So apparently, the White House is planning to restock the nation’s oil reserves after prices dip below $80 a barrel, according to new reports that came out earlier this week. I mean, are they assuming the price is going to fall below that? What evidence is there this is going to happen? Maybe I’m just out of the loop?
There have been so many bad moves in regard to fuel costs, it’s hard to accept that things are ever going to improve. Well, as long as Biden is president anyway.
The whole mess we’re in with gas prices could have been avoided if Biden hadn’t decided to make his very first action in office to be ending the Keystone XL Pipeline, along with making it more expensive to lease land to drill for oil. It’s almost like he’s purposefully been working to sabotage our country’s economy or something.
Check out more details from The Daily Wire:
President Joe Biden has addressed rising gas prices by releasing oil from the Strategic Petroleum Reserve — a stock of emergency crude oil created to “reduce the impact of disruptions in supplies of petroleum products.” Though reserves in January 2021 were as high as 638 million barrels, reserves have fallen to 434 million barrels as of last week — a level not seen since 1984.
Multiple people familiar with the Biden administration’s deliberations told Bloomberg that officials might begin refilling the reserves once crude prices dip below $80 per barrel. West Texas Intermediate, the American benchmark for crude oil, was more than $85 per barrel as of Thursday morning, approaching levels seen at the beginning of the year.
Another report from Bloomberg, however, noted that former President Donald Trump attempted to stabilize the petroleum industry in early 2020 by filling the reserve with oil priced at $24 per barrel — a rock-bottom rate that occurred as a result of worldwide lockdowns. Democrats blocked the measure amid broader stimulus package negotiations, with Senate Majority Chuck Schumer (D-NY) boasting that his colleagues had nixed a “bailout for big oil.”
Back before the dark times, when Joe Biden first took office, gas was only $2.38 per gallon, according to information gleaned from the Energy Information Administration. How glorious those days were! Filling up the tank was no big deal. Traveling far and wide was affordable for just about everyone. But, alas, those golden times have long since gone the way of the dinosaur. In fact, gas prices went up to $3.53 at the start of Russia’s invasion of Ukraine.
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And then prices went over $5.00 a gallon at the beginning of summer before dropping a tad down to $3.70 as of Thursday, according to AAA.
The White House had previously stated that the release of strategic petroleum “will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.” And somehow, maybe by some sort of magic, five million barrels have managed to find their way over to countries like India, Italy, the Netherlands, and even a Chinese oil company that has links to Biden’s troubled younger son, Hunter.
“Beyond nixing expansions to the Keystone XL pipeline and slowing federal oil leases to a crawl, Biden returned the United States to the Paris Climate Agreement — an international treaty signed in 2015 that calls for slashing worldwide emissions in half by 2030. Energy policy from the Biden administration has accordingly centered upon incentives for green power. The Inflation Reduction Act, for example, allocated $369 billion to climate measures,” the Daily Wire reported.
“However, business leaders — including JPMorgan Chase CEO Jamie Dimon — have called for the United States to increase oil production. “We should focus on climate. The problem with that is because of high oil and gas prices, the world is turning back on their coal plants,” he said last month. “It is dirtier. Why can’t we get it through our thick skulls, that if you want to solve climate, it is not against climate for America to boost more oil and gas?’”
What the left does not understand is that you can’t automatically pivot right off the bat to renewable forms of energy. Elon Musk, billionaire and CEO of Telsa, the world’s largest manufacturer of electric vehicles, stated it could take decades to make the transition.
“Realistically I think we need to use oil and gas in the short term, because otherwise civilization will crumble,” he went on to say to reporters. “One of the biggest challenges the world has ever faced is the transition to sustainable energy and to a sustainable economy. That will take some decades to complete.”