President Joe Biden drained the Strategic Petroleum Reserve to a “dangerously low” level, Republican Rep. Brady claims

Rep. Kevin Brady (R-TX) discussed the Buy Low and Sell High Act introduced by House Democrats on Wednesday’s episode of “Fox Business Tonight” 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 asked, “Do you believe the Democrats in Washington will make a profit on your energy prices? They are clueless. Sean, the second argument is that this is risky. The purpose of the petroleum reserve is to provide energy security. It exists for a purpose. Already critically depleted, they intend to utilize it as a slush fund for the Green New Deal. I cannot imagine a worse situation than that. With their energy policies, they have caused sufficient harm to the energy industry and to enough people. Now, hundreds of billions of dollars will be spent on subsidies for the wealthiest Americans and the largest corporations. Please stop assisting us”

The legislation would “establish and maintain within the Strategic Petroleum Reserve an Economic Petroleum Reserve” and stipulate that oil for the reserve can only be purchased at no more than $60 per barrel and oil from the reserve can only be sold when the price of oil is at least $90 per barrel, with the profits used to help fund state plans for electric vehicle infrastructure.

The bill is sponsored by Representatives 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).