JUST IN: Biden Does The UNTHINKABLE – I Can’t Believe This…

On Tuesday, the White House announced 50 million barrels of oil would be released from the Strategic Petroleum Reserve. However, the attempt to lower prices backfired with rising oil prices.

“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in a statement.

President Biden’s announcement comes as Americans are preparing to travel for Thanksgiving.

Biden tries to find a solution for the higher gas prices that have reached a seven-year high.

Biden failed to convince OPEC+ nations to produce more oil in November and tried to blame the higher prices on oil companies.

Biden’s oil reserve release is more extensive than previous presidents.

In 2011, President Barack Obama released 30 million barrels in the wake of the war in Libya; in 2005, President George W. Bush released 30 million barrels after Hurricane Katrina. In 1999, President Bill Clinton also tapped the emergency oil reserves, releasing 30 million barrels 45 days before the 2000 presidential election.

Biden’s White House argues Americans have disposable cash to help pay the higher gasoline price.

Biden’s statement reminded Americans that thanks to his policies, they “nearly $100 more per month in disposable income in their pockets” to help pay for the higher cost of energy and fuel.

Biden also boasted that his “historic” infrastructure bill invested in green energy with the goal of “a net-zero emissions economy by 2050 and reducing our dependence on foreign fossil fuels.”

Following Biden’s announcement, the price of Brent Sweet Crude (the global benchmark) increased by more than 3.3 percent. West Texas Intermediate climbed more than 2.5 percent to $78.47.

Oil industry experts say the reserve release will likely do little to relieve price spikes created by underinvestment in U.S. production caused by political pressure from climate activists.

The release is mainly symbolic, argues some oil traders; the U.S. already had plans to sell reserve oil as part of the deficit reduction Congress authorized in legislation earlier this year.

At least one member of the Biden administration has expressed doubts about the effectiveness of the release. The U.S. Energy Information Administration acting administrator, Stephen Nalley, recently told a Senate panel that “the amount of the impact [of a reserve release] would be relatively short-lived.”

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