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Biden failed to entice the Saudis to generate more oil and gas on Wednesday.
Joe Biden offered $80 a barrel to the Saudis if they kept pumping oil. OPEC declined and chose to cut 2 million barrels a day.
In 2020, Democrats barred President Trump from filling strategic oil reserves with $24 a barrel US oil.
Democrats obstructed Chuck Schumer's smart investment. Big oil was bought out.
That's history.
In 2020, Democrats blocked Trump's proposal to buy American oil at $24 a barrel.
Yesterday, a Biden official disclosed a secret offer to buy OPEC+ oil at $80 a barrel in exchange for not cutting production.
Biden's efforts backfired. The US is weakened.https://t.co/ygwOZqPIBk
— Michael Shellenberger (@shellenberger) October 5, 2022
Schumer's efforts aided Putin, Russia, Venezuela, Saudi Arabia, and Iran.
Bart Marcois described Schumer's treachery in 2020.
SPR isn't a bailout
Once the economic slump ends, oil prices will rise, perhaps by summer's end. The government could recoup the expense by selling just over a third of what they acquired. It's a safe investment, not a bailout.
Buying oil for the SPR would boost prices. That would help the hundreds of American oil and gas producers that have propelled our nation to energy independence. Since President Trump eased energy regulations, the U.S. is a net exporter of oil and gas.
Reserves (SPR)
This has fueled Trump's economic boom and created millions of employment. U.S. oil producers pump from "tight" deposits, which costs more than Saudi Arabia. U.S. producers need $45 per barrel to cover costs and make a profit.
Crisis caused by government action
The government cut down travel and commerce to prevent the Wuhan virus from spreading, causing market prices to fall. Russia rejected Saudi Arabia's proposal to prop up prices, prompting a price war and further drop. At current rates, American producers must'shut in' their wells.
Closing a well requires a large investment and months of work. It will destroy millions of jobs and millions of Americans' incomes. It will terminate American energy independence and foreign policy independence for years.
Schumer's Putin Gift
Vladimir Putin is ecstatic about this. Saudis, Iranians, and Venezuelans are also happy. Chuck Schumer handed them their best gift in a decade. He did it with his eyes wide open, indicating he's against American strength, independence, and jobs. In the dark, he tossed them all away and bailed out Russia and OPEC, leaving millions of Americans holding the bag. He's pleased.
In 2020, Democrats led by Chuck Schumer refused to refill strategic oil reserves at $24 per barrel. This would have helped domestic producers immediately. Schumer and Democrats blocked it. Russia, Venezuela, Saudi Arabia, and OPEC won this decision. Who's Putin's puppet?
The preceding is a summary of an article that originally appeared on GATEWAY PUNDIT.
