(RepublicanJournal.org) – On Tuesday, November 23, the White House released a statement announcing that the federal government was set to release fuel from the Strategic Petroleum Reserve in an effort to address supply shortages and spiraling price increases. The message credited “President Joe Biden’s American Rescue Plan” with boosting the economy so much that gas prices rose uncontrollably. It also touted the release of reserve fuel as the best way to fix the problem — but is that really true?
There’s more to the story. The oil the Biden administration plans to release won’t end up heating the homes or fueling the cars of American families. Instead, it will go to foreign buyers, including in China.
What’s Going On?
The oil in our Strategic Petroleum Reserve is of a variety known as sour crude. It contains a lot of sulfur, making it more expensive to process than other crude oil products. For this reason, refineries in the US aren’t as interested in purchasing it as foreign energy companies who are more willing to save money on cheaper oil.
The Department of Energy is reportedly set to release 50 million barrels of American oil. Congress already approved 18 million for sale. Buyers in China and India have recently made large purchases of sour crude out of the Gulf of Mexico.
The decision to release oil from American reserves follows failed attempts by Joe Biden to get OPEC+, a group that includes Saudi Arabia and Russia, to increase fossil fuel production in line with rising demand. Other countries agreed to release oil from their own national reserves alongside the US, including Japan, the United Kingdom, South Korea, India, and China.
How Does This Fit With Biden’s Green Agenda?
One of the president’s key policy objectives since entering the White House has been the reduction of carbon emissions to help alleviate climate change. Despite massive pushback from Conservative leaders and industry groups, Biden decided to halt progress on the Keystone XL pipeline shortly after stepping into office. He has also proposed sweeping investments in green infrastructure, including the $555 billion in spending contained within the $1.75-trillion bill currently working its way through Congress.
Despite seeming to support a greener future, Biden appears perfectly willing to sell our oil reserves to India and China, two of the biggest polluters in the world. Meanwhile, Americans continue to cry out for more affordable energy.
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