Biden Goes Against Warning

Photo by Zbynek Burival on Unsplash

This could be a bad idea.

Even after being warned by several top economists to not tap into the United States’ Strategic Petroleum Reserve, President Biden and his Administration has decided to go ahead and release 50 million barrels of oil from the reserve supply in an attempt to lower gas prices nationwide.

According to the Washington Examiner, the White House said in a statement, “Today’s announcement reflects the President’s commitment to do everything in his power to bring down costs for the American people and continue our strong economic recovery. At the same time, the Administration remains committed to the President’s ambitious clean energy goals.”

Many domestic oil producers were against President Biden’s decision to do this and accused Biden of attempting to “manipulate” the market. Others in the gas industry have told President Biden to stop pushing policies which try to restrict fossil fuel for clean energy purposes and encourage the production of oil instead.

What’s strange is President Biden in the past didn’t think tapping into the America’s Strategic Petroleum Reserve was a good idea. Just last month, Biden told CNN that he could tap into the SPR and it would only reduce gas prices by about 18 cents and then said it was still going be over $3 per gallon anyways.