Biden's Abuse of the Strategic Petroleum Reserve
The "Low" Gas Prices Won't Last Much Beyond the Midterms
Biden has been tapping the Strategic Petroleum Reserve, and it is very likely he has done this to increase his and the Democrat’s popularity going into the midterms. As such, it is also likely that these releases of oil from the reserve will stop soon thereafter and we will see a substantial gasoline price hike.
Drawing down the Strategic Petroleum Reserve this much is deeply irresponsible during a time when tensions around the Taiwan Strait are higher than they have ever been and a possible war with Russia is in prospect. We have gone from having a 50 day supply to having no more than 22 days. Is this wise when possible military intervention looms?
Biden’s drawdown of the strategic oil reserve is a reckless election ploy, and with geopolitical tensions being what they are, we can expect that Biden will refill it once voting is done (or at least in the Spring). Meaning, the lower prices you are experiencing now come at the expense of even higher prices in the Winter and Spring.