01 December, 2021

Only an Idiot Would Do This, but We Have an Idiot for President, So...

Gas prices relief? Biden releases 50M strategic oil reserve barrels (usatoday.com)

The SPR is not for price manipulation. It’s so that the country, and particularly the armed forces, can have oil available in the event of a national emergency. High gas prices are annoying as heck, but they do not constitute a national emergency. The President has far too much latitude on this.

And it’s a drop in the bucket, literally. We use that much oil in about 2.5 days.

Great. So what’s he going to do next week?

President Joe Biden is releasing 50 million barrels of oil from the nation's emergency stockpile to lower energy costs amid a spike in gas prices and soaring inflation, the White House announced Tuesday.

Thirty-two million barrels will be released from the Strategic Petroleum Reserve over the next several months and will be replaced in the years ahead. An additional 18 million barrels that Congress authorized for sale will be released in the coming months.

"American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic," the White House said in a statement. "That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply."

After months of diplomatic negotiations, the United States will release the oil in parallel with other major energy-consuming countries, including China, India, Japan, South Korea and the United Kingdom.

You shut down pipelines. You shut down drilling. Then you open up the SPR. Well, champ, you wouldn’t have had to open up the SPR, if you’d not done the other things. And they’d be a much better long term solution. Faced with that, instead of fixing what you did wrong, you did another stupid thing.

My President is an idiot.


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