Why is the Biden administration not refilling the SPRThe DEMS have a PR opportunity that boggles the mind. Refilling the SPR now with the price of WTI at $67 would accomplish a number of goals that governments never get:
1) keeping a promise....when Biden announced they were going to tap into the SPR, he set a target price to buy back in the range of $67 to $72 and they can fulfill that promise now
2) slowing down inflation by reducing transportation costs by reducing oil prices through SPR sales
3) making a profit.....when was the last time a government actually made a good business decision
The only two possible reasons that I can think of for not buying back oil at current prices are:
1) they think prices will go lower
2) they don't intend to refill the SPR as they believe it is no longer necessary
Comments?