President Joe Biden’s plan to release one million barrels of oil a day from national reserves over the next six months is just another band-aid on a crisis he largely caused himself. He cannot make a fundamental difference unless he ends his crusade against American energy production once and for all.
“We need more oil supply right now,” the president said Thursday. Good, duh. But US oil companies are reluctant to increase production in the face of Biden’s campaign to kill their industry.
Consider Biden’s efforts to limit Day 1 Oil and Gas Supplies: In its first hour, it killed the Keystone Pipeline, which would have carried nearly as much oil as it now plans to raid from the nation’s Strategic Petroleum Reserve. It canceled or delayed leases on federal lands and offshore drilling and suspended in the Arctic National Wildlife Refuge.
His administration has aggressively invoked environmental and endangered species laws to delay drilling, even on private Earth. And he’s trying to stop banks and things from funding new projects, whether drilling or transportation (which includes pipelines and new plants to liquefy natural gas for transportation).
Heck, even as he rolled out his plan on Thursday to exploit the SPR (for almost a third of his oil), Biden also warned that “we need to completely reduce our reliance on fossil fuels.”
All of this is making investors and lenders nervous about pouring money into expanding production, precisely as Biden and green extremists intended.
(It also doesn’t help that the pandemic has dealt a severe blow to oil and gas companies, with over 100 bankruptcies in 2020 alone, and who knows what Team Joe will do if there’s another epidemic?)
It doesn’t matter what Biden now said he wants. Soaring prices will be a huge election issue, and he is desperate to dodge responsibility. Heck, the White House is now officially calling the problem “Putin’s price hike.”
Yes, Russia’s war has aggravated the situation. But Biden’s own war on oil and gas drove up prices long before the invasion and still limits the country’s ability to replace lost fuel.
If the prez really wanted oil producers to increase production, he wouldn’t accuse them of being greedy, as he did again on Thursday, but would convince them – with deeds, not words – that he’s in. again sure to grow. Stop scapegoating and look in the mirror.