Ever since Biden stepped foot into the Oval Office, he’s launched a war on American Energy Independence that’s crippled the nation and her people. And now, after shutting down multiple pipelines, Biden is planning to use the strategic oil reserve to try and cut down on gas prices that continue to surge across the entire country. You really can’t make this up.
The White House said in a statement that President Joe Biden is having the Energy Department make 50 million barrels available of oil, taken from the Petroleum Reserve of the United States, to try and lower the prices of fuel for Americans and to help address the problems between demand and supply as we exit the pandemic.
The Energy Department will make the oil available in two strategic ways: 32 million of the 50 million barrels will happen in an exchange over the next few to several months, and oil will be released that will, at some point, return to the Petroleum Reserve in the coming years ahead. The exchange is an actual took that’s matched to the specific economic environment of today, where experts in the market expect the oil prices in the future to be lower than they currently sit today, and will help provide some relief to citizens in the short term and bridge the gap between the prices now, and the predicted lower prices in the future.
The exchange will also restock the Petroleum Reserve automatically over time to meet needs of the future. The other 18 million barrels of oil will just be accelerated in their sale, as Congress had already authorized their use previously.
Just as a reminder, Biden canceled the Keystone Pipeline within just a few hours of his Presidential Inauguration in January, and also halted leases for gas and oil on all federal land.
Trump isn’t letting Biden get away with his stupidity unscathed, though, and reminded everyone that the federal reserve is supposed to be for war and other emergencies, not self-inflicted crises.
Trump himself was the one who filled up the reserve, after years of Presidents not wanting to pay the price to fill them up. Trump filled them while the prices were at an extreme low, and says they’re supposed to be for emergencies. Biden has strategically destroyed our energy independence, and now the entire nation is at the mercy of the OPEC.
Author: Benjamin Bates