Temporary Fix: The White House Taps Strategic Oil Reserve To Address Rising Gas Prices

Gage Skidmore

As gas prices have reached astounding seven-year highs, Former Vice President Biden, on Tuesday, has released 50 million barrels of oil from the US Strategic Petroleum Reserve (SPR) to help cool down the market.

The rapid cost of gasoline, and the decreasing supply of oil, comes months after Biden decided to shut down the Keystone XL Pipeline (which wiped out an estimated 11,000 jobs) and stoped giving grants for oil and gas operations on federal lands.

According to the White House, this major move was made because “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic.”

Sen. Kevin McCarthy took to twitter saying “President Biden’s decision to tap America’s strategic reserves—which will release just 3 days’ worth of oil onto the market—is not about a real solution to our energy crisis. It is a crass political ploy just 3 days ahead of Thanksgiving.”

McCarthy went on to Tweet, “Had you simply done nothing since Day 1, Americans would be better off and paying less at the pump. Instead, one-party rule has decimated American energy production and jobs. The real solution to your energy crisis is to let America produce the energy we have and need.”

According to GasBuddy, “According to data from the Energy Information Administration last week, U.S. crude oil inventories fell 2.1 million barrels and stand 7% below the five year average for this time of year, while domestic crude oil production also saw a slight drop to 11.4 million barrels per day.”

As inflation continues to rise, consumer sentiment has been falling, along with Biden’s approval numbers. Still, there has been no word as to the exact steps the White House is taking to address these issues.