Every time Biden drained strategic oil reserves, prices ended up higher. Here’s proof
Releases were supposedly designed to curb consumer costs
- President Joe Biden has raided the Strategic Petroleum Reserve three times, but the actions have had minimal impact on oil and gasoline prices, data showed.
- “Today, we’re launching a major effort to moderate the price of oil — an effort that will span the globe in its reach and, ultimately, reach your corner gas station, God willing,” Biden said on Nov. 23, 2021, after the first SPR release.
- “The action I’m calling for will make a real difference over time,” the president remarked on March 31, 2022, after the third release.
Oil and gasoline prices increased after each of President Joe Biden’s three Strategic Petroleum Reserve releases which were designed to curb consumer costs.
Biden ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31, saying the “historic” actions would ease pressure felt by Americans at the pump. But marketplace and government data analyzed by The Daily Caller News Foundation paint a different picture.
On Tuesday, the average price of gasoline reached an all-time high of $4.59 per gallon, according to AAA data, while domestic oil prices remained above $110 a barrel, far higher than their 2015-2021 average of $53.15 per barrel and 2021 average of $68.14 a barrel, Federal Reserve data showed.- READ MORE
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