Biden To Unveil Cunning New Plan To Lower Gas Prices: Drain Even More From The SPR
As was leaked earlier today, President Biden will address the nation tomorrow to explain his next cunning plan to lower gas prices for the average American (except those in California) since OPEC+ snubbed his delay-til-after-the-midterms begging-bowl and decided to cut production last week.His cunning new plan, we hear you ask?
Well it's simple - more of the same:
- blame big oil (gouging and profiteering),
- blame little oil (greedy local gas station owners),
- blame the Saudis (who are now Putin puppets)... and
- drain more of the Strategic Petroleum Reserve.
The Wall Street Journal reports, citing official sources, that central to the president's address will be a decision for the Energy Department to go ahead and sell the last roughly 15 million of 180 million barrels from the U.S. Strategic Petroleum Reserve he had authorized for sale back in March.
Biden also plans to call on the Energy Department to be prepared for more sales from what’s left of about 400 million barrels in the reserve if Russia or others disrupt world markets, according to the White House.
The SPR is already at its lowest level since 1984...
...and as the chart shows only 130mm barrels above its lows at inception of around 270mm barrels.
