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President Joe Biden addressed Americans on Thursday concerning skyrocketing gas prices, blaming it on the pandemic as well as the actions of Russian President Vladimir Putin and his invasion of Ukraine while announcing the release of 1 million barrels of oil a day to reduce pain at the pump.
The release of the oil will take place over the next six months starting in May. The nation’s strategic reserves are kept for emergencies such as war and were not intended as a means to counter the cost of gasoline. Biden contends the measure is a stop-gap to speed up Americans switching over to electric cars.
That would leave the already-depleted Strategic Petroleum Reserve with about 388 million barrels, the lowest level since March 1984, according to Fox Business.
“The problem we’re facing with gas prices has two roots,” Biden said to reporters at the White House.
“First, the pandemic. When COVID struck demand for oil plummeted so production slowed down worldwide,” the president asserted. “Because of the strength and the speed of recovery, demand for oil shot back up much faster than the supply. That’s why the cost of gas began to rise last year.”
“The second root is Vladimir Putin,” Biden claimed, attempting to shift the blame for the massive increase in costs away from his disastrous economic policies.
(Video Credit: The Independent)
At the beginning of 2022, a gallon of gas averaged $3.30 according to Biden. Now, it is averaging $4.23 and there is no end in sight to its escalation. Already, in Los Angeles, a gallon of gas costs more than $6.
“Nearly a dollar more in less than three months,” Biden noted, revving up the blame for Putin once again. “The reason for that is because of Putin’s war.”
Inflation and monstrous gas prices have cratered Biden in the polls and endangered Democrats’ chances in the midterm elections.
Biden has some nerve blaming oil producing companies for the shortages in a rise in prices when he has Done everything he can to shut down fossil fuels. This is a crisis of his own making and we should not forget it this fall when we go to the polls and vote.
— TheTruthDamit (@TheTruthDamit) March 31, 2022
Biden also urged Congress to force oil companies to pay fees for unused leases, accusing energy producers of “hoarding” wells on federal lands. He said that companies “sitting on unused leases and idle wells will either have to start producing or pay the price for their inaction.”
“This is not the time to sit on record profits: It’s time to step up for the good of your country,” the president said.
Biden is now going to deploy the Defense Production Act to try and force Americans to switch over to electric vehicles, according to senior administration officials. The act would ostensibly produce more materials needed for high-capacity batteries.
“Under my plan, which is before the Congress now, we can take advantage of the next generation of electric vehicles,” the president said. “That typical driver will save about $80 a month from not having to pay gas at the pump.”
Biden’s posturing comes as Putin is threatening to shut off natural gas supplies to Europe which will have a ripple effect on prices here in the states.
“There’s no firm answer to it,” Biden said when asked by a journalist how long till Americans get relief at the pump. “But prices already came down when it was announced ahead of time.”
“I’m talking a matter of days … weeks, but it’s hard to tell,” Biden commented, claiming that savings could be anywhere from 10 to 35 cents per gallon.
Former President Donald Trump accused Biden of being careless with the nation’s reserves.
NEW: Trump BLASTS Biden for emptying US Oil reserves pic.twitter.com/GuSZPL1PTo
— The Truthful American 📰 (@TTA_NewsNetwork) March 31, 2022
“It’s supposed to only be used for large-scale emergency or conflict,” he bluntly contended in a statement. “Now I see where Biden has just announced he’s going to take what we so carefully and magically built, and what will be a futile attempt to reduce oil and gasoline prices. They will soon bring it down to empty again. It just never ends!”
“It’s a sentiment shock, but if recent history suggests anything the reserve release will only be a temporary fix and akin to putting a band-aid on a broken leg,” proclaimed Stephen Innes, who is the managing partner at SPI Asset Management, according to the Daily Mail.
Joe Biden has ordered the release of 1 million barrels of oil from U.S. reserves per day.
The Keystone XL pipeline would've delivered 830,000 barrels of oil a day.
Why deplete our reserves when we could've had Keystone?
— Lance Gooden (@Lancegooden) March 31, 2022
Biden is releasing 1 million barrels of oil from the Strategic Oil Reserve in an effort to lower gas prices and save his tanking approval numbers.
Instead of putting our national security at risk by draining our reserves, Biden should unleash American energy production!
— Jake Evans (@JakeEvansGA) March 31, 2022
Sen. Steve Daines (R-MT) slammed Biden’s move to tap the reserve without first taking steps to increase American energy production, calling it “a Band-Aid on a bullet wound,″ according to the Associated Press.
He called Biden’s actions “desperate moves″ that avoid a comprehensive solution that involves ”investing in American energy production,″ and getting “oil and gas leases going again.”
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