In the depths of what appears to be political despair, President Joe Biden announced Tuesday the Department of Energy will make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve as a way to lower gas prices.
“Tapping the Strategic Petroleum Reserve will not fix the problem. We are experiencing higher prices because the administration and Democrats in Congress are waging a war on American energy,” said Sen. John Barrasso, the ranking Republican on the Senate Energy Committee.
The senator is not wrong. Americans are feeling the impact of higher gas prices at the pump and in heating bills because of the Biden administration’s own crusade against the U.S. oil and gas industry. Just two years ago the United States was energy independent and a net exporter. After the Biden administration canceled the XL Keystone pipeline and greenlighted Russia’s Nord Stream II pipeline, the president seems determined to make the United States energy-dependent on other nations again.
According to EnergyWire, this release would have almost no effect on gasoline prices in the long term. The release of the Strategic Oil Reserves should be an option only for extreme supply disruption, which is not the case at the current time.
For the last decade, the U.S. has had a strong oil and gas industry that led America to energy security and independence from rogue or hostile nations. It has been essential to the national and economic security of the country.
The best decision the president could make is to start embracing America’s energy sector instead of fighting against it. A comprehensive energy strategy would better serve the American people and stabilize energy prices. Begging OPEC and Russia to increase production and now using the Strategic Petroleum Reserve are not substitutes for American energy production or prosperity.