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Biden to announce ‘record release’ of strategic oil reserves amid TANKING approval

March 31, 2022 | | Print Article

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President Joe Biden intends to start releasing one million barrels of oil from the Strategic Petroleum Reserve in what critics say is a desperate attempt to boost his exceedingly poor job approval rating.

“After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months,” the White House announced in a press release early Thursday afternoon.

“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up.”

Note the White House’s use of the word “historic.”

The release, part of a multi-pronged plan announced Thursday, will continue for six months, meaning roughly 180 million barbells will be pulled out of the Reserve’s current supply of 563.3 million barrels.

(Source: Strategic Petroleum Reserve)

The current supply is already down 150 barrels from the Reserve’s maximum capacity of 714 barrels. After six months, the remaining supply will almost be under 400 — enough to last the United States only 20 or so days in case of a nationwide emergency.

Not since the late 1970s — under the administration of former President Jimmy Carter, to be exact — has the Reserve’s supply sat at levels below 400 million, meaning Biden’s move will indeed be historic, but not in a good way.

(Source: Wikimedia Commons)

Critics view the current president’s decision as a cynical ploy meant to drum up support for a president whose favorability among all Americans has declined precipitously.

A new Marquette Law School nationwide survey published on the same day as the Biden administration’s announcement revealed that the president’s approval rating has dropped among whites, Hispanics and even blacks.

Look:

As seen above, critics wonder how exactly the president intends to resupply the already depleted Strategic Petroleum Reserve.

The White House’s press release claims the “Department of Energy will use the revenue from the release to restock the Strategic Petroleum Reserve in future years.”

Critics also wonder why the president won’t simply drop all the regulations and restrictions that he’s imposed on the gas/oil industry.

The White House’s press release purports to address this issue as well.

“Right now, the oil and gas industry is sitting on more than 12 million acres of non-producing Federal land with 9,000 unused but already-approved permits for production,” the release reads.

This is a debunked lie.

“Today, President Biden is calling on Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing,” the release continues.

“Companies that are producing from their leased acres and existing wells will not face higher fees. But companies that continue to sit on non-producing acres will have to choose whether to start producing or pay a fee for each idled well and unused acre.”

It appears that, instead of taking responsibility, the president intends to blame gas/oil companies and beg Congress to penalize said companies.

The president also intends to double down on “clean energy”:

(Source: White House)
Vivek Saxena
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