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Man getting receipt from gas pump President Joe Biden on Tuesday announced that he will tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil in an effort to bring down prices at the pump.
“The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel,” the Associated Press reported .
But the move will not have an immediate effect. The government will not move barrels into the market until mid- to late-December. And not all of the oil will hit the market: Biden said 32 million barrels will eventually be returned to the SPR, with the other 18 million authorized for sale by Congress.
“The actions are unlikely to immediately bring down gas prices significantly as families begin traveling for the holidays. Administration officials noted that gasoline usually responds at a lag to changes in oil prices, and they suggested this is one of several steps in ultimately bringing down costs,” the AP reported.
The White House said China, India, Japan, South Korea, and the United Kingdom will also tap into their petroleum reserves as part of a coordinated effort. “This […]
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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