by Charlotte Hazard at Just the News
President Biden is recklessly draining the U.S. Strategic Petroleum Reserve to insulate his party from the political fallout of high oil prices before the upcoming midterm elections, claims the president of the U.S. Oil and Gas Association, Tim Stewart.
Stocks of crude oil in the SPR fell 6.9 million barrels in the week ending Sept. 16 to 427.2 million barrels, the lowest level since August 1984, according to Department of Energy data.
“This is the first time in history, honestly, that the Strategic Petroleum Reserve has been used as a campaign credit card to buy down political risk for the midterms,” Stewart said Friday on the “Just the News, Not Noise” TV show.
“Let me put it in perspective if I could,” he added. “At the current rate, the U.S. is selling more oil out of its emergency reserves than the production of most medium-sized OPEC countries like Algeria or Angola. We’re selling twice as much per day than we’re producing out of Alaska. That puts us somewhere between Exxon and Conoco in terms of … the impact we’re having on the daily supply — and this is happening without new oil going into replace it.”
As Just the News revealed recently,…
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