Desperate to appear to be proactive in the fight against soaring gas prices, the Biden administration announced they would release tens of million barrels of oil from the Strategic Petroleum Reserve.
“Today, the President is announcing that the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply,” the White House said. Shockingly, no mention of Russia was made.
The move comes a day after Biden claimed he “can’t do much right now” about gas prices.
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The White House seems to believe that this raiding of the reserves will actually succeed in lowering gas prices. Though recent history should have informed them, this is not the case. The last time the Biden administration raided the Strategic Petroleum Reserve was in November, and the Democratic Congressional Campaign Committee (DCCC) was quick to pounce on a two-cent drop in the average price of a gallon of gas a week later, crediting Joe Biden for the tremendous relief at the pump. Gas prices nevertheless still trended upwards, reaching record highs—even before Putin invaded Ukraine.
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