This week, in an effort to drive down the price of gas, President Biden announced his decision to authorize the release of over 180 million barrels of oil from the Strategic Petroleum Reserve – nearly one-third of the reserve. There is no guarantee that this move will decrease the amount Americans are paying at the pump. Futures markets are complex, and prices fluctuate for many reasons. Not to mention, Biden’s plan will release 1 million barrels a day, but Americans consume nearly 20 million barrels a day. Even if crude oil prices do drop, there is no guarantee prices at the pump will follow suit, or that they will do so quickly.
President Biden did not announce how he plans for us to replenish the supply and continues to stifle future oil permits while blaming the oil industry for not doing enough. The Strategic Petroleum Reserve was designed as a safety net for the nation in a time of war or natural disaster, not as a replacement for a healthy oil industry. Instead of tapping into our limited reserves, we should open American energy projects like the Keystone XL Pipeline. We can produce our own energy, lower the price of gasoline, and take away leverage from leaders like Vladimir Putin.