Gas Prices To Rise Again
Biden should have never done this.
President Biden recently decided to release 10-15 million barrels of oil from the Strategic Petroleum Reserve in an attempt to keep gas prices low heading into the midterms so Democrats don’t lose badly.
This decision won’t decrease gas prices for the long term just temporarily until the midterms are over. Gas prices will soon go back up. But what’s even worse is that the gas prices will climb EVEN FURTHER because eventually President Biden will have to refill the United States Strategic Petroleum Reserve as well.
This was all explained by Harvard Professor Larry Summers who worked under former Presidents Barack Obama and Bill Clinton.
In transcript provided by Breitbart, Summers explained, “I think the initial SPRO release was a powerful thing that, over the last months, has done a lot to contain oil prices. And I think the Biden administration was exactly right to do it strongly, do it for a long time, do it in coordination with others.”
Summers then explained that Biden will have to fill the SPR back up and it will cause prices to rise saying, “you’re going to have to get back in at some point. And that’s going to have the opposite impact on oil prices. So, I think you’ve got to be careful about that instrument from here.”
Summers later added, “This is going to be a very complex time, and I hope that we get through it while avoiding oil price spikes. My guess is that that’s going to happen, but I think that’s a major downside wild card from here, both with respect to inflation and with respect to recession.”
