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Joe Biden’s agenda has been a disaster.
The Biden administration has sold over 40% of the United States Strategic Petroleum Reserve.
The stockpile is at its lowest since the early 1980s.
Politico reported:
Biden’s administration sold off more than 40 percent of the Strategic Petroleum Reserve last year to help limit rising fuel prices after Russia invaded Ukraine, leaving the stockpile at its lowest levels since the early 1980s. That’s fueling Republican accusations that Biden has left the U.S. vulnerable to a disruption of global oil supplies — at a time when Hamas’ terrorist attacks in Israel are stoking fears of a wider regional war disrupting fuel shipments from the Middle East.
“That’s Joe Biden’s fault for trying to lower the price of gas before the election,” House Natural Resources Chair Bruce Westerman (R-Ark.) told POLITICO.
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Still, the reserves’ diminished volumes limit Biden’s options to respond to a future shock to the oil markets, including those that could result from a widening of the war in the Middle East.
Oil analysts said even a fully stocked reserve wouldn’t protect the United States from the price shock that would erupt if a conflict blocked the 20 million barrels of oil that flow every day from the Persian Gulf through the Strait of Hormuz. But having a full reserve would have given the White House a freer hand to enforce sanctions blocking Iran’s oil exports, said Bob Ryan, analyst at BCA Research.
This comes in the midst of a major crisis taking place in the Middle East.
Newsmax reported:
Today, the world faces another Mideast crisis between Israel and Hamas in the Gaza Strip. While oil is not produced there, energy analysts fear the impact on global oil prices if the Israeli conflict spreads to Iran, which produces 3 million barrels of oil a day.
“Since oil is not produced in Israel or the Gaza Strip, the outbreak of hostilities and its impact on the broader global oil and energy markets should be limited in scope and duration,” says Anne Slattery, a partner at RSM, a risk consulting firm. “As long as the conflict remains contained and does not directly involve Iran, the price of oil should ease back to pre-conflict levels.”
However, even if Iran doesn’t curtail production on its own, the Biden administration might bend to political pressures and restrict the flow of oil from Iran through stricter sanctions.
Brent futures shot up to $90.10 a barrel Monday, 10 days after the attack, up from $80 before the hostilities began.
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