But he will because he is afraid. Generally I have liked the policies that Biden has enacted and the results. But tapping the Petroleum Reserves is not one of them. He is doing it because he is afraid of the effects of inflation on the mid term elections. But it will not change that. Those effects are already present. “Leave it in the ground”, is a slogan for a reason. Once you let fossil fuels out, they will be used. That Biden doesn’t get this is a sign that he is old. Please! Will some of the younger people around him shake him and wake him up. Like Greta says, Old People talk – blah blah blah but they DO Nothing. Wake up Biden, Wake up. Yes the costs may fall but will it be worth the Price.
The U.S. emergency oil stash is in the spotlight as gas prices surge. What to know
A recent surge in gasoline prices has left President Biden scrambling for options to do something about it.
One that’s getting a lot of attention is the possibility that the Biden administration will release crude oil from the country’s emergency oil stockpile, known as the Strategic Petroleum Reserve.
Much will depend on oil prices, which have soared over the past year, recovering to their pre-pandemic levels and then some. But after rising to more than $86 a barrel in October, they have since dropped to less than $80.
A lot of factors are affecting prices — including the fact that the White House is now talking about tapping the stockpile.
Here’s an explainer on the country’s oil reserves and whether tapping them would actually be effective.
Go there and read. More next week.