Biden Depletes U.S. Resources
Is this really a smart decision?
President Biden and his administration has just announced that they will be selling another 26 million barrels of oil from the United States Strategic Petroleum Reserve (SPR) between April 1st to June 30th which will lower the SPR to it’s lowest level since 1983.
As you know President Biden and the Democrats have already released millions of barrels of oil from the SPR a number of times already and this new decision has angered a lot of Americans.
According to Fox, Biden is releasing these 26 million barrels because it is a requirement that was included in two laws enacted by Congress during the Obama administration under the FAST Act.
Price Futures Group’s Phil Flynn explained, “Biden is front-loading SPR barrels to avoid a summer gasoline price spike. There are growing concerns among the Biden administration that gas prices are headed back to $4 a gallon and the president is fearful of the political heat he will have to take.”
Price added, “By pushing barrels forward from previously announced sales he is robbing Peter to pay Paul but is discouraging future U.S. oil and gas investment. There should be some backlash from Republicans who are getting tired of using the SPR for political purposes and creating short-term price relief in exchange for much higher prices down the road.”
When Biden came into office the SPR held an impressive 638 million barrels thanks to President Trump. As of right now, Biden has sold or released so much oil that only 371.6 million barrels remains in the SPR.
