On 10/19/2022, White House Press Secretary Karine Jean-Pierre said President Joe Biden wants to purchase oil at $70 per gallon!!! ” And he announced that the administration intends to repurchase oil for the SPR when prices are around $70 per gallon.” Since a standard U.S. barrel contains 42 gallons of crude oil, this would be a very bad deal for tax payers at $2940 per barrel?
Other highlights:
“In 2020, when Congress was debating funding for replenishing the SPR at a low price, Democrats blocked it — saying that it was a bailout for big oil. But Biden said today it would be a good deal for taxpayers [to fill it now].” Jean-Pierre: “It was a different time.”
“How seriously is the administration considering a ban on U.S. petroleum products?” KJP: “So, um, everything is on the table.
KJP says Biden has “been delivering” on gas prices. Except gas prices are STILL $1.46/gallon HIGHER than when Biden took office.
Reporter: Thanks very much. Back in 2020, when Congress was debating funding for replenishing the SPR, Democrats blocked it, saying it was a bailout for big oil. Why is it a good deal for taxpayers now?
Jean-Pierre: Well, right now we are dealing — again, I laid out what the Strategic Petroleum was created for … [different subject]
Reporter: I was referring to the purchasing of the oil at $70 per barrel to replenish it.
Jean-Pierre: Oh, I’m — (laughs) — I’m sorry, I thought you were meaning like why would we tap.
Reporter: No, no, no —
Jean-Pierre: Yeah.
Reporter: — I mean the replenishing at a lower price.
Jean-Pierre: So can you say your question one more time, so I hear it properly?
Reporter: Yeah, back in 2020, when Congress was debating funding for replenishing the SPR —
Jean-Pierre: Yeah.
Reporter: — at a low price, Democrats blocked it, saying that it was a bailout for big oil. But now President Biden said today —
Jean-Pierre: So I —
Reporter: — that it would be a good deal for the taxpayers.
Jean-Pierre: Yeah, I know exactly what you’re talking about. You’re talking about when Donald Trump was trying to sell it at $20 per — per barrel.
Reporter: To buy it, I guess.
Jean-Pierre: Yeah, to buy it. Look, it was a different time then. It was not the same situation that we are currently in. The reserve was close to full capacity at that time. And so, there was no reason to — to — you know, to make that type of repurchase.
Reporter: How serious is the administration considering a ban on U.S. petroleum products?
Jean-Pierre: So, everything is on the table. I don’t have anything right now to preview. Clearly, our focus today is to make sure that we deliver on the President’s promises to continue to lower gas prices for the American people. But again, I don’t have anything to preview at this time.
Doocy: So, you’re asking oil companies to further lower gas prices. What makes you think that they are going to listen to an administration that is ultimately trying to put them out of business?
Jean-Pierre: How — how is the administration trying to put them out of business?
Doocy: Well, they produce fossil fuels, and this President says he wants to end fossil fuel.
Jean-Pierre: So look, I — you kind of asked me this question yesterday. And here’s — here’s where — what we would say: U.S. oil production is up and on track to reach a record high next year. We’ve seen that from their — from when we see their profit margins. They are — they — you know, it’s record high.
Reporter: Thanks, Karine. The 15 million barrels of oil the President talked about today, it’s — when you put that into context, Americans consume an average of nearly 20 million barrels of oil a day. So, for the actual impact of this announcement, when can Americans actually expect to see results of this when they’re filling up at the gas station?
Jean-Pierre: … the work or — the work that the President has taken when it comes to this historic decision with the …
Reporter: But you couldn’t say a timeline of, you know, by saying this today and happening in December, of when there’s actually an impact for American consumers and pocketbooks, when people might feel this?
Jean-Pierre: So, again, we are already seeing the impact on consumers …
Reporter: And just one more, sorry. On restocking the reserve when it hits $70 a barrel, oil is trading at around $83 a barrel today. What makes the President confident you’ll be able to buy back oil at that level?
Jean-Pierre: So, the release of the oil from the Strategic Petroleum Reserve was always meant to be a bridge … So, we’re not saying that we’re go- — we’re trying to bring down the price down to $70. That’s not what we’re trying to say.
https://facebook.com/HygoNewsUSA/videos/813158176597177/
Did she say to buy $70 per GALLON? It was a different time when Dems blocked re-filling SPR [at $24]