“Biden’s ‘Strategic Plan’ to Lower Oil Prices: Is He Taking Us Back to 1983?”
Yesterday, Newsmax reported that the Biden administration has announced plans to sell off 26 million barrels of crude oil from the Strategic Petroleum Reserve (SPR). This would take the reserve’s inventory to the lowest level since 1983, leaving the SPR with just 346 million barrels – a significant decrease from the 638 million barrels it held when Biden took office in January 2021.
The move is an attempt by the Biden administration to keep gasoline prices down. But some experts are warning that it could have long-term consequences. Phil Flynn, Price Futures Group analyst and FOX Business Network contributor, said, “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.”
The SPR is also facing a challenging situation due to Biden’s other energy policies, including a ban on US oil production. As a result, the US is now dependent on oil from Russia and the Middle East, while the national average for a gallon of gas has risen to around $3.841.
Meanwhile, Biden has ended the construction of the Keystone XL Pipeline and the Trump border wall – killing off 42,100 jobs.
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