Source: Mike Landry
The Biden administration is releasing 50 million barrels of oil from the nation’s Strategic Petroleum Reserve to lower gas prices.
Because they say, we cannot be vulnerable to volatile energy supplies.
There’s more to the story.
First, not all of those barrels are going to U.S. consumers. A total of 18 million are expected to be sold to China and India, according to Fox Business.
Energy Secretary Jennifer Granholm indicated Tuesday that the congressionally-approved sale of those 18 million barrels will help drive down U.S. oil prices, presumably by offsetting international oil shortages.
OPEC nations like Saudi Arabia and Russia have refused to loosen oil supplies, which has driven up prices.
Other nations tapping their oil reserves include China, the U.K., Japan, India, and South Korea, Fox Business reported.
Secondly, according to Granholm, a volatile energy supply does not mean we should simply reduce our dependence on nations of questionable loyalty like those in the OPEC cartel.
Nope. While that’s important, volatility includes relying on petroleum itself, Granholm said Tuesday.