Joe Biden ordered 50 million barrels from the nation’s Strategic Petroleum Reserve maintained for emergencies released amid high gas prices ahead of the holidays.
According to the Department of Energy, Tuesday’s announcement will coincide with similar decisions from China, India, Japan, South Korea, and the United Kingdom in a collective effort for the first time to bring down rising fuel costs.
“As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,” said Energy Secretary Jennifer Granholm. “This action underscores the President’s commitment to using the tools available to bring down costs for working families and to continue or economic recovery.”
Just three weeks ago, Granholm was laughing on air when a Bloomberg reporter asked about the administration’s plan to bring down runaway gas prices reaching seven-year highs.
Biden’s decision to tap the Strategic Petroleum Reserve to reduce prices at the pump underscores the desperation of an administration with a failing energy policy dragging down the president’s approval to the lowest levels of his first term. Just more than 41 percent of Americans approve of Biden’s job handling in the RealClear aggregate.
The purpose of the reserve is to maintain a reliable supply of oil in the event of an actual emergency such as a hurricane hampering Gulf Coast refineries, not when prices exceed $80 a barrel which has often happened over the previous decade. The president choosing to release 50 million barrels highlights the irresponsibility of an administration waging a relentless war on fossil fuels, where 11 months ago the White House implemented a suspension on new oil and gas leases on federal land. The suspension was only overturned when a federal judge ruled against the order. A report on the federal oil and gas leasing program repeatedly promised from the Department of Interior by “early summer” remains absent going into winter.
Biden has also hampered domestic oil and gas production by intimidating Wall Street from new investments in the capital-intensive industry, complemented with outright bans on drilling in politically sensitive areas such as...
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3 comments:
Such an absolutely idiotic move or done as instructed by Xi!
Those reserves are for in times of war, not mismanagement.
If those reserves are depleted, the military will have nothing when the Chinese show up.
The oil in the United States reserve is “crude” oil and not refined oil The United States uses 18.19 million barrels of oil per day and 54 million barrels of oil is about three days worth so Buck Fiden❗️🤪🤪
The "emergency" is that his poll numbers keep slipping.
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