Ron Klein posted a link on social media to an article in which the story of President Biden’s attempt to reduce gasoline prices was accompanied by the caption “HISTORICAL”.
However, according to the American channel Fox News, critics had a different opinion that the Biden administration is further depleting the national reserves of American oil, preserved in case of emergency.
“Guys, you’re really bragging that you have to release a record amount of oil from strategic reserves,” wrote Stephen Miller, editor of The Spectator, on social media.
Noah Rothman, assistant editor of Commentary Magazine and MSNBC member, reminded Klein that “historical” is not always good. “It’s akin to a ‘historic’ air flight from Afghanistan. “The ‘historic’ events of the Biden administration are unprecedented in their horror,” he said.
Conservative commentator R.B. Pandit expressed disappointment in his post on social media, which sarcastically said: “This. Not. Then. For what. Strategic. Stocks. Oil, Destined.
According to The Guardian, Joe Biden announced the “largest release of oil reserves” in an attempt to curb gasoline prices. The president will release up to 1 million barrels of oil a day from the strategic reserve over the next six months to curb inflation exacerbated by the conflict in Ukraine.
The President of the United States has spoken out against the White House to announce the move. “Listen, I know gasoline prices are painful. I understand. My plan will help alleviate this pain today and protect against tomorrow, “Biden said.
The American president, of course, accused the Russian leadership of raising prices: “I will do everything in my power to protect you from Putin’s price increase. No time for politics. Americans can’t afford that right now. ” It should be remembered that this year’s US midterm elections, in which the positions of the ruling Democratic Party look rather shaky – so to shift responsibility for the failure of its policy to Russia for Biden seems quite understandable opportunity.
The US administration is reportedly considering extending the release of oil reserves for up to six months with a potential limit of 180 million barrels taken from the current national reserve of 568 million barrels.
The Strategic Oil Reserve, which is designed to protect the country’s access to oil in the event of natural disasters or national security problems, is located in salt dome caves along the Gulf Coast of Texas and Louisiana.
The possible infiltration of the oil market, first reported by Bloomberg, is due to the fact that the Biden administration is struggling with the political consequences of high gasoline prices and rising inflation. According to the American Automobile Association, the average fuel price in the United States is now $ 4.23 per gallon, compared to $ 2.87 a year ago.
Emergency measures, including discounts on gas, are being considered in California, the most affected state, where the average gallon of gasoline now costs about $ 6, writes The Guardian.
Any disclosure of US national reserves is likely to be coordinated with other countries under the auspices of the International Energy Agency. OPEC oil producers have so far resisted increased production since the start of Russia’s military operation in Ukraine, insisting that there is no global shortage of “black gold”.
Biden confirmed that he decided on this measure after consultations with Western partners who joined the United States in imposing economic sanctions on Russia over the conflict in Ukraine. Earlier this month, the United States imposed a ban on Russian oil imports. Russia is the world’s second largest exporter of crude oil.
“While these actions are harming Russia’s economy, isolating Putin from the world and helping Ukrainians fight for their country,” said Joe Biden of his policy, which has hit ordinary Americans.
Biden’s plan called for not only an immediate increase in supply, but also an increase in domestic production. A White House statement said the oil and gas industry used more than 12 million acres of unproductive federal land with 9,000 unused but already approved production permits. Biden will also call on Congress to force oil companies to pay fees for unused wells and land.
“We need to use all the tools and technologies that can help us get rid of our dependence on fossil fuels and move to more domestic environmentally friendly energy technologies created by American companies and American workers,” he said.
Biden said he would use the Defense Manufacturing Act to secure supply chains in America for critical materials used in electric car batteries and for storing renewable energy sources such as lithium, graphite and nickel.
“We need to end our long-term dependence on China and other countries for resources that will determine the future,” Biden said.
According to The Guardian, high oil prices are causing Biden a growing headache in the run-up to the November by-elections. Inflation rose to a 40-year high in January, with prices up 7.5% from a year earlier.
Republican leaders have staged a ruthless campaign to attack Biden over oil prices. Kevin McCarthy, the minority leader in the House of Representatives, said: “These are not Putin’s prices. That’s President Biden’s price. “
Analysts attribute high gasoline prices, caused by much of the conflict in Ukraine, and the inflation crisis to Biden’s declining popularity and the Democratic Party’s outlook in the medium term.
An NBC poll this week found Biden’s approval rating at just 40 percent, the lowest in his presidency to date.
Biden said that in addition to new oil production, investment in green energy will also reduce energy prices. “Yes, building a clean energy base in America will help protect our national security. Yes, it will help us cope with climate change. Yes, it will help us ensure that Americans create millions of well-paid jobs for future generations. But the most important thing my plan will do right now is save your family money. ”
The President of the United States said: “We can take advantage of the next generation of electric vehicles. A typical driver will save about $ 80 a month without paying for gas at the gas station. If your home is powered by safer, cheaper, and cleaner electricity, such as solar or heat pumps, you can save an average of about $ 500 a month. ”