Trump’s Thwarted Oil Buy Would’ve Given Biden $6 Billion Bonanza – By Jennifer A. Dlouhy and Ari Natter (Bloomberg) / June 25 2021
(Bloomberg) — A bipartisan compromise unveiled Thursday calls for selling oil from the U.S. emergency stockpile to fund billions of dollars in roadwork and other infrastructure.
But Democrats missed their shot at a bonanza — and a $6 billion down payment on the infrastructure package — by killing a plan last year to buy crude for the reserve at rock-bottom prices.
The foregone purchase of as much as $3 billion worth of oil, which was urged by Republicans and the Trump administration as a way to help the industry reeling from a crude glut at the start of the pandemic, was blocked by congressional Democrats who didn’t want to use federal money to prop up fossil fuels.
Senate Democratic Leader Chuck Schumer crowed to his colleagues that the deal blocked a “bailout for big oil.”
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