Hey Trump Cultists: Remember when you were caterwauling about Joe Biden taking oil out of the U.S. Strategic Petroleum Reserve ("SPR") and selling it on world markets? Remember how you castigated him for doing so, and told us all about how it was a national security threat and a disaster of epic proportions?
WRONG. And by the way, BWAHAHAHAHA!!!!!
Biden sold most of that oil (roughly 180 million barrels, according to the article linked below) for around $100 per barrel. At the same time, his message to petroleum traders was that the U.S. Treasury was standing behind those sales, and would continue them until the market price of petroleum went down. And guess what? It did. Traders freaked, and could not take the chance on holding on to their petroleum in the face of a declining market price.
Fast forward to this April, when Biden was considering buying back that oil, with market prices then at roughly $75 a barrel. He decided to wait a bit longer, and apparently pulled the trigger in May, when the price was $70 per barrel.
For those doing the math at home, that's a difference of $30 per barrel. Multiply that times 180,000,000 barrels, and you've got a tidy profit of $5.4 Billion dollars. More importantly, though, is that Biden's gambit essentially put a collar on the oil price market (stabilizing oil prices now, and potentially in the future, if an American president threatens to do so again) . Also, Biden was able to tell that asshole MBS to go phuck himself. A win-win if ever I have seen one.
Talk about the Art of the Deal. Thank you President Biden, and thanks to TTM for posting this in his ever informative thread. ROFL, Trump Cultists..
Here's the link:
WRONG. And by the way, BWAHAHAHAHA!!!!!
Biden sold most of that oil (roughly 180 million barrels, according to the article linked below) for around $100 per barrel. At the same time, his message to petroleum traders was that the U.S. Treasury was standing behind those sales, and would continue them until the market price of petroleum went down. And guess what? It did. Traders freaked, and could not take the chance on holding on to their petroleum in the face of a declining market price.
Fast forward to this April, when Biden was considering buying back that oil, with market prices then at roughly $75 a barrel. He decided to wait a bit longer, and apparently pulled the trigger in May, when the price was $70 per barrel.
For those doing the math at home, that's a difference of $30 per barrel. Multiply that times 180,000,000 barrels, and you've got a tidy profit of $5.4 Billion dollars. More importantly, though, is that Biden's gambit essentially put a collar on the oil price market (stabilizing oil prices now, and potentially in the future, if an American president threatens to do so again) . Also, Biden was able to tell that asshole MBS to go phuck himself. A win-win if ever I have seen one.
Talk about the Art of the Deal. Thank you President Biden, and thanks to TTM for posting this in his ever informative thread. ROFL, Trump Cultists..
Here's the link:
