Biden’s Biggest Gamble Yet
This is a terrible idea.
After OPEC sabotaged the United States and Europe by claiming that they will cut oil production by more than 2 million barrel’s per day of oil, President Biden decided to release 10 million barrels of oil from the United Stats Strategic Petroleum Reserve (SPR).
This decision is seen as a major gamble for President Biden because the SPR cannot be used by Biden as his “oil piggy bank.”
According to Moneywise, Biden’s decision to release 10 million barrels from the Strategic Petroleum Reserve comes at a time when the SPR is at its lowest level since 1984. Experts believe Biden’s decision will have some very serious long-term implications.
Currently, gas prices are at $3.89 per gallon which is 10 cents higher than last week. It’s wise for Americans to assume that gas prices are about to go much higher and you personally should plan accordingly.
President Biden is clearly in over his head and with all of the problems going on with countries like Russia and China along with OPEC, it’s imperative that the United States not have an empty Strategic Petroleum Reserve. Hopefully, lawmakers in Washington can lead Biden is the right direction.
