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Tuesday, October 27, 2015

Congress: Buy high, sell low

Sell off the barrels!
Boehner and Barry are spending again.

In order to increase spending on entitlements, a Republican Party has cut a deal with Democrattoc President Barack Obama to sell 58 million barrels of oil.

You can see why they demonized the Tea Party. Washington does not want to go through balancing the budget again.

From Reuters:
Congressional leaders proposed to sell 58 million barrels of oil from U.S. emergency reserves over six years starting in fiscal 2018 to help pay for a budget deal that ends mandatory spending cuts, according to a copy of the bill posted to a congressional website.
The Strategic Petroleum Reserve holds more than 695 million barrels of crude in Texas and Louisiana, a bounty that U.S. lawmakers have eyed a few times this year to pay for a new drug program and highway maintenance.
Economists have said reducing SPR stocks is the right idea at the wrong time, given low crude oil prices.
When gasoline was $4 a gallon and oil prices at a record high, Washington refused to sell it.

Now that gasoline is $2 a gallon, instead of buying, they are selling.


  1. Stupidity, thy names are "too late" and sometimes "non-partisanship".

  2. Boner's parting gift to the country.