July 20, 2022
Who deserves credit for the recent drop in oil prices?
By Jack Hellner
For months, we have been told by the Biden administration that the reason for the high gas price is Vladimir Putin’s war on Ukraine.
The purpose of those talking points is to divert blame from Biden’s policies to destroy the fossil fuel industry.
Now that prices have come down a little they are claiming credit for the price decline.
Here's the latest from Biden's White House economic advisor Jared Bernstein, in a press briefing off the White House website:
While there’s a lot that goes into setting the global oil and gas price, the historic actions taken by President Biden to address the impact of Putin’s invasion of Ukraine have helped and continue to help to increase the global supply of oil and therefore are in the mix of factors driving down the price.
Because the President’s announcement on releasing 180 million barrels from our Strategic Petroleum Reserve and another 60 million from our global partners was back in March, I suspect there are people who forget about this critically important intervention in energy markets. But this action is very much in play in today’s market, currently releasing a record 1 million barrels of oil per day on average and 84 million barrels so far.
These releases have had an outsized effect at a time when the market is especially tight. The Biden administration truly deserves credit for both the huge rise in prices, and the minor fall in prices. Throughout the campaign, and as soon as Biden took office, he stated that his goal was to get rid of fossil fuels.
That sent the message to traders, speculators, and producers throughout the world that the U.S would no longer be a major competitor on the global markets and prices soared.
more
https://www.americanthinker.com/blog/2022/07/who_deserves_credit_for_the_recent_drop_in_oil_prices.html
