The White House is gambling away America's future with all the prowess of Clark Griswold.
Real Clear Energy (5/8/22) op-ed: "The Biden Administration just tripled down on a losing bet to lower gasoline prices for Americans by announcing a record release from the Strategic Petroleum Reserve, as if it were a brag-worthy achievement. At the same time, the Administration continues to gaslight Americans by talking about a “Putin price hike” as if we’d all forget that the first SPR release came in November, well before Ukraine was on anyone’s radar. By then, prices were up by more than a dollar from the day President Biden took office and declared in no uncertain terms his hostility toward the American oil and gas industry. Make no mistake, those actions and the introduction of other regulatory hurdles and attempts to restrict capital investment into oil and gas drove negative sentiments, which in turn slowed the response to increasing demand – intentionally. Does the White House really think Americans will forget that? While the release of a million barrels a day is substantial, history has shown that global crude prices trade lower on the release, providing short-term relief, before both continue to trend higher. This is the reality President Biden will eventually have to contend with, and which Americans are feeling every day in the form of inflation and high gas prices."
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"The stuff we get from China—from antibiotics and smartphones to minerals and metals needed for green technology—is much more important than almost anything we get from Russia. The Biden administration wants to commit the U.S. to a green agenda, but 80% of the rare-earth minerals needed for that technology are processed by China."
– Steve Milloy, Energy and Environmental Legal Institute
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