Each Time It Gets More Stupid

Biden Could Release More Oil From Strategic Reserves, Even Though First Release Didn’t Move Gas Prices | The Daily Wire

The 50 million barrels released so far amount to 1/12th the total supply. If we release much more, we go from stupid to dangerous.

President Biden may release more oil from the United States Strategic Petroleum Reserve — even though a similar move from the administration had a negligible effect on gas prices.

Amos Hochstein — the White House’s Senior Advisor for Energy Security — told CNBC’s Hadley Gamble that releasing oil from the reserve “is a tool that was available to us and will be available again.”

“Remember, this was not a 50-million-barrel release, 30 million barrels were an exchange where companies and traders can take the oil now and return it over a scheduled period of time. That means the Strategic Petroleum Reserve will be replenished,” Hochstein explained. “And therefore, we have more flexibility to be able to do this again in the future if the need arises. I think we wanted to do something that was impactful for the market and that also had the ability and the flexibility to allow us to do that again should the need arise for the American economy.”

The problem is that there isn’t much of a timetable for the replenishment. And you can guarantee that traders won’t be replenishing it until the price comes down. They want to make a profit here.

Of course, there are things that Biden could to to actually lower the price of oil and gas…