The White House has announced this Tuesday morning that President Biden plans to use the U.S. strategic oil reserve as gas prices have surged nationwide.
“Today, President Biden is announcing that the Dept. of Energy will make available new releases of 50 million barrels of oil from America’s Strategic Petroleum Reserve to reduce prices and address the mismatch between demand and supply,” the White House said in a comment.
“The Dept. of Energy will make available 50 million barrels from the U.S. Strategic Petroleum Reserve in two different ways: 32 million barrels will be an given over the incoming several months, releasing oil that will then return to the Strategic Petroleum Reserve in the upcoming years. The exchange is a tool for today’s specific economic climate, where markets expect future prices to be less than they are today, and helps give relief to Americans quickly and bridge this time period of expected low oil prices. The exchange also gives the ability to re-stock the Strategic Petroleum Reserve to meet our future needs. 18 million barrels will be an acceleration into the upcoming several months.”
As a reminder, President Biden previously canceled the Keystone XL Pipeline within a few hours of his inauguration. He also stopped gas and oil leases on federal lands.
Former President Trump is slamming the decision and reminding Americans that the U.S. reserve is for emergencies and not self-inflicted energy problems.
“For decades our nation’s very crucial Strategic Oil Reserves were low or pretty much empty because no President wanted to hand over the price to fill them up. I filled them up three years back, right to the brim, when oil prices were low. Those reserves are now meant to be used for serious problems, like war, and nothing else,” Trump said in a comment.
“Now I see that Biden is announcing a new ‘attack’ on the recently filled Strategic Oil Reserves so that he could get the record-setting oil prices artificially lowered. Before, America was energy independent one year back, now we are at the mercy of foreign nations, gasoline is priced at $7 in California, going up all nationwide, and they are removing oil from our Strategic Reserves. Is this any way to run America?”
During President Donald Trump’s term, the U.S. became energy independent and a full net exporter. For months and to no avail, President Biden has been essentially begging OPEC to give him more oil.
Author: Blake Ambrose