In a bid to reduce rising gas prices, President Joe Biden announced Tuesday that he’d authorized the release of millions of gallons of oil from the nation’s Strategic Petroleum Reserve (SPR).
It’s a move that’s earned him heavy pushback from his predecessor. According to Townhall, Donald Trump went nuclear on Biden Tuesday with a statement slamming the now-president for depleting the reserves, which Trump insisted are meant for emergencies only.
Indeed, Biden’s tapping of the strategic reserve in the absence of any real emergency — save for his continuously plummeting approval numbers — reeks of unseemly politicking, not to mention being grossly short-sighted.
“Address the mismatch”
In a statement announcing the release, the White House seemed to blame soaring gas prices on a reduced supply of oil due to both the coronavirus pandemic and the refusal of foreign oil producers to accede to Biden’s demands to immediately and significantly increase production.
As such, Biden authorized the release of 50 million barrels from the reserve “to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply.”
According to the White House, 32 million of those barrels will be released onto the global exchange market in the coming months, to be replaced at a later date, ostensibly once the price of gasoline has decreased.
The other 18 million barrels would be released over the next few months in order to fulfill congressionally authorized sales to other nations, the Biden administration said.
“I filled them up”
In response to the news, former President Trump issued a statement of his own making clear that he was none too pleased about his successor’s decision.
“For decades our Country’s very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up,” Trump said through his Save America PAC. “I filled them up three years ago, right to the top, when oil prices were very low.”
Trump also said the reserves “are meant to be used for serious emergencies, like war, and nothing else.”
“Now I understand that Joe Biden will be announcing an ‘attack’ on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered,” he said.
“We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves,” Trump added. “Is this any way to run a Country?”