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.
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.
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.
Since July 2021, Biden job approval among whites has gone from 50% to 40%. Among Blacks, it has gone from 88% to 56%. Among Hispanics, it’s gone from 56% to 51%. @pollsandvotes points to the decline among Blacks as particularly striking. #mulawpoll
— MULawPoll (@MULawPoll) March 31, 2022
Doesn’t the Strategic Oil Reserve have some purpose other than to salvage Biden’s abysmal approval numbers?
— Gormack (@gormack0) March 31, 2022
So Joey is going to drain the Strategic Oil Reserve to save his lousy approval ratings, 1 million barrels a day for the next six months. 🇺🇸 What are his plans to replace it 🤔
— Gabriel (@GabrielCali12) March 31, 2022
Are you serious? That is a Strategic reserve. For Emergencies.
And Emergency doesn’t mean low president’s approval ratings before midterm elections but something like a war in ME and oil production going by down by 20 mbd.
— Outsanest (@outsanest) March 31, 2022
Everything this guy does is pointless. The strategic reserve is for emergencies. This is an economic problem but not an emergency, unless you consider his lousy approval rating. Dropping restrictions on supply would be a solution but when has he ever actually solved a problem?
— Nathan Schleprock (@NSchleprock) March 31, 2022
Biden is threatening our strategic reserve because his approval rating is low. Treasonous action. https://t.co/FaiX04Yd1Z
— Les G Brandon (@JohnL1111111111) March 31, 2022
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.
The White House’s talking point that there are 9,000 unused oil leases deserves 4 Pinocchios.
Just because there is a lease doesn’t mean the oil well is viable or that companies can get through the morass of federal regulations to get all their permits.
— Rep. Bruce Westerman (@RepWesterman) March 9, 2022
Not to mention, many oil producers cannot invest in oil wells due to fears the Biden Admin will pull the plug at any moment.
The White House knows exactly how it has hamstrung US energy production.
Shifting the blame does nothing but prove their culpability.
— Rep. Bruce Westerman (@RepWesterman) March 9, 2022
“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”:
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