The Biden administration continues to destroy America.
They just announced that they are going to be releasing 50 million barrels of oil from the Strategic Petroleum Reserve.
Biden administration policies are responsible for the rising energy costs according to experts.
BREAKING: Biden administration to release 50 million barrels of oil from strategic reserve to bring down energy costs – AP
— Breaking911 (@Breaking911) November 23, 2021
President Joe Biden on Tuesday will announce the release of emergency oil reserves to combat high energy prices ahead of the busy holiday travel season.
The Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve, according to the White House. The release is aimed at addressing the lack of oil supply around the world.
This release will be in coordination with several other countries, including China, India, Japan, the Republic of Korea and the United Kingdom.
The move comes as the White House faces mounting pressure to lower skyrocketing prices at the pump that are contributing to the biggest inflation spike in decades, causing frustration and anger among Americans.
Trump has released a statement on it.
President Donald J. Trump:
"..We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?" pic.twitter.com/BMOtr9XZug
— Liz Harrington (@realLizUSA) November 23, 2021
The point of this move by Biden was to lower oil prices.
However, after the announcement oil prices rose.
Oil prices rose above $81 a barrel on Tuesday morning after the Biden administration announced the U.S. and other nations would release tens of millions of barrels of oil from reserves in a ploy to lower prices.
The price of Brent, the global benchmark, rose by more than two percent following the announcement that the U.S. would be releasing 50 million barrels from the Strategic Petroleum Reserves. China, India, South Korea, Japan, and Britain are also planning to release reserves, the White House said.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions. You can help us beat Big Tech by following us on GETTR , Telegram, and Rumble.