The US Oil & Gas Association mocked President Biden on Wednesday for seemingly having no other options to counter rising gas prices than turning to the U.S. oil industry his administration has snubbed.
President Biden said earlier Wednesday he would release 10 million more barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) to combat rising prices. That announcement came just hours after the Organization of the Petroleum Exporting Countries (OPEC+) said it would be cutting oil production by 2 million barrels a day.
In March, Biden said he would release 1 million barrels of oil a day to counter record high gas prices amid a global economic recession, inflation and disruption to the market caused by the war in Ukraine. Reserves are now at their lowest levels in nearly 40 years.
“OPEC says no, SPR options all but gone… The WH has one option left and it is the one option they should have never turned away from in the first place – the US based oil and gas industry,” the US Oil & Gas Association tweeted Wednesday. “Life comes at you pretty fast…”
Biden has had a hostile relationship with the oil industry since becoming president. On his first day in office, he issued an executive order canceling the Keystone XL pipeline. Biden has also repeatedly blamed oil companies for this year’s surge in energy prices, which has been partially driven by Russian President Vladimir Putin’s invasion of Ukraine.
Meanwhile, OPEC+’s decision Wednesday to sharply cut production to support sagging oil prices is anticipated to deal another blow to the struggling global economy and raise politically sensitive pump prices for U.S. drivers just weeks ahead of the midterms.
The White House condemned the OPEC+ decision and said in a joint statement released by National Security Adviser Jake Sullivan and NEC Director Brian Deese that Biden was “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine.”
Oil is trading well below its summer peaks because of fears that major global economies such as the U.S. or Europe will sink into recession due to high inflation, rising interest rates, and energy uncertainty over Russia’s war in Ukraine. The OPEC+ decision could help member Russia weather a looming European ban on most of Moscow’s oil, but its impact will have some limitations because countries in the alliance already can’t meet their quotas.
OPEC+ said its decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
Saudi Energy Minister Abdulaziz bin Salman rejected questions referencing the reaction in Washington or implying that OPEC was assisting Russia, and stressed the group’s role as a guardian of stable energy markets.
“We are here to stay as a moderating force, to bring about stability,” he told reporters.
The recent fall in oil prices has been a boon to U.S. drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for Biden as his Democratic Party gears up for congressional elections next month.
Biden has tried to receive credit for gasoline prices falling from their average June peak of $5.02 — with administration officials highlighting a late March announcement that a million barrels a day would be released from the strategic reserve for six months.
Oil prices began an upward trend during Biden’s first days in office, after he used executive orders to cancel the Keystone XL pipeline and paused oil and gas leases on federal lands.
6 months of releasing our strategic oil reserves meant to prepare for our American Military needs in case of On-American Soil attacks means we lost that ability for our SAFETY. Biden regime is working for foreign nations. Embolding our enemies to attack our soil and allies. This 10 milion gallons release is in addition to his pledge of 180 milion gallons over 6 months to bolster dems political power only.
Well, that was barrels not gallons, and the SPR was actually established in the 70’s to stabilize economic factors in the event of energy production problems. Unfortunately, biden has depleated those oil reserves by about 35% since taking office to hide his ineptitude.
The SPR can only pump about 4.5 million barrels a day, which is 1/4 of this nation’s daily use, and at that rate it will be completely gone in less that 100 days. The SPR was not for dipping into like a slush fund, as our beloved politicians did with social security, but that is exactly what they’re doing, selling it off to hide their relentless spending.
Blaming Russia for our high gas prices is ludicrous because biden brought all this on. His bungled withdrawal out of Afghanistan and weak diplomicy with China, Iran, and Russia resulted in the Ukrainian invasion and the Nordstream pissing contest with NATO.
We’ll be lucky if we don’t end up in a war over that or Taiwan or both because then we WILL need that oil for military operations…and where will we be???
Once again biden tricked all the stupid people with another handout that they were too simple to recognize as foolish and costly.
biden put the nation at risk, even giving some of that oil to the very countries that present that risk. That in itself is an act of treason, but dems have always been the ones to shortsightedly squander resources to pay for their dipshittery behind our backs.
dems political power will go down the toilet bowl in nov
dems political power will go down the toilet bowl in nov
The only gas Biden knows about leaks from his diaper.
That is the strategic reserve and not the vote buying reserves! This was all caused by him, his party and the loony climate changers! Look what they have done to Europe!! Vote out every Dem at all levels in November.