The Biden-Harris Administration is taking additional steps to reduce gas prices. pic.twitter.com/u0tZrai13q
— The White House (@WhiteHouse) October 19, 2022
(Jacob Bruns, Headline USA) In an effort to save his party from a potential midterm bloodbath, President Joe Biden has drained almost the entirety of the nation’s strategic petroleum reserve in order to keep prices down.
But with a sapped supply, Biden has no plan to address the impending crisis after Nov. 8, PJ Media reported.
Rep. Warren Davidson, R-Ohio, noted as much in a recent interview.
“He’s taking the strategic petroleum reserve and depleting it, doing what he can in the near-term, but with great peril,” Davidson said. “I mean, we have that strategic [oil reserve] for a reason. It’s not meant to be juicing something artificially for an election cycle.”
Zero Hedge noted that oil prices are set to soar perhaps to all-time highs after the midterms are completed–especially once the SPR is entirely drained.
According to Amrita Sen, co-founder and research director at consultants Energy Aspects, due to the Russia-Ukraine crisis and the European Union’s response, oil prices “are going to be headed well over $100″ when the heart of winter hits in the Northern Hemisphere.
Making matters worse, the Biden administration plans to refill the SPR after it is used up, meaning that it will compete to purchase oil on the open market with Americans who just need to drive to their jobs, further raising prices.
Despite all evidence pointing to an impending financial crisis, with the bill being footed by the American middle class, White House Chief of Staff Ron Klain tried to shift the blame to Republicans, suggesting that they are the ones who wished to help middle class Americans afford gas in the first place.
“Well, I’d say first of all, we had Republicans say, hey, he needs to do something about gas prices, and then we did something about gas prices, and they’re, like, well, don’t do that,” he said.
“It’s hard for me to take the criticism very seriously. Look, we’ve had a policy this year of a historic release from the petroleum reserve, and it’s worked to bring the price of gas down.”
