It Took Just Four Days For Biden’s Oil Price Scheme To Go Up In Smoke
“It’s not a ‘strategic price reserve.’ It was never intended for this and it won’t do anything, just like the last one,” Institute for Energy Research President Tom Pyle told the Daily Caller News Foundation after Biden’s announcement. “This is about nine days worth of demand, but even less because a barrel of crude from the Reserve does not equal a barrel of gasoline.”
Biden released 50 million barrels of oil in November and another 30 million barrels on March 1. Both previous stockpile releases were followed by temporary decreases in gasoline prices before prices then shot up again.