(RepublicanJournal.org) – For decades, the US has had a Strategic Petroleum Reserve (SPR). It is the biggest supply of emergency crude oil in the world, and the government uses it to bring down fuel costs when times are tight or as a foreign policy bargaining chip. The 714 million barrel capacity is quite large, but after President Joe Biden repeatedly sold parts of it off, it fell to its lowest since 1983. One oil company CEO recently told Fox News viewers that the president missed the “golden window” for refilling the SPR, and now everyone is going to pay for it.
Canary CEO Speaks With Maria Bartiromo
On Tuesday, April 11, Canary CEO Dan Eberhart told Fox News host Maria Bartiromo on her show, “Mornings with Maria,” that there are “storm clouds on the horizon” when it comes to oil prices. He highlighted that while the economy is doing decently well, oil prices are up and production is down. In addition, when Biden could have begun refilling the SPR with barrel prices between $60 and $70 in recent months, he declined. Instead, he sold another 26 million barrels in February 2023.
Now, OPEC has cut production, driving oil and gas prices up once again. On April 11, a barrel of oil cost $85. AAA reported that April 13 gas prices averaged $3.645 a gallon in the US. Knowing this, Eberhart announced that “the train has left the station,” metaphorically speaking, meaning that Biden’s opportunity to refill the SPR at a reasonable rate is gone.
Lastly, the Canary oil leader highlighted that having a depleted SPR is also “really bad for our national security” and leaves the nation and its consumers “completely unprepared.” Eberhart also thinks that oil could be as high as $100 a barrel again at the end of 2023.
Biden Slows Oil Production and Movement
Eberhart criticized Biden’s energy policy, highlighting how he stopped the Keystone pipeline, which is minimizing the offshore leasing that oil companies can use to drill. All of this is happening on top of the president’s decision to rejoin the Paris Climate Agreement, which is attempting to halve worldwide carbon emissions by 2030.
When confronted about Biden’s policies surrounding oil during a press briefing on April 4, White House Press Secretary Karine Jean-Pierre said that the administration is “doing everything that [it] can” to cut gas prices and told reporters that the costs now are lower than they were last summer because of Biden’s energy choices. She stood her ground that she would not discuss “hypotheticals about the summer” as reporters asked the potential impact high gas prices could have on Americans in the coming months. However, looking toward summer and its high gas prices, as well as the inflation already felt by Americans, the economic forecast looks bleak.
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