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OPINION: This article contains commentary which reflects the author’s opinion
Reminder : The purpose of the articles that you will find on this website is to EDUCATE our opinions and not to disinform or grow hate and anger!

Incompetence! Biden’s ‘Attempt’ To Lower Gas Prices Immediately Makes Everything Worse

There is no one in the Biden administration that has an understanding of what and why gas prices are as high and they are showing they have no idea what they are doing.

President Biden announced that he was going to “lower the cost of gas and oil.”

“Today I’m announcing action to lower the cost of gas and oil for American families. The Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower gas and oil prices for Americans,” wrote Biden.

The announcement immediately caused the price of oil to rise making everything worse.

The pice of Brent Sweet Crude, the global benchmark rose more than three percent after Biden’s announcement to $82 a barrel.

From Breitbart:

The U.S. reserves can only be released at a maximum pace of 4.4 million barrels per day, according to the Congressional Research Service, due to pipeline and marine terminal constraints. Total global consumption runs at about 100 million barrels per day. Oil industry experts say the reserve release will likely not put significant downward pressure on prices, doing little to relieve price pressures created by underinvestment in U.S. production in the face of political pressure from climate activists.

Biden is trying to print oil like he’s trying to print money.

Some are suggesting that Biden is doing this on purpose to make gas unaffordable.

Written by Staff Writer

November 23, 2021

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Article Source : TheConservativeOpinion.com
OPINION: This article contains commentary which reflects the author’s opinion
Reminder : The purpose of the articles that you will find on this website is to EDUCATE our opinions and not to disinform or grow hate and anger!


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