Please help keep this Site Going

Menopausal Mother Nature

News about Climate Change and our Planet

Uncategorized

Biden Regime Taps Oil Reserve Again To Lower Gas Prices Ahead Of Midterms

strategic petroleum reserve

The White House has announced the sale of an additional 20 million barrels from the nation’s Strategic Petroleum Reserve, the fifth release since President Joe Biden announced that the vital supply stored in underground salt caverns in Texas and Louisiana would be tapped to ease gas prices this spring. [bold, links added]

The latest drawing down of oil reserves comes as the regime’s desperation mounts over deteriorating economic conditions and the rapidly approaching midterm elections when angry voters will go to the polls for the first national referendum on Biden and the catastrophic effects of his failed policies.

According to a White House statement:

“Today, the Biden Administration announced that it is releasing the next Notice of Sale to supply additional barrels of crude oil from the Strategic Petroleum Reserve (SPR) onto the global market, building on the more than 125 million barrels of oil that have already been sold.

“A new analysis from the Department of the Treasury estimates that these releases, along with coordinated releases from international partners, have reduced gasoline prices by up to about 40 cents per gallon compared to what they would have been absent these drawdowns.”

Tuesday’s news came the day after the COVID-stricken Biden – or one of the 70 people who run his social media accounts – took a bow for the recent drop in gas prices, which have fallen over the last several weeks from record highs, offering a bit of relief to suffering Americans who are being battered by inflation – although the price of a gallon is still dramatically higher than it was before he took office – and declared war on the domestic fossil fuel industry.

“Today, as part of the President’s historic release, the Department of Energy is issuing a notice to sell 20 million barrels from the Reserve. This is the fifth sale that the President has authorized to shore up crude oil supplies in response to Putin’s war in Ukraine by releasing one million barrels per day into the market.

“The Administration expects to continue to deliver barrels for several more months,” the White House said in its statement, once again putting the blame on the so-called “Putin Price Hike talking point that was concocted by regime spinmeisters to duck responsibility for the pain at the pump.

How much of the oil reserves will actually get to American drivers is unknown, especially after a report earlier this month that nearly one million barrels were sold to a Chinese company with ties to Biden’s corrupt son, a betrayal of the highest order and one that in a functional political system would have led to bipartisan outrage as well as a media firestorm.

Reactions poured in after news broke of the latest release of Biden’s tapping of the precious stockpile for political reasons that could spell big trouble for the country once the elections are over, especially in the event of an unexpected emergency.

Siphoning off the national reserves is very risky and, despite the administration placing limitations on how much would be drained off to lower prices, it’s hard not to see the releases going on all the way up until voters go to the polls in November given the dastardly cynical calculus of Biden and his team of ideologues, even if long-term damage is done to the country as a result.

“While energy markets are unpredictable and subject to further disruption from Putin’s war in Ukraine, the Administration will continue to use every lever available to address supply disruptions, bring prices down and provide relief for Americans at the pump,” the White House said.

Read more at BizPac Review

Trackback from your site.

Please help keep this Site Going