Creator Forum - Racial Loyalty News Online

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation's strategic petroleum reserve to help cool surging energy costs and ease pain at the pump. "American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic," the White House. Crude oil prices have surged to seven-year highs, with global demand seeing a sharp rebound from pandemic lows. Republicans have blamed Biden's policies for contributing to rising prices, including nixing the Keystone XL pipeline project and freezing new oil and gas drilling leases on federal land.


Insisting that Biden "is using every tool available to him to work to lower prices and address the lack of supply" of oil, the White House said the U.S. Department of Energy will make available 32 million barrels of crude ... Reacting to the White House announcement, House Minority Leader Kevin McCarthy (R-Calif.) said the SPR release—which represents just a few days of U.S. domestic demand—is unlikely to have a significant impact.


Besides becoming a key issue for many Americans, surging prices have also become a political problem for the Biden administration, with a recent CBS/YouGov poll showing that 67 percent of Americans disapprove of Biden's handling of inflation. The poll also showed that nearly two-thirds of Americans said the U.S. economy was in bad shape—the worst outcome since the depths of the pandemic last summer—while 84 percent of those who gave the economy a negative rating blamed inflation.