To lower gas prices, Biden authorizes release from US strategic oil reserve.
Can this action to lead to bigger expense at the pumps in the future when oil resource problems remain the same and get worse ?
I think this is not a good move for the world as it can be avoided imho, at least in the USA, if we revert to 45 energy policies.
"This release will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom."
Comments (11)
imho . OPEC will just decrease production of crude more and raise the cost of it to compensate for nations tapping into reserves ….
Remarks by 46 on October 21, 2021….
You’re going to see a dramatic drop — a dramatic drop in what’s going to happen in terms of gas prices as we go into the next two or three years. Even if we’re not able to break the monopoly price — they’re keeping it up because — anyway.
So there’s — there — but I don’t — I must tell you, I don’t have a near-term answer. There’s two things I could do: I could go in the petroleum reserve and take out and probably reluce — reduce the price of gas maybe 18 cents or so a gallon. It’s still going to be above three bucks.
And one of the things that I refuse to have happen, because I didn’t want anybody — I made a commitment: If you pass the stuff I’m talking about, not — not one single penny in tax would go against anybody making less than 400 grand.
Potus 46 releasing 50 million barrels of oil from the strategic petroleum reserve.
wth
By Tom Kool - Nov 23, 2021, 2:00 PM CST
Something she really should know...
His cabinet is inept.