Since Biden started releasing oil from the strategic petroleum reserve last November, oil is up 41% and diesel is up 52%. Maybe he should try to actually solve the problem through more production and refining capacity instead of ineffectual band-aids.
CNN (5/23/22) reports: "The White House is considering an emergency declaration that would enable President Joe Biden to release diesel from a rarely used stockpile in a bid to address a major supply crunch, a senior White House official told CNN. The deliberations about tapping the Northeast Home Heating Oil Reserve underscore the level of concern inside the White House about record-high prices for diesel. Diesel is a vital fuel for the US economy, powering not only farm and construction equipment but the trucks, trains and boats that move goods across the country. Skyrocketing diesel prices are likely to get passed along to families, contributing to America’s worst inflation crisis in four decades. Inventories of diesel in the Northeast have plunged to record lows in recent weeks because of a confluence of factors that include the war in Ukraine and surging demand. 'The system is definitely under strain,' the senior White House official said."
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"If Biden really wants to cut inflation, he should begin by reversing his policies on domestic oil and natural gas production. Energy prices have risen by 30 percent over the past year; these prices are set by expectations of future production."
–Diana Furchtgott-Roth, City Journal
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