President Joe Biden is drawing criticism from lawmakers after the White House made negative comments about a bipartisan effort to curb the flow of U.S. oil to China.
The Energy Department announced Friday that it would begin buying oil to refill the U.S. Strategic Petroleum Reserve (SPR) at prices below $96 per barrel, even though the White House previously stated that the department would begin buying back oil at a price of $67 to $72 per barrel.
World stocks and oil prices battled to pull out of a four-day slide on Thursday as deeply inverted bond yield curves and choppy currency markets underscored the simmering concerns among investors about economic stagnation next year.
“Rather than taking credit for price declines and shifting blame for price increases, the Biden administration should get serious about addressing the supply and demand imbalance that has caused higher gas prices and created long-term energy challenges,” said Mike Sommers, API’s president and CEO.
In a further apparent swipe at the United States, he insinuated that the U.S. reaction to the October 5 decision by OPEC+ to reduce oil production by two million barrels a day had been an immature one.
President Joe Biden has just announced his plan to release even more oil, 15 million barrels, from the nation’s Strategic Petroleum Reserve.
In this case, the national emergency is most likely the midterm elections, in which the president’s party is likely to lose seats in Congress.
High gasoline prices are the problem that President Joe Biden keeps trying to fix—and roughly a year’s worth of efforts have done little to significantly lower costs.
The President is depleting U.S. strategic petroleum reserves for political reasons.
White House officials accuse OPEC and its allies of manipulating oil prices, but then what do you call what President Biden is trying to do?
Moscow won’t have to reduce a single barrel of output as it is already producing well below the agreed target while benefiting from higher oil price which will be achieved through cuts mainly by OPEC Gulf producers.
This Administration wants more oil anywhere except in America. The madness of the Biden Administration’s energy policy has been horrifying to watch, like a car crash except all Americans are passengers. The latest bizarre twist is that the White House may ease sanctions on Venezuela and its dictator Nicolás Maduro in an effort to increase the supply of oil on the global market.
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