Chat with us, powered by LiveChat

Biden Is Harming The American Energy Supply

Derek Wolfe

Updated: October 11, 2022

american energy supply
Editor’s Note:

EDITOR'S NOTE: For those of you who were old enough to be driving in the 1970s, were the gas lines during the Carter years as bad as what we’re facing today? Probably not. And we’re wondering what the author below is talking about. But it’s true that OPEC+ checkmated our current energy situation. Not the best thing for a president who kind of declared war on American energy producers. And OPEC+ did so right before the midterm elections; Biden’s worst-case scenario which, on the part of OPEC+, could have seemed like a cruel prank (plus, higher prices make Russia’s sales more favorable, allowing the oligarch to continue funding his war). Biden still talks about unconventional energy sources (read: clean energy) that will fuel the future of our civilization. Interestingly, Carter said the exact same thing in 1977. So, are both simply misguided presidents who inadvertently destroyed our economy?

From misusing Strategic Petroleum Reserve to bullying domestic producers, Biden is harming US energy supply.

If President Joe Biden was looking for a gift for former President Jimmy Carter’s 98th birthday, his mishandling of the OPEC situation sure fits the bill. For all the current administration’s shortcomings and failures, they have been remarkably effective at waging war on American energy producers. Everyone in America is paying the price – literally – and suddenly the Carter years are looking better in retrospect. 

The Biden administration may have expressed anger at the announcement from OPEC – a rogue’s gallery of 15 oil-producing countries that includes Russia, Iran, Saudi Arabia and Venezuela – that it was slashing oil production by 2 million barrels a day in November. But this was not an isolated incident. It was a long time in the making and exacerbated by Biden and his adherence to the green movement every step of the way. 

As a candidate, Biden stated, "I guarantee you we’re going to end fossil fuels." As president, he has made good on that promise, cancelling pipelines, leasing fewer acres of federal land for oil and gas drilling since World War II and showing nothing but disdain and outright hostility toward America’s domestic energy producers. Even before Hurricane Ian made landfall, Biden was wagging his finger at the private sector, issuing ominous warnings, "do not use this as an excuse to raise gasoline prices or gouge the American people." 

With domestic supply shrinking and demand accelerating post-pandemic, prices shot up and Biden’s approval numbers tanked. A gallon of gas, which averaged $2.39 on his inauguration, rose steadily, topping out at a nightmarish $5 per gallon over the summer. Today, the national average sits at $3.89 – more than a 60% increase from where it started.

As confidence in his presidency plummeted, Biden turned to foreign actors to bail him out. He traveled to Saudi Arabia in a futile effort to convince the crown prince Mohammed bin Salman, a man he once referred to as a "pariah," to loosen supply. He eased restrictions on Venezuela, led by the brutal dictator Nicolas Maduro. His administration opened the door to buying oil from Iran. All the while, he continued vilifying American producers.  

When none of those options panned out, Biden turned to the Strategic Petroleum Reserve (SPR). Much like "supply chain," the SPR is not a familiar term to most Americans, and for good reason. As the word "reserve" indicates, the stockpile is an emergency supply. It was never intended for everyday use, but don’t tell the administration. 

Starting last fall, Biden began flooding the market with oil. In the spring, the release accelerated to 1 million barrels per day over a six-month period, a period scheduled to last through the end of October. After OPEC’s announcement, Biden authorized the release of another 10 million barrels. Soaring gas prices is not a banner any politician wants to carry to the ballot box. 

CLICK HERE TO GET THE OPINION NEWSLETTER

The SPR is at its lowest level in nearly four decades, leaving the United States vulnerable to unexpected supply shocks. Meanwhile, Biden is keeping the proverbial boot on the necks of domestic energy producers. In the aftermath of the OPEC news, his administration is reportedly preparing to reduce the amount of offshore drilling leases in the Gulf of Mexico. New York followed California’s lead in prohibiting the sale of gas-powered cars by 2035.

Biden repeatedly took credit for gas prices "going down" but now wants someone else to take the blame for their rise. Voters are smarter than the president gives them credit for. 

CLICK HERE TO GET THE FOX NEWS APP

For those hoping Biden will break from the greens, don’t hold your breath. His poll numbers are already sagging with young voters, a group he desperately needs to show up in November and who are especially animated by the green fantasy. According to NBC exit polls in 2020, nearly two-thirds of voters between the ages of 18-24 broke for Biden – 11 points higher than any other demographic.  

In 1977, Carter discussed the "unconventional sources of energy we will rely on in the next century." Nearly half a century later, Biden is continuing the reckless push to an all-renewable and untested future. Turns out bad ideas don’t get better over time. Misguided policies of both Carter and Biden created man-made energy crises that very well could link the men together in history as one-term presidents.  

CLICK HERE TO READ MORE FROM COLIN REED

No Investment Advice

GSI Exchange is a publisher and precious metals retailer. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Content on the Site is provided for information purposes only, and none of the information contained on the Site constitutes an offer, solicitation or recommendation to buy or sell a security. You understand that the GSI Exchange receives neither monetary or securities compensation for our services. GSI stands to benefit from the sell of retail cost precious metals on this site. To avoid hidden costs all prices are listed live 24/7 on this site. Read the full disclaimer

2022 Info Kit

GET YOUR FREE

GOLD SILVER INFO KIT

Precious Metals and Currency Data Powered by nFusion Solutions