(FreedomBeacon.com)- To lower the price of gasoline throughout the nation, the US Department of Energy announced on Tuesday that it would sell an additional 45 million barrels of oil from the Strategic Petroleum Reserve.
The announcement comes as the average price of a gallon of gasoline throughout the country has surpassed $5, with economists projecting that prices would top $6 by the end of the summer.
In March of this year, President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve, an oil reserve intended to equip the United States with an emergency supply during a crisis.
The White House strategy is gradually releasing 180 million barrels of oil at a rate of 1 million per day over six months. The president at the time blamed the oil industry for rising costs and forewarned of even higher prices due to Russia’s invasion of Ukraine.
When the American people and the rest of the world are watching, Biden argued, “enough with lavishing excessive profits on investors and rewards and buybacks.”
Biden said that sitting on record profits now is not a good idea, and it’s time to take action for the benefit of our nation and the good of the globe by investing in the primary production we require to respond to Vladimir Putin and to give some relief for customers, not investors and CEOs.
To help American energy companies who were harmed by an oil price war between Russia and OPEC countries, President Donald Trump declared in 2020 that he had ordered the Department of Energy to buy crude oil for the Strategic Petroleum Reserve.
At the time, Trump declared that we would fill the strategic reserve right up to the top, saving the American taxpayer billions of money and assisting our oil industry.
On Tuesday afternoon, the financial news website Zerohedge commented, wondering if the revelation was a reaction to President Joe Biden’s rapidly declining support ratings.
On Twitter, Zero Hedge asked, sarcastically, “Did he view the most recent poll results?”
Marjorie Taylor Greene, a Republican congresswoman, also questioned if the choice would result in long-term price reductions.
Greene said that Joe Biden AND the Democrats are purposefully undermining our emergency supply of oil. We can get only about two or three days of oil supply by releasing another 45 million barrels from the Strategic Petroleum Reserve.
Steve Milloy, an attorney and political pundit added that the action was “minor” and would only last a few days.
Milloy noted that the reserve was set up to provide oil in times of shortage.
“The goal is not to cut the price of oil, which is not attainable via SPR releases,” he said.
Someone should tell Biden.