On Wednesday’s broadcast of the Fox Business Network’s “Fox Business Tonight,” Rep. Kevin Brady (R-TX) discussed the Buy Low and Sell High Act introduced by House Democrats and stated that after President Joe Biden drained the Strategic Petroleum Reserve to a “dangerously low” level, Democrats “want to use it as a slush fund for the Green New Deal.”
Brady said, “Do you trust Democrats in Washington with your energy prices, that they’re going to make a profit? They have no clue. The second point, Sean, is this is dangerous. Look, the petroleum reserve is about energy security. It’s there for a reason. They’ve drained it dangerously low already, now they want to use it as a slush fund for the Green New Deal. I can’t think of anything worse than that. So, look, they’ve done enough damage to energy, they’ve harmed enough people with their energy policies. Now, they’re going to spend hundreds of billions of dollars in subsidies for the wealthiest Americans and the biggest corporations. Please, stop helping us.”
The legislation would “establish and maintain within the Strategic Petroleum Reserve an Economic Petroleum Reserve” and oil for the reserve can only be purchased at no higher than $60 a barrel and oil from the reserve can only be sold when the price of oil is at least $90 a barrel, with the profits being used to help fund state electric vehicle infrastructure plans.
Reps. Frank Pallone (D-NJ), Bobby Rush (D-IL), Ann Kuster (D-NH), Tom O’Halleran (D-AZ), David Trone (D-MD), Abigail Spanberger (D-VA), Josh Harder (D-CA), Angie Craig (D-MN), and Jason Crow (D-CO) are the sponsors of the bill.
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