President Biden is releasing more than one million barrels of oil from the nation’s reserves, in order to lower gas prices after he was the reason they skyrocketed in the first place.
As the White House reports, “In an effort to reduce gasoline prices this summer, the Biden administration is releasing approximately one million barrels of reserve gasoline supplies.” This cheap solution is a blatant political ploy to try and increase his low ratings and provide some temporary relief to consumers.
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Gas prices have been an obvious indication of the current inflation that is affecting voters in the upcoming election. Biden is eager to, at least superficially, return money to voters’ pockets to try and salvage his image after depleting American oil supplies.
As Senator John Barrasso (R-WY) writes, “Indeed, raiding the SPR (Strategic Petroleum Reserves) is an admission by this president that his anti–oil-and-gas policies contributed to the oil-supply shortfall that drove gasoline prices to record highs. The administration may try to pretend otherwise, but President Biden’s keep-it-in-the-ground policies are a major reason Americans are facing an energy-cost crisis.”
This “admission” reflects how poorly domestic oil production has been regulated in the last four years.
Furthermore, Barrasso says “As a result of his recklessness, the reserve’s inventory has dropped to a 40-year low. This will need to be replenished.”
However, instead of encouraging American corporations to produce more oil, the Biden administration has been restricting the oil industry to the point of significant price increases and is only now attempting to temporarily lower these prices in hopes of impacting the elections.
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