March, 2020, Democrats in Congress blocked the purchase of more oil to top of the SPR. They called it a "bail out" for the oil industry. 
Oil was $24/barrel.  So, Biden is purchasing it at more than 3X the cost.

https://rollcall.com/2020/03/25/oil-purchase-to-fill-strategic-reserve-dropped-from-stimulus/

[/quote]

Gee I can't understand why they didn't want to put money into the hands of oil companies when the purpose of the stimulus bill was to help struggling families. /s[/quote]

Your comment and thinking are a perfect example of the Democrat's philosophy regarding the spending of tax payer's money - they just don't care to be good stewards when it is some else's money. 
The fact that Joe Biden is buying oil to replenish the SPR at 3X the price Trump planned to a mere 3 years ago is a joke.  And, of course, Democrats will not consider this a "bail out" for the oil industry.

They released 180 million barrels because of high gas prices to get through an election cycle.  The SPR is designed for an emergency in the supply of oil, not to combat high prices.  The last large releases were during Operation Desert Storm (30 million barrels) and Hurricane Katrina (30 million barrels).  
Our SPR is at its lowest level ever thanks to Joe Biden.  It will take years to replenish it.  [/quote]

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