Joe Biden Is Doing Everything Possible To Avoid Unleashing American Energy Production
By: Tristan Justice
April 01, 2022
President Joe Biden announced Thursday an “unprecedented” release from the Strategic Petroleum Reserves maintained to have supplies during emergencies. Instead of unleashing American energy production to counter lockdowns’ disruption in global supply chains, 1 million barrels of crude per day will be released from the nation’s emergency stockpile for the next six months.
“The world has never had a release of oil reserves at this 1 million per day rate for this length of time,” the White House announced in a Thursday fact sheet. “This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.”
Absent a radical shift in the administration’s energy policy, however, there’s no bridge in sight. Americans are coping with the highest gas prices ever recorded, compounded by inflation, with the national average reaching $4.33 per gallon earlier this month, according to an AAA tracker. On Thursday, a Federal Reserve analysis recorded inflation at a four-decade high, which followed a survey from Salary Finance out Wednesday reporting 1 in 5 Americans are running out of cash between paychecks.
After 14 months actively suppressing oil and gas production in the name of climate change, Russia’s invasion of Ukraine hampered the Oval Office’s diplomatic menu as the United States enthusiastically forfeited its energy independence. In the run-up to its full-scale invasion, Russia supplied more than 10 percent of the world’s crude but is now throttled by western sanctions against the primary source of revenue for the Kremlin’s war machine. Following the United States’s stint as an energy-independent net exporter of oil under President Donald Trump in 2018, the Energy Information Administration (EIA) forecast the United States will revert to its role as a net importer this year under Biden.
more
https://thefederalist.com/2022/04/01/joe-biden-is-doing-everything-possible-to-avoid-unleashing-american-energy-production/
