Fox Business Network offered some rare, very enthusiastic praise for the U.S. economy under President Joe Biden as the country’s oil production smashed records and Biden began replenishing the Strategic Petroleum Reserve – even making some good money on the deal.
“Right now, the US is pumping oil at a pipin’ hot pace,” began Fox anchor Kelly O’Grady, adding:
It’s on track to produce more oil than any country has in world history. The US is producing an average of 13.3 million barrels per day of crude and condensate so far this quarter, according to S&P Global Commodity Insights. That is a global daily record. But despite serious production, the Biden administration has just agreed to buy more oil to help replenish its strategic petroleum reserve. Jeff Flock has more on the sale. So, Jeff, what price did the Biden administration pay?
“Well, Kelly, if you’re looking at the SPR as a means of generating money, I guess, for the Treasury, you know, it was it wasn’t a bad deal. Put the numbers up. It was 3 million barrels, as you point out, purchased at $77 a barrel. Now, the administration would point out that is quoting them now well below the average of about $95 a barrel at the SPR crude was sold for. And they say that amounts to a good deal for taxpayers,” Flock said…
R&I ~ MJM
james blue