Donald Trump claimed in a television interview that he not only purchased 75 million barrels of oil for the national Strategic Petroleum Reserve but did so for a remarkably low price
“We had so much oil we didn’t know what to do with it. We bought a lot of it for very little for the strategic national reserves,” Trump said at a Fox event in Iowa. Moments later, after criticizing President Joe Biden for selling a large quantity of oil from the reserve, Trump boasted once more about his own supposed discount purchase: “Think of it: 75 million barrels, and I bought it for peanuts, and Congress – I had to fight Congress, and the pricing was so crazy and so good.
Even the one significant increase in the number of barrels in the reserve during the Trump presidency, a spike of about 21 million barrels in 2020, was short-lived – the result of a Trump program that allowed companies to temporarily house some of their own crude in the reserve during a period when storage space was scarce. “Trump really can’t argue that he left it in better shape than he found it,” said Ed Hirs, an energy fellow and economics lecturer at the University of Houston.
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