The top Senate Democrat wants President Donald Trump to tap the nation’s oil stockpile as fuel prices skyrocket, years after blocking his attempt to replenish the supply when prices were low.
Senate Minority Leader Chuck Schumer, D-N.Y., called on Trump to unleash reserve barrels of oil from America’s Strategic Petroleum Reserve (SPR) as oil prices spike amid the ongoing conflict in the Middle East.
Schumer argued in a statement that the reserve "exists for moments exactly like this."
During his first term, Trump wanted to use about $3 billion from a colossal COVID-19 stimulus package making its way through Congress to fill the reserve, but the move was promptly rejected by Schumer and congressional Democrats, who panned it as a "bailout" for the oil industry.
During his first term, Trump wanted to use about $3 billion from a colossal COVID-19 stimulus package making its way through Congress to fill the reserve, but the move was promptly rejected by Schumer and congressional Democrats, who panned it as a "bailout" for the oil industry.
The price of oil per barrel at the time was roughly $29, according to WTI Crude Oil. Now, oil has eclipsed $110 per barrel over the weekend for the first time since 2022.
Comment:
You, be the judge. Just a thought.
Comment:
You, be the judge. Just a thought.
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