Worried about summer gas prices, Biden regime to sell another 26 million barrels from the SPR

That's on top of selling a staggering 260 million barrels last year to try to force down the skyrocketing price of gasoline last year--which was causing a LOT of public anger.

On Monday the Biden administration announced plans to sell another 26 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) between April 1 and June 30.

That sale would take the number of barrels in the reserve to its lowest level in 40 years.  The announcement comes ahead of a potential uptick in gas prices as the summer driving season approaches.

"Biden is front-loading SPR barrels to avoid a summer gasoline price spike," said one analyst.  "The regime is concerned that gas prices could be headed back to $4 a gallon, and they don't want that to happen."

When Biden took office the SPR held 638 million barrels.  After the regime sold more than 260 million barrels from the reserve last year, it now holds 371.6 million barrels.  Selling another 26 million barrels from the SPR would reduce the SPR to about 346 million barrels, the lowest level since August 1983.

The Republican House recently passed a bill putting conditions on future sales from the SPR, including a prohibition on selling SPR oil to the Chinese government or companies it controls.

If you think it's sorta corrupt for the ruling party to sell oil from the SPR to keep gas prices down--bribing voters--instead of helping increase domestic supply, don't worry:  The brilliant thinkers (well, maybe morons) at Biden's Department of Energy issued a statement saying

"The Administration is focused on replenishing the SPR in a way that provides the best deal for taxpayers by aiming to repurchase crude at a lower price than it was sold for, while providing certainty to the industry in a way that helps encourage near-term production."

Ignoring the weasel words, dey mean if dey kin buy oil fer, like, $70 per barrel, when dey sold it fer, like, $71, dey make Porridgebrain look reel gud, eh?

So whaddya think the price of oil is today, citizen?  Are we gettin' close to dat magic $70 that will let duh Dems replenish our so-called "Strategic" reserve at a profit?

Well, West Texas Intermediate--the benchmark for U.S. oil--closed at $78.76.  Brent crude--the benchmark for much of the rest of the world--closed at $85.  But don't worry, citizen--and definitely do NOT criticize 'em, cuz you don' want duh FBI breakin' down your door, eh?  Cuz when duh Dems ram that bill through that outlaws the sale of all new piston-engin cars--replacing 'em wif doze faaaaabulous Electric Vehicles--duh price of oil gonna go WAY down!

Yep yep yep.  Dey workin' on dat. 

Source.

 https://www.foxbusiness.com/politics/biden-sell-26-million-barrels-more-strategic-petroleum-reserve