Joe Biden just made a very bold move in an effort to drive down gasoline prices.
Biden has just ordered the release of 50 million barrels from the Strategic Petroleum Reserve.
The move was made in conjunction with several other nations tapping into their reserves to alleviate the price crunch on gasoline.
Just moments ago, the White House stated, “The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic.”
This is a bold move by Biden on several fronts, with just one small payoff.
When prices go down, Joe Biden gets to stay that he helped organize the relief of the crisis by releasing the reserve as well as getting other nations to do so.
That’s it… that is his payoff.
The risk is far more significant, especially when considering that this administration was partially responsible for the rise in gas prices by shutting down a major pipeline and curbing domestic oil drilling.
The moment Joe Biden taps into those reserves, Donald Trump gets to start bragging that were it not for him topping off the depleted reserves, Biden would not even have this option.
Trump can also brag about how low the price of oil was when he did so, a price that is not likely to be seen anytime in the near future.
There is now also the danger of having a fuel crisis in the winter and not having enough oil to meet domestic needs.
If we have a harsh winter and the oil supply is tight, does this move to win political points backfire?
The one narrative that needs to be pushed here is that Joe Biden really should get no credit at all here.
He spilled this milk, so dropping a paper towel on top of it and claiming you cleaned up the mess does not float here, especially if we have a heating oil shortage in the winter.
Source: Fox Business