In 2020, oil sold for a meager price of $24/barrel.
Then-President Trump wanted to take advantage of the low price and top off our reserves.
The plan was blocked by the Democrats, with Senator Chuck Schumer (D-N.Y.) leading the charge.
Now the White House is being forced to defend those actions.
Different Times
Trump was looking at this from a business perspective.
Prices are low, and when we need the reserves, prices will likely be very high, so let’s top them off.
Schumer called it a bailout for oil companies, and blocked the measure in the Senate.
Now, Biden wants to pay between $67 and $72 per barrel to replenish the more than 150 million barrels he has released.
A reporter asked Jean-Pierre, “Back in 2020, when Congress was debating funding for replenishing the SPR, Democrats blocked it, saying it was a bailout for big oil.
“Why is it a good deal for taxpayers now?”
She responded, “Look, it was a different time.
“It was not the same situation that we are currently in.
“The reserve was close to full capacity at that time, and so there was no reason to make that type of repurchase.”
If Trump had made that purchase, we would have another 77 million barrels of oil in our reserves right now.
Just for those barrels alone, Schumer cost the American taxpayer $3.311 billion.
Thanks, Chuck!
Source: Washington Examiner
