With the midterms coming in just eight months, Joe Biden has just announced that he is ordering a massive release of oil per day from the strategic reserve:
BREAKING: President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices. https://t.co/v5j6jNB2ve
— The Associated Press (@AP) March 31, 2022
President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
Biden was making the formal announcement later Thursday in remarks on his administration’s plans to combat rising gas prices.
The White House says Biden will also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy.
So instead of empowering American oil companies to produce more oil every day, Biden is going to waste a huge amount of our strategic emergency oil all because Democrats are headed for a shellacking.
I did some research and it appears that our strategic reserve holds about 727 million barrels of oil when it is full. But according to the DOE, as of today, it only has 568 million barrels. What Biden is proposing is the release of nearly 200 million barrels of oil over the course of 6 months, which is not quite half of the currently supply. Which begs the question, what are we going to do when we have an actual emergency and need that oil???
And on top of this, Biden is attacking American oil and gas companies by asking Congress to penalize them for not producing oil on lands they’ve leased, when it is HIS administration that is not granting the permits needed for them to do it.
And just like the ventilator crisis of 2020, you can believe Biden isn’t going to replenish the supply of oil he’s about to waste and it will definitely come back to bite us in the butt after he’s long gone.