President Joe Biden’s decisions have had major consequences for the future of Americans. Importing oil from overseas and shutting down significant pipelines and oil projects isn’t beneficial to the U.S.
After decimating the U.S. oil industry, Biden has decided to reverse his actions by pumping oil from the oil reserves. There wouldn’t be a need if Biden didn’t start importing oil from other countries, then gas prices would still be relatively low. Yes, inflation is going to be affected in some way because of the 2020 spending. The difference is that the government had an obligation because the government shut down the economy for a while. They had a responsibility to help citizens and businesses or not shut down the economy. They should have chosen not to shut down the economy.
The White House said, “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 U.S. Energy Information Administration said, “In 2020, the United States utilized around 18.19 million barrels of petroleum per day, for a total consumption of approximately 6.66 billion barrels of petroleum.”
2020, on the other hand, was a rather unusual year. The economic structure of the United States differed significantly.
The American Geoscience Institute said, “In 2017, the United States consumed 7.28 billion barrels of petroleum products or nearly 19.96 million barrels per day.”
The consumption fluctuates, but the data shows that we don’t use 50 million gallons per day. So, where is the excess oil going?
Biden said, “Today, we’re commencing a big effort to control the price of oil. An effort that will span the globe and, God willing, eventually reach your neighborhood gas station.”
There’s an issue with that statement. The first is that Biden doesn’t seem to have confidence that the additional release will lower the gas price, and Biden didn’t have to change anything at all. Former President Donald Trump had prices low for years. In most places, prices were well under $2, sometimes under $1.50, and now it’s doubled. It’s not a good situation for Biden because the country’s focus is now on gas prices. After all, it’s been a big issue, and it’s the next thing that Biden has messed up.