According to a US energy insider, President Joe Biden's failure to get oil has forced him to illegally consume the emergency oil reserves to stop the Democrats from losing in the midterms. He added the president had damaged years of stocking up on the oil reserve by using it as a political tool.
The US To Face Oil Shortage After the Midterms
Biden White House announced last October 18 that 400 million barrels of oil are left from unneeded drawdowns from the strategic petroleum reserve, reported the Epoch Times.
This mismanagement of the reserve means Joe Biden has destroyed US energy security for 34 years, at its lowest from 1984, noted Reuters.
Jay Young, founder and president of King Operating Corporation, thinks that Biden is secretly taking away the last energy security of America because he has failed in all aspects politically and economically.
His family has been in the oil and gas business for a century; the company he runs spends 100 million dollars on oil investments.
He added that the president has wasted a third of the SPR uselessly and reduced it to an election tool; the SPR is not his to use like that. Furthermore, Young says it is used in times of war when oil is un-acquirable; this is the worst way to use it.
US Strategic Petroleum Reserve Misused
US energy insider Young mentioned the president uses the emergency oil reserves similar to a Ponzi scheme. Another attorney and analyst, Irina Tsukerman, says the same thing about the US leader.
She added that he has gone beyond the mandates of his office by abusing the SPR just because the Democrats have spectacularly plummeted and failed in his term.
It is his last straw to stop the democratic party from getting destroyed because of failing to get gas and oil. Betting the SPR can save their downfall and escape blame for sky-high gas prices.
Tsukerman, a member of the American Bar Association's Energy and Environment Committee, panned that he is the only president who has broken the Energy Policy and Conservation Act, which is illegal. She added the act guarantees that the SPR is only used in a dire emergency and energy costs are too high.
The outlet tried to get comments on the White House's reaction to serious questions about the president's actions. In March, the White House began the first release of 1 million barrels for six months, for a total of 180 million barrels of oil. The last tranche of 15 million barrels is this December, citing NPR.
The president vainly made excuses for releasing oil; he failed to provide for it by requesting oil-producing countries. It is no accident that it came on the eve of midterms, said conservatives.
On October 19, Biden claimed it was not because the Dems were losing ground. Added the extra oil needed to have more oil to make more gas, also, as a means to reach alternative energy.
But as US energy insider Young and Tsukerman pointed out, there are more nuances to why the emergency oil reserves led to the slumping of democrats before the midterm elections.
Related Article : US Strategic Petroleum Reserve Might Be Refilled If Oil Prices Fall Below $80 per Barrel
