alt Hacker NewsSelling oil out of the SPR is the new One Weird Trick Military Planners Hate! Biden was a generally fine president, but pulling oil out of the SPR to balance the budget was an extremely ugly way to do it, and hopefully that loophole gets plugged going forward.
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hedora • today at 3:53 AM
Hopefully, it hits effective zero, and people start buying EVs.
As a bonus, maybe the military will stop wasting gasoline to murder civilians, since we’ve already established they value oil over absolutely everything else, including human life.
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tehjoker • today at 4:05 AM
Biden supplied the genocide in Gaza and allowed 820k Americans to perish from COVID-19. Not a fine President.
That isn't why he did it, it was not "to balance the budget". It was to make up for the panic after Putin invaded Ukraine. US gasoline prices soared, going up to $4.84 per gallon in June 2022. Releasing the oil caused it to drop. It wasn't given away, it was sold. The reserve was on the way back up in 2024, through when Biden left office. Furthermore, the government turned a large profit: they sold oil when it soared in price, and bought it back at a lower price.