When candidate Joe Biden promised while on the campaign trail that "We're going to end fossil fuel," could anyone have guessed that emptying the nation's Strategic Petroleum Reserve was part of the plan? Maybe Biden had that in mind all along - enact policies that raise the price of gasoline, dip into the reserves to lower prices for consumers, then finally wring them dry for, putatively, the same reason.
The federal Strategic Petroleum Reserve is "The world's largest supply of emergency crude oil," says the Energy Department.
Still, says the Energy Department, this "Makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy." The SPR was never intended to be a political chip, to be tapped into by a president who wants to temporarily push down gasoline prices to gain votes.
The Biden administration has authorized two releases from the country's petroleum reserves.
Shortly after the White House backed off the purchase, Power The Future, an energy research organization, complained that "Biden has spent most of his presidency" releasing oil from federal reserves, and had "In fact drained the SPR more than any other president in history." Daniel Turner, Power The Future founder and executive director, said it was done "For political reasons," to "Cut our domestic production for his climate agenda." But then a couple of weeks ago, the administration said it had awarded contracts to purchase "3.3 million barrels of U.S.-produced crude oil for the" SPR, and bragged about it.
Shale Magazine editor in chief Robert Rapier believes "Administration won't replace more than 10% of the oil removed from the SPR since Biden was inaugurated." Now back to the questions posed above.
The answer to the first is: Don't be surprised if Biden is playing politics with energy.
https://issuesinsights.com/2024/05/28/a-sneaky-way-to-end-fossil-fuel/
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