Bidens energy policy to help keep oil prices down doesnt involve letting American companies drill for more oil.
Instead, hes selling off our oil reserves. Now, hes sold so many of them that the national oil reserve is the lowest it has been in 40 years.
On Monday, the Biden Administration declared it was ready to sell 26 million barrels of oil from the national reserve. Congress had the power to cancel the sales but didnt.
This isnt a new strategy for Biden. Last year, he sold a record-breaking 180 million barrels of oil from the Strategic Petroleum Reserve. However, that wasnt all that Biden wanted to sell. Congress had to act fast to cancel sales of an additional 140 million barrels of oil. If Biden keeps going, we wont have any oil in the national reserve. However, thats not what hes worried about.
According to the Gateway Pundit, Biden is front-loading SPR barrels to avoid a summer gasoline price spike, said Phil Flynn, analyst Price Futures Group and FOX Business Network contributor. There are growing concerns among the Biden administration that gas prices are headed back to $4.00 a gallon, and the President is fearful of the political heat he will have to take.
When Biden first entered the White House, the national reserve had a staggering 638 million barrels. We can hold 713 million barrels of oil in the national reserve. Before this new sale of oil, the Strategic Petroleum Reserve held 371.6 million barrels. Selling these and not adding oil back will bring the reserve down to 346 million. It hasnt been that low since 1983.
Biden isnt concerned about the long-term effects of this, though. He is slowly selling President Trumps oil in reserve, making it more difficult for American companies to drill for oil. On top of that, Biden hasnt mentioned refilling the reserve.
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