Finance
January 1, Biden Announces Plan to Curb Gas Prices
President Joe Biden has ordered the Strategic Petroleum Reserve to release an average of 1 million barrels per day over the next six months.
The White House believes the massive release will “shore up global prices” and lower gas prices.
“This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up,” the White House said.
Biden’s announcement marks the largest-ever release of oil from the strategic reserves — a total of about 180 million barrels.
“It is hard to overstate the scale of this intervention if it bears out. It would be the largest drawdown volume announced in the 45-year history of the SPR by a factor of 3.6x,” the research firm ClearView Energy Partners said.
Source:
Biden ordering massive release of oil in bid to curb gas prices
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Jim
April 1, 2022 at 9:29 pm
I don’t know if this is pure incompetence or the purposeful crippling of America’s ability to defend itself? Or both. The SPR is for the sole purpose of supplying our military with valuable fuel resources to defend our country in case of global conflict. It is not intended to temporarily give a ‘quick fix’ in order to ease gas prices for civilian use so the Democrat Party can claim credit to help in the 2022 mid-term elections. If this is (I suspect) a purely political move, it shows the total disregard for America’s well-being by the current bunch of Communist Democrats who are in power. This is scary.