President Biden has released more crude oil from the Strategic Petroleum Reserve (SPR) as part of a mission to artificially suppress fuel prices ahead of the midterm elections than any of his predecessors since the SPR was created in 1973. It signals a "new era" of intervention the White House is willing to take to manage global prices.
Biden recently said SPR releases would "continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused such volatility."
- He made clear it was "not politically motivated at all," though his critics disagree
- Draining oil from the strategic reserve is a short-sighted and dangerous choice that imperils our energy security at a critical time of global uncertainty
Biden has dumped more SPR on the market than all previous presidents combined
- Draining the SPR for non-emergencies to lower prices for short-term political gains should not be a substitute for long-term policies to boost domestic crude supplies
- The White House's approach to intervening in domestic and international markets shows just how desperate they're to manage global crude prices
https://www.zerohedge.com/commodities/biden-unleashes-new-era-spr-releases-weapon-crude-markets
No comments:
Post a Comment