Biden Misses Golden Opportunity, America Suffers
Biden dropped the ball again.
A CEO from the oil industry has expressed his concerns regarding the current situation where the prices of crude oil and gas have started to rise gradually, and has described it as an indication of potential trouble ahead.
In transcript provided by Fox, Canary CEO Dan Eberhart explained, “We’ve got a good economy, we’ve got a high oil price, and yet we’re seeing production lower than it was during the Trump administration, lower than it was pre-COVID.”
“The train has left the station with the Saudis and OPEC cutting [production], and the Biden administration missed kind of a golden window when oil was in the 60s and 70s, too, to replenish the SPR,” he added.
Rather than purchasing additional crude oil for the U.S. Strategic Petroleum Reserve at the cost range of $60 to $70 per barrel, the Biden administration has opted to sell the inventory. In February, the administration sold 26 million barrels, resulting in the Reserve reaching its lowest level since 1983.
For the past few weeks, economists and oil analysts have been indicating that gas prices are being affected as well, following the announcement made by the Organization of the Petroleum Exporting Countries (OPEC) about unexpected production cuts starting from May.
The average national gas price was recorded at $3.60 as of Tuesday, which is an increase of 20 cents from the preceding month and 5 cents from the week ending on April 6.
“I can’t stress enough how missing the window to replace the Strategic Petroleum Reserve is just really bad for our national security and really bad for consumers. The administration has left us completely unprepared,” Eberhart explained.
Eberhart explained, “If you go back and look and Google what they said a year ago the Biden administration said: look, when oil goes below $80, when oil’s in the seventies, we’re going to replenish in 2023. Oil, when it’s low is in the sixties, the administration did nothing.”
Sadly, this was yet another mistake which was made by President Biden.
