Biden Keeps Setting Records

Biden Keeps Setting Records

February 14, 2023

President Biden is setting record lows, that is. Yesterday the White House announced another sale of our Strategic Petroleum Reserves (SPR). For those keeping track at home, this makes announcement number 7 for the sale of the SPR.

Fox Business reports,

“The Biden administration on Monday announced another sale of oil from the Energy Department’s Strategic Petroleum Reserve (SPR), with 26 million barrels set to be delivered to the market from April 1 to June 30, which will take the number of barrels in the reserve to a new low dating back to 1983.”

To add insult to injury, there is no guarantee that these barrels will go to the American people. We know from past sales that many of these barrels could end up in China. And now the administration is attempting to offset a gasoline price hike this summer by putting our Country in a vulnerable position. 

“Biden is front-loading SPR barrels to avoid a summer gasoline price spike,” said Phil Flynn, analyst at Price Futures Group and FOX Business Network contributor. “There are growing concerns among the Biden administration that gas prices are headed back to $4 a gallon, and the president is fearful of the political heat he will have to take…By pushing barrels forward from previously announced sales, he is robbing Peter to pay Paul but is discouraging future U.S. oil and gas investment. There should be some backlash from Republicans who are getting tired of using the SPR for political purposes and creating short-term price relief in exchange for much higher prices down the road.”

Our reserves keep getting lower while gas prices keep climbing higher. This administration’s continuous release of oil barrels has done nothing to help American families. The mismanagement of our strategic reserves is unacceptable and needs to be stopped. It is concerning to think about what will occur if an actual emergency happens and we are left scraping the bottom of the SPR barrel.