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Author Topic: Energy secretary requests $3B to buy emergency oil, far short of $20B floated by Mnuchin  (Read 623 times)

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Offline corbe

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Energy secretary requests $3B to buy emergency oil, far short of $20B floated by Mnuchin
« on: March 19, 2020, 06:16:11 pm »
Energy secretary requests $3B to buy emergency oil, far short of $20B floated by Mnuchin

by Josh Siegel

March 19, 2020 01:56 PM
 
Energy Secretary Dan Brouillette said Thursday that he will ask Congress for $3 billion to fulfill President Trump’s order to buy low-priced oil to restock the nation’s emergency Strategic Petroleum Reserve.

That funding would be sufficient to buy 77 million barrels, the full amount of open capacity in the SPR. It contradicts a statement from Treasury Secretary Steven Mnuchin, who earlier Thursday told Fox Business that the U.S. government should “go out and buy $10 billion or $20 billion" of oil to fill up the reserve.

However, the Energy Department would need nowhere near that amount, so it’s unclear how Mnuchin generated that higher number.

<..snip..>

https://www.washingtonexaminer.com/policy/energy/energy-secretary-requests-3b-to-buy-emergency-oil-far-short-of-20b-floated-by-mnuchin
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Online Smokin Joe

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Re: Energy secretary requests $3B to buy emergency oil, far short of $20B floated by Mnuchin
« Reply #1 on: March 19, 2020, 06:58:25 pm »
It only makes sense to fill the SPR while the price is down, unlike previous administrations who seemed to buy on the high.
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Offline Joe Wooten

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Re: Energy secretary requests $3B to buy emergency oil, far short of $20B floated by Mnuchin
« Reply #2 on: March 20, 2020, 12:18:14 pm »
Quote from: Smokin Joe on March 19, 2020, 06:58:25 pm
It only makes sense to fill the SPR while the price is down, unlike previous administrations who seemed to buy on the high.

That's because they could buy it from their buddies in Tehran.
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