It Took Just Four Days For Biden’s Oil Price Scheme To Go Up In Smoke

Oil prices shot up Monday despite President Joe Biden’s plan to curb gasoline prices by releasing a million barrels of emergency oil reserves daily.

Biden announced Thursday that he ordered the Department of Energy to release a million barrels of oil stored in the Strategic Petroleum Reserve (SPR) every day for six months. The following day, the International Energy Agency said its 31 member nations pledged their own separate release of 62.7 million additional barrels of oil.

The president remarked Thursday that the U.S. release of emergency oil reserves would lead to gas prices declining by up to 35 cents a gallon. However, White House economic adviser Jared Bernstein noted that SPR releases were a “time-limited function” during a press briefing on Friday. 

“It’s not a ‘strategic price reserve.’ It was never intended for this and it won’t do anything, just like the last one,” Institute for Energy Research President Tom Pyle told the Daily Caller News Foundation after Biden’s announcement. “This is about nine days worth of demand, but even less because a barrel of crude from the Reserve does not equal a barrel of gasoline.”