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It appears that purchasing oil right now for the SPR was portrayed as a "bailout for big oil" so it was left out of the recent legislation.
by perl4ever 7y ago
It appears that purchasing oil right now for the SPR was portrayed as a "bailout for big oil" so it was left out of the recent legislation.
- jjeaff 7y agoThe defense department has plenty of money. Maybe they should reallocate some of that budget to purchasing oil for storage. Having plenty of oil is definitely part of national defense.
- perl4ever 7y agoIn fairness, now that I check Wikipedia, it appears that the SPR is 80% full, and furthermore the average price paid was about $28/barrel. Right now WTI is $25ish and Brent is almost $28, so adding more to it probably isn't particularly vital at this moment, either in terms of increasing energy independence or in taking advantage of cheap prices.