Price Up More Than 15% After Strategic Oil Reserve Pledge
Washington, D.C. – The price of oil reached the highest level since 2008 on Thursday, less than 48 hours after President Biden said his actions would "help blunt gas prices." The Biden Administration announced on Tuesday they would release 30 million barrels of oil from from the strategic oil reserve to "stabilize global markets" despite the fact the United States alone requires 18 million barrels per day. Since the announcement, the price of oil has surged by over 15 percent with the national average for a gallon of gas jumping 7 cents higher in just the last 24 hours.
"These early price jumps are a clear indication that President Biden's efforts aren't going to solve any problems any time soon," said Daniel Turner, Founder and Executive Director of Power The Future. "It's clear the Biden Administration is addicted to these short-term schemes as they pathetically hope the situation improves on its own. Our families know American energy independence is the permanent answer, and they know Joe Biden is standing in the way."
In November, President Biden approved the largest release in the history of the strategic oil reserve meaning Tuesday's announcement marks the second release from the reserve in less than four months.
Power The Future is a 501c4 non-profit dedicated to fighting for American energy workers.