President Joe Biden would like you to believe he has a plan to lower prices at the pump: Flood the market with 1 million barrels a day for 180 days strategic oil reserve.
There’s just one problem: We’ve seen this dog-and-pony show before — and it’s failed, twice since November alone.
So much for that “war bridge” that Biden soothingly promised in his Thursday speech. A million barrels A day isn’t that impressive considering the United States consumes 21 million barrels a day.
What’s worse, Biden seems to have no idea how to solve the energy crisis he created in the first place.
And no, it’s not”Putin’s price increase“Thanks to the war in Ukraine, the President has to “protect” us. The problem is Biden’s stupidity.
Let’s take a trip into the past. When Biden strutted into the Oval Office in January 2021, the nation was essentially energy independent. During the peak of the Trump administration’s oil boom years, America pumped a staggering 13.6 million barrels a day.
How the United States achieved this was simple, but years in the making. Team Trump eliminated the large number of crazy regulations that hindered our oil and natural gas industry during the Obama-Biden years. President Donald Trump created an environment where energy companies knew it wouldn’t be wasting money spending the billions of dollars it would take to invest in increased production.
The results spoke for themselves. fuel prices were down to $1.89 for regular at one point as the national average. There were no worries about shortages, pricing issues, or any other issues. Simply pure abundance.
In fact, crude oil was $40 a barrel the day Joe Biden won the election. This month the price of oil peaked at $130 a barrel.
And to make matters worse, we’re currently pumping around 11 million barrels a day and have no real way to get back to where we were under Trump.
It was Biden who canceled the Keystone pipeline, disallowed new leases on federal oil wells, and created such a regulatory nightmare for producers that it’s by no means certain to make money from the new production.
In fact, Biden pretends to be replicating Trump’s energy magic but is unwilling to admit these crucial mistakes.
The reasons are easy to understand: Biden fears crossing the left, particularly the squad led by Rep. Alexandria Ocasio-Cortez (D-Bx.-Queens).
Biden knows that if he did drill, baby, drill, he would have to deal with an ongoing revolt when his poll ratings have plummeted and many are already calling for his replacement in 2024.
In fact, Biden sounds just like AOC these days. He had the gall on Thursday to berate oil companies and complain that they are making too much money and not investing enough in producing more energy. Serious?
This is a clear mistake. How dare the President attack the companies we need to pump more oil, to take the financial risks to try to hire more workers – many of whom have been laid off thanks to Biden’s orders?
As one Houston-based oil exec explained to me, “Why would I tell my CEO to spend billions of dollars on new oil production when I think Joe Biden thinks we shouldn’t even exist, or deserve profits to score and kill the planet ? Our goal is to just survive this administration and not invest more money if we could see it go up in smoke.”
Instead, Biden wants to empty nearly a third of the 580 million barrels remaining in the Strategic Petroleum Reserve, leaving it at half capacity. What happens if war breaks out with Russia – which is no longer entirely out of the question today – and the oil supply is cut off for months?
As sad as it is, none of this has to be. Our country is blessed with more than 43 billion barrels of oil in the ground. We have the technology, the industry, and the right to use this in any way we can to make sure we never see $4.00 a gallon of gas again.
Joe Biden likes to say he’s a capitalist. He has a weird way of showing it.
Harry J. Kazianis is Senior Director of the Center for the National Interest.
https://nypost.com/2022/03/31/dear-joe-biden-stop-sounding-like-aoc-if-you-want-to-solve-the-oil-crisis/ Dear Joe Biden, stop sounding like AOC if you want to solve the oil crisis