Biden Hand Out SPR Turkey Before Nov 8

WSJ’s “Biden’s Oil Price Machinations” cuts to the chase: “The President is depleting US strategic petroleum reserves for political reasons” aka jeopardizing national security to tamp rising pump prices before Nov. 8 election …

As the editors wrote: “White House officials accuse OPEC and its allies of manipulating oil prices, but then what do you call what President Biden is trying to do? Three weeks before Election Day, Mr. Biden is ordering 15 million more barrels released from the nation’s Strategic Petroleum Reserve to reduce gasoline prices. The new releases are a sign of political desperation. Crude price climbed after OPEC+ this month announced a two million barrels a day cut in production. This is really closer to one million barrels a day since many countries aren’t meeting their quotas now. But as day follows night, US gas prices have increased and the political timing couldn’t be worse for Democrats.” Recall how Team Biden had first started tapping the SPR last fall to combat rising gas prices. Concluded the WSJ: “Please, Mr. President, stop calling it ‘Putin’s price hike’” as Russian exports have fallen a fraction of its pre-Ukraine invasion.

As the editors and centrist economists have said from the get go, “the main problem” with our unTrumpian gas pump prices “is that oil demand has outstripped supply amid the post-pandemic economic recovery owing to a LACK OF INVESTMENT” aka Joe’s unrelenting & at all costs War on Fossil Fuels.

Davd Soul