This afternoon President Joe Biden announced the sale of 15 million additional barrels of oil from America’s Strategic Petroleum Reserve (SPR) and his intention to release more oil this winter.
“I have been doing everything in my power to reduce gas prices since Putin’s invasion of Ukraine caused these price hikes.” [bold, links added]
But what he said is simply not true.
Biden has leased less public land and offshore waters than any president since World War II. He killed the reopening of a major oil refinery in the U.S. Virgin Islands.
And by releasing more oil from the SPR than any president in American history, Biden has repressed private sector investment in oil and gas production.
After all, what’s the point in producing more oil and gas if the president of the United States, who has repeatedly promised to “end fossil fuel,” undercuts you in the market?
Biden’s policies are not the only reason for high gasoline prices. Refinery capacity in the U.S. has been declining for decades.
Russia’s invasion of Ukraine led President Biden in March to ban Russian oil and natural gas imports into the U.S.
And despite strenuous efforts by the Biden administration, OPEC+ oil-producing nations decided to cut oil production earlier this month.
But Biden’s policies are the leading cause of the lack of supply and resulting high prices of oil and gasoline.
The U.S. produces more oil in a single day than what it imported from Russia in February.
Part of the reason OPEC+ cut production was Biden’s constant SPR releases. And Biden and his party had been blocking the expansion of oil refinery capacity for nearly two decades.
Moreover, Biden said he would buy oil from American producers to refill the SPR only when the price drops to $70 per barrel or lower.
But last month, Biden’s aides quietly offered to buy OPEC+ oil at $80 per barrel. And, over the last year, the Biden administration has pleaded with Saudi Arabia to produce more oil and lifted some sanctions on Venezuela.
Meanwhile, when asked if Biden had met, or considered meeting with, oil and gas executives, White House Press Secretary Karine Jean-Pierre confirmed he had not.
“The Department of Energy has had several meetings with oil companies about what we can do to lower prices,” said Jean-Pierre. “And some White House officials have attended those meetings as well.” And Biden again today attacked American oil companies.
Why is that? Why is Biden’s wrath disproportionately focused inward?
Michael Shellenberger is the best-selling author of “Apocalypse Never” and “San Fransicko“, Time Magazine’s “Hero of Environment”, Green Book Award Winner, and Founder of Environmental Progress.
Read rest at Substack
Biden Democrat+ Liberal+ Globalists=Traitor
“Why is Biden’s wrath disproportionately focused inward?” Well, when you stock the WH staff & key regulatory agency heads and appointments (i.e. FERC, EPA, FTC, etc.) with activsits & academic “egg heads,” you (by default) get POOR economic, energy & environmental policy. I highly doubt almost ANYONE in this Administration has ANY relevant private sector experience. The idea (somehow) that the SPRO will have some sort of domestic “swing” role in the domestic oil market is LUDICROUS. He is releasing 1 million barrels per day & emptying a STRATEGIC reserve. The U.S is (still) importing 8 MILLION bbls/day and consuming over 19 MILLION bbls./day. Do the MATH! The current worldwide problem is a SUPPLY shortage that started back in 2014 with consequent underinvestment in the sector. To add “icing” to the cake, POTUS is threatening to cancel domestic oil exports which will ONLY exaccerbate potential supply shortages. If you understand crude grades & refinery runs, then you GET IT! NOTHING this Administration is doing in the energy realm is incentivizing domestic production. All they seem to do is add more LOGS on the fire!
Correction: Incentivizing domestic oil, adding refinery capacity or enabling pipeline development. Thai is ALL critical to our national energy security.