‘Pipin’ Hot’: Fox Business Gleefully Reports on Record U.S. Oil Production, Gives Biden Credit For Replenishing Strategic Reserve

Fox Business Network offered some rare, very enthusiastic praise for the U.S. economy under President Joe Biden as the country’s oil production smashed records and Biden began replenishing the Strategic Petroleum Reserve – even making some good money on the deal.

“Right now, the US is pumping oil at a pipin’ hot pace,” began Fox anchor Kelly O’Grady, adding:

It’s on track to produce more oil than any country has in world history. The US is producing an average of 13.3 million barrels per day of crude and condensate so far this quarter, according to S&P Global Commodity Insights. That is a global daily record. But despite serious production, the Biden administration has just agreed to buy more oil to help replenish its strategic petroleum reserve. Jeff Flock has more on the sale. So, Jeff, what price did the Biden administration pay?

“Well, Kelly, if you’re looking at the SPR as a means of generating money, I guess, for the Treasury, you know, it was it wasn’t a bad deal. Put the numbers up. It was 3 million barrels, as you point out, purchased at $77 a barrel. Now, the administration would point out that is quoting them now well below the average of about $95 a barrel at the SPR crude was sold for. And they say that amounts to a good deal for taxpayers,” Flock said, adding:

The question is, you know, is the SPR really to get a good deal or is it to be a strategic reserve? Looking at the chart you see may be just how much the SPR has been drained, more than 200 million barrels. So we’re at like half where we were when we started out, roughly half. And if you look at that in hard numbers, we’re way off what we were in 2009 when the SPR hit its all time record, 726 million barrels of oil in there in January of 2021, when President Biden took office, we were at 638 million barrels and now we’re approaching half that 352 million barrels.

And all of the experts that look at this say at least I think most all of them say it’s time that we get more oil back in that reserve, especially now.

After an expert sounded off on the importance of replenishing the reserve, Flock concluded, “And Kelly, as you pointed out at the outset, we are now pumping, I mean despite all the criticisms about the Biden administration and perhaps the desire of many people in that administration to do away with oil someday, we’re now pumping more oil than we ever have in history and more than any country has ever pumped in a month in history. So, you know, sometimes you can’t keep a good man down, a man or woman if you’re in the oil field somewhere. They’re pumping!”

Watch above via Fox Business.

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