An oil industry official warns the Biden administration is using the US oil reserves for a disaster in the midterm elections desperately.
It was likened to a campaign credit card as President Joe Biden has spurned by oil producers in the Middle East, draining it without replacing it. At one point, a withdrawal from the strategic oil reserve was done to service other countries, not the US, noted Bloomberg.
Strategic Petroleum Reserve Misused
US President Tim Stewart of the Oil and Gas Association asserted in a new interview with Just the News that the Strategic Petroleum Reserve has never previously been utilized as a campaign credit card to decrease how bad energy policies have made the midterms dangerous for the Democrats.
The Strategic Petroleum Reserve as of Sept. 23 slipped to 422.58 million barrels of oil, perhaps the lowest point since 1984, which is down from 617 million barrels as of Oct. 1, 2021, citing the Wall Street Journal.
When put into perspective, Stewart noted that the US supplies more oil from the SPR than most moderate OPEC nations like Algeria or Angola. Implying that the president's use of emergency reserves was not correct because it's buying off risk in the midterm elections, reported the Epoch Times.
He also provided more sobering information, such as that Alaska produces twice as much oil as it sells.
Additionally, due to the Biden administration, the US oil reserves are put on the line because it is not being used wisely. Worse yet, the administration is impacting the reserve by not replacing it, remarked an oil industry official.
The 46th president approved a plan to draw on US reserves starting in March for six months to deal with high fuel prices brought on by his dubious economic policies, which increased inflationary shocks to the already fragile US economy.
White House Justifies Tapping the Strategic Petroleum Reserve
When it was announced that it had permitted the record-breaking release of US oil supplies at one million barrels per day, the Oval Office made a statement, implying that the record release would provide a historical quantity of stock to function as a bridge only until the end of the year when domestic oil production gradually increases.
The administration assesses the need for more strategic petroleum releases after the current program terminates in October. Energy Secretary Jennifer Granholm spoke to reporters this month. This same White House at the moment wasn't contemplating new releases beyond the 180 million barrels, a Department of Energy representative later stated.
The Energy Department also recommends entering into contracts to purchase oil at predetermined prices. This would restock the deposit. As stated by the administration, this proposition will significantly raise domestic oil production. American Automobile Association's (AAA) finding shows that gas prices have increased over the past week.
As of Wednesday, the cost for a gallon of gasoline is around $3.76 across the country, slightly higher than $3.68 a week ago. The average selling price in California is about $6 per gallon.
An oil industry official revealed how the Biden administration had impacted the US oil reserves because it has no option for sourcing oil; it is becoming a threat to the president's influence in the midterm elections.
Related Article: Biden Administration Drives US Oil Reserves To Lowest in Decades
