Some analysts had feared that President Biden would tap the stockpile again to address any increases in gasoline prices in the lead up to the Nov. 5 presidential election, as he did in 2022, which would end the DOE’s efforts to refill the SPR.
The White House is letting Maduro keep his oil-revenue lifeline.
President Biden gave a shoutout to the people of Venezuela last week at the United Nations: “Venezuela, where millions cast their vote for change. It hasn’t been recognized, but it can’t be denied. The world knows the truth.” So why isn’t he doing more to help the people who voted for opposition candidate Edmundo González Urrutia against dictator Nicolás Maduro?
Will the Biden Administration finally recognize reality and pull the license for bringing oil out of Venezuela?
“Energy poverty, for the first time in 20 years, increased. That’s a travesty,” said Toby Rice, president and CEO of EQT Corporation.
The Biden administration is open to releasing more oil from the Strategic Petroleum Reserve (SPR) if prices rise in the coming months, a top adviser to the president told Financial Times.
“The Biden administration is not normal, indeed this administration is deliberately undertaking policies to punish Americans and undermine our strengths while continuing to help our adversaries,” Sullivan said.
As the election nears, he’s blocking oil drilling and mining in the state.
While Friday’s rule figures to have a restrictive effect on onshore drilling, the Biden administration has also pushed the skimpiest offshore oil and gas leasing schedule in contemporary American history.
“America’s working families and small businesses are facing immense challenges including high energy prices,” senators wrote.
President Joe Biden drained the Strategic Petroleum Reserve to push gasoline prices down ahead of the midterm elections. With gasoline prices on the rise and another election on the horizon, plans to replenish the SPR might not pan out.
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