Biden Administration Releases 1 Million Barrels of Oil to Lower Gasoline Prices

Biden Administration Releases 1 Million Barrels of Oil to Lower Gasoline Prices

the Biden Administration will releasee 1 million barrels of oil from a strategic petroleum Reserve they’re doing this to reduce the price of gasoline in anticipation of the summer driving season okay so here’s the situation the price of gasoline has gone up by 15% since the start of the year so that’s I mean obviously that’s not good for Americans that’s not good for the inflation data and this is certainly not good for an election year so I want to show you the price of gasoline so this is according to AAA the national average is currently a 359 a gallon so it could be a lot more depending on where you live in Texas the average is 316 a gallon in California it’s 518 a gallon so keep in mind that this is the average let me know if you’re in California and you see it much higher than this let let the people know what’s going on okay so here’s the situation summertime is arriving and more people are going to be on the road that means more demand for guest also they changed the formula of the fuel to meet summer air quality rules so all of this normally it drives up the price of gasoline it’s just basic seasonality so the administration wants to lower the price of gasoline by releasing more oil from our strategic reserve the oil will come from the reserves in the Northeast companies will refine this oil into gasoline and deliver it by June 30th White House National Economic adviser Brainard said the administration will make sure that gas prices remain affordable Energy Secretary Jennifer grolm said by strategically releasing this Reserve in between Memorial Day and July 4th we are ensuring sufficient Supply Flows at a time hardworking Americans need it the most so listen I support lower gasoline prices however does this justify taking oil out of our strategic petroleum Reserve and we have to really think about this because the reserves have not been this low in decades so this is very important I want to show you this this is coming from the government the Energy Information Administration this shows you how much oil we have in our reserves it’s about 367 million barrels America uses about 20 million barrels a day so this is like an 18-day Supply but take a look so this chart goes back to the 1980s it took us about 25 years to fill this thing to capacity and then Biden drained this down he undid 25 years of stockpiling in one term so that is a fact that is not an opinion and I want to tell you as you can imagine it’s not easy to refill this back up because it takes Logistics planning it’s expensive so the whole thing is a process and when they refill it it drives up the price of oil and gasoline if it were so easy they would have refilled it by now but they haven’t the Biden Administration has taken out 291 million barrels so far the reserve hit a low point in June of 2023 since then Biden has put back 14 million barrels so if you look at the chart again that’s what that tiny little rebound is very tiny but come on I mean you you take out 291 million barrels and you put back 14 so that seems like more taking than giving so Biden previously announced big plans to refill the reserve he’s put the 14 million back since and then he’s cancelled the refilling plans and now they’re going to go back to taking more oil out now of course with this situation going on there’s going to be critics the Republicans are saying that Biden Biden is doing this to Simply buy votes ahead of the elections Senator Pete rickets said the reserve should be used for real emergencies not political emergencies so let me know what you think but I want to tell you how I feel about the situation this is how I see it so the Biden Administration is saying that they’re doing this to lower the price of gasoline that’s the message that’s coming from his administration so am I a fan of lower gasoline prices and I would say yeah of course like it’s no fun when you’re at the pump and you see four five6 $7 a gallon like that’s ridiculous but do I support taking oil out of the strategic Reserve I would say no because I don’t classify summer driving season as an emergency like summer driving season happens every year I think our reserves should be saved for emergencies like War embargos natural disasters Etc so listen I understand that the US produces a lot of oil but still just look at the circumstances look at what’s going on in the world you have Russia a huge oil produc ER they’re at War I wouldn’t call the situation in the Middle East the most stable it’s ever been who knows what can happen with Wars alliances and embargos and I thought that we were in the middle of a huge ongoing climate disaster and this is supposedly a good time to deplete our emergency oil reserves like I don’t think that this is a smart move so listen I don’t agree with the concept however this is extremely important what I’m about to say I do not agree with the Republican media either here’s why the message that they’re signaling is that Biden is going to take all this oil out of the reserve for summer this is going to lower the price of gasoline people will become happy and Democratic voters will continue to vote Democrat and swing voters will vote Democrats you know cuz everybody so much happier about lower gasoline prices so that’s a that’s the message essentially right in reality this is exaggerated this is why I don’t agree because they’re going to take out 1 million barrels of oil from the reserve that is a drop in the bucket that’s like nothing Biden has already taken out 180 million Barrels in his last rating of The Reserve he’s taking out 291 million barrels so far in total so 1 million barrels of oil again I don’t agree with the concept of 1 million barrels that’s going to do absolutely nothing to lower price and keep people happy so here are the numbers 1 million barrels of oil will make about 42 million gallons of gasoline 42 million the US uses 370 million gallons a day that means that this 42 million gallons will be used up in less than 3 hours Patrick Dean the head petroleum Analyst at gas buddy said that it’s not going to be very impactful so again this is why I’m saying that I don’t agree with the concept they shouldn’t be doing this however they are doing this but it’s not going to the results you’re going to see the results it’s not going to do anything it’s not going to lower the price of gasoline and it’s not going to cause more Americans to vote Democrats that’s how I feel that’s what I believe will happen and now it’s your turn you can tell me in the comments down below what you think is going to happen and how you feel about the situation so listen I do want to say this I wouldn’t have such strong feelings about this whole situation if our res reserves we’re at full capacity but we don’t we’re not there we we’re drained down to less than 50% so I’m just watching the governments and if you just take a step back and just really look at the situation look at what’s going on the government cannot manage the budget they’re in $34 trillion of debt they can’t manage the Social Security trust funds they’re saying that the Social Security Administration is saying that the trust funds will go insolvent in the year 20 33 and now they can’t manage the oil reserves like you got to be kidding me I have low expectations but I swear to you they find a way to disappoint Please Subscribe I thank you for the support I wish a very nice day take care

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