Incompetence! Biden’s ‘Attempt’ To Lower Gas Prices Immediately Makes Everything Worse
There is no one in the Biden administration that has an understanding of what and why gas prices are as high and they are showing they have no idea what they are doing.
President Biden announced that he was going to “lower the cost of gas and oil.”
“Today I’m announcing action to lower the cost of gas and oil for American families. The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans,” wrote Biden.
Today I’m announcing action to lower the cost of gas and oil for American families.
The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans.
— President Biden (@POTUS) November 23, 2021
The announcement immediately caused the price of oil to rise making everything worse.
The pice of Brent Sweet Crude, the global benchmark rose more than three percent after Biden’s announcement to $82 a barrel.
The U.S. reserves can only be released at a maximum pace of 4.4 million barrels per day, according to the Congressional Research Service, due to pipeline and marine terminal constraints. Total global consumption runs at about 100 million barrels per day. Oil industry experts say the reserve release will likely not put significant downward pressure on prices, doing little to relieve price pressures created by underinvestment in U.S. production in the face of political pressure from climate activists.
Biden is trying to print oil like he’s trying to print money.
Some are suggesting that Biden is doing this on purpose to make gas unaffordable.
They artificially inflate the price of oil by making us energy dependent on other nations. Now they will deplete reserves. Once reserves are gone and oil skyrockets again they will tell us we need to go to fully renewable energy – won’t be able to afford to buy. All by design. https://t.co/kGZj7nqv7f
— Al Zeke 🦅🇺🇲 (@realalzeke) November 23, 2021