Biden’s Oil Ploy Backfires–Oil Prices Jump Higher

The Biden administration continues to destroy America.

They just announced that they are going to be releasing 50 million barrels of oil from the Strategic Petroleum Reserve.

Biden administration policies are responsible for the rising energy costs according to experts.

From CNN:

President Joe Biden on Tuesday will announce the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season.

The Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, according to the White House. The release is aimed at addressing the lack of oil supply around the world.

This release will be in coordination with several other countries, including China, India, Japan, the Republic of Korea and the United Kingdom.

The move comes as the White House faces mounting pressure to lower skyrocketing prices at the pump that are contributing to the biggest inflation spike in decades, causing frustration and anger among Americans.

Trump has released a statement on it.

Image

The point of this move by Biden was to lower the price of oil.

However, after the announcement oil prices rose.

From Breitbart:

Oil prices rose above $81 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.

The price of Brent, the global benchmark, rose by more than two percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also planning to release reserves, the White House said.

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. Thank you for partnering with us to maintain fruitful conversation.