Biden Missed ‘Golden Window’ To Restock Strategic Petroleum Reserves He Depleted, Oil CEO Says

The CEO of Canary, Dan Eberhart, has criticized President Joe Biden for missing a “golden window” to replenish the depleted Strategic Petroleum Reserve while oil prices were low. OPEC, an economic bloc comprised of Saudi Arabia, Venezuela, and other major oil-producing countries, recently reduced output, unexpectedly causing a rise in oil prices around the world. Brent crude rose from $79 per barrel on March 31 to $85 per barrel on April 11, leaving Biden with few options to restock the reserve as oil prices are not expected to drop below $80 per barrel anytime soon.

Eberhart spoke with Fox Business and expressed concern that the US government’s lack of action has made the country unprepared for a potential fuel supply disruption, stating, “the train has left the station.” He also predicted that oil prices would reach $100 per barrel or higher by 2023. Under former President Donald Trump, an attempt was made to purchase oil at $24 per barrel to replenish the reserve, but Congress blocked the measure. Biden has faced criticism for canceling the expansion of the Keystone XL pipeline and decreasing federal oil lease approvals, but has returned the US to the Paris Climate Agreement to push for a transition towards renewable energy.

Eberhart added that the Biden administration’s policies have decreased productivity in the oil industry and have made it challenging to drill. Eberhart noted, “Our production, our drilling is not what it once was. The rig count is also lower. And this is all just constraining supply, and it’s silently sowing the seeds for the next oil price spike which ultimately will be bad for consumers.”