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Thanks Joe Biden. Oil purchase cancelled cause of price. Back in July the administration announced that they were purchasing 7 million barrels of oil. August 2nd. it was cancelled because of price.
When Trump left office there were over 600 million barrels in reserve. Today that stands at 300 million plus. What happened? Well Biden has been releasing oil to keep the prices down. When that stopped last week the cost of gasoline went up. In my area it went from $3.19 to $3.55.
Trump attempted to purchase 77 million barrels before he left office. Oil was at $53.00. But the Democratic-controlled Congress rejected the $3 billion in funding that would have paid for the purchase, describing it as a subsidy to big oil companies.
When the announcement was made of the cancellation, oil was at $83.00. Thanks Joe Biden.