Biden Desperate to Reduce Gasoline Inflation

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On Tuesday, Republicans slammed President Biden’s decision tapping the strategic oil reserves of the country, calling it a politically motivated decision.

Trump likewise slammed Biden for tapping the reserve, stating it was only supposed to be used for emergency purposes, like war. 


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Tapping the strategic oil reserves will give Biden temporary relief

The White House announced the release of 50 million barrels of strategic oil reserves out of 609 million barrels stored. Prior to this announcement, the president often signaled he could use all the tools at his disposal to reduce US gasoline prices.

Meanwhile, House Minority Leader Kevin McCarthy said releasing this oil will only solve energy needs for three days; it will do little to avert the persisting gasoline inflation in the country.

Likewise, McCarthy added it is just a political stunt by Democrats before Thanksgiving to be in the good books of Americans.

Lawmakers on both sides of the aisle believe this release will only give Democrats short-term relief. Therefore, Biden must embrace alternative options to bring gasoline prices down in the long run.

 

Stephen Nalley, the acting officer of the Energy Information Administration, informed the Senate panel last week that oil release will help the government bring down prices by almost 5 to 10 cents per gallon.

Biden’s attempt to release these reserves is a coordinated effort with China, the UK, India, South Korea, and Japan.

Oil reserves are only supposed to be used in emergencies 

John Barrasso, a Republican senator, said the administration begged OPEC and Russia to increase the oil production. Now, the Biden administration is tapping the strategic reserves. This shows the government wants to avert the Biden-caused crisis at any cost.

Kevin Cramer, a GOP senator from the oil-dominated state of North Dakota, said Biden created the disaster which he is trying to avert. Cramer noted gas prices are high because Biden slashed oil production.

Now, the president is trying to make it up by tapping reserves that are supposed to be only used during national emergencies.

Joe Manchin, a moderate Democrat senator, said the move is “short-sighted” and will only serve as a “self-inflicted wound.” Manchin’s comments could pose a threat to Democrats about to bring the social spending bill into the Senate.

Former President Trump also slammed Biden for using the oil reserves, saying they are supposed to be used in cases of chronic emergencies, such as if the country is at war.

Trump also reminded Biden that for many years, U.S. strategic reserves remained low to an unimaginable extent. Trump filled them to the brink three years ago when global oil prices were low.

It is imperative to note Trump sold some strategic reserves to pay for Energy Department projects; however, he ended up filling them back once oil prices fell down during the pandemic.