(UnitedVoice.com) – The rising cost of living is hitting Americans hard, and high gas prices are at the heart of the problem. Now, President Biden might be considering releasing oil from our strategic reserves. Will it be enough to push prices down again?
Report: #JoeBiden may announce plan to unleash 1 million barrels per day, drain the strategic petroleum reserve to improve his lagging poll numbers. https://t.co/QFSAmIIXpX
— Milo™ (@chasbottom) March 31, 2022
On March 31, Associated Press reported that administration sources had told them Biden is thinking of releasing up to a million barrels of oil a day from the nation’s fuel stockpile. The sources say this could run for several months, delivering up to 180 million barrels – almost a third of the strategic reserve.
Usually, high prices encourage oil companies to increase their production, which then brings the price down. This time, although a barrel of oil has gone from $60 to $105 over the last year, production has stayed low – and the international sanctions on Russia are making it worse. Now the average gas price is $4.236 a gallon, and that’s pushing up the price of everything else too.
American voters aren’t happy, and they’re increasingly blaming Biden and his extreme green policies for the financial crunch. A recent poll found that 69% of Americans would vote for a candidate who promised to increase domestic oil production. The Democrat left won’t let Biden do that, leaving the strategic reserves as his only hope of bringing prices down before November’s midterm elections.
Is it a big enough lever, and can the faltering president pull it hard enough?
Copyright 2022, UnitedVoice.com