HE THINKS HE CAN GET A LOWER PRICE BY INCREASING DEMAND IN A MARKET WHERE OIL SELLS FOR $88 BECAUSE HE’S AN IDIOT: Biden Hopes To Buy 6 Million Barrels Of Oil For The SPR At $79.

Suffering months of humiliating jeers about the dre state of the US SPR, which has been half-drained at a time when geopolitical risk is the highest it has been in years, the US Department of Energy announced that it wants to buy 6 million barrels of crude oil for the strategic petroleum reserve as part of efforts to refill it after a massive release last year of close to 200 million barrels.

The release was the result of a political attempt by the White House to bring retail fuel prices down ahead of the 2022 Midterm elections following Russia’s invasion of Ukraine, which at the time some warned would empty the strategic petroleum reserve at a time when it was better full. The outcome was partially successful as Democrats retained the Senate, the problem is that the SPR remains the emptiest it has been in 40 years.

This year, the Department of Energy has repeatedly said it wanted to start refilling the SPR but the price never seemed right, after the department set itself a range of between $68 and $72 per barrel for the refill push.

Then, idiotically, when oil prices did decline to the low $70s earlier this year (amid expectations that Biden will finally tip the US into a recession) the cartoonish amateurs at the Department of Energy headed by the incompetently cackling Jennifer Granholm…

… bought only a few million barrels for the SPR, which remains at a 40-year low.

The Biden Cabal really does hate this country.