{"id":1820669,"date":"2023-01-23T14:35:11","date_gmt":"2023-01-23T19:35:11","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1820669"},"modified":"2023-01-23T14:40:40","modified_gmt":"2023-01-23T19:40:40","slug":"records-biden-coordinated-emergency-oil-release-with-already-forecasted-price-dip-then-took-credit","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/records-biden-coordinated-emergency-oil-release-with-already-forecasted-price-dip-then-took-credit\/","title":{"rendered":"Records: Biden Coordinated Emergency Oil Release With Already Forecasted Price Dip, Then Took Credit"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frecords-biden-coordinated-emergency-oil-release-with-already-forecasted-price-dip-then-took-credit%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1820669&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>President Joe Biden took credit for knocking a few cents off of record-high oil prices after withdrawing millions of barrels from the nation\u2019s emergency strategic petroleum reserves (SPR), but records show his Department of Energy actually timed the first drawdown of the emergency oil supply to coincide with an already forecasted decline in oil prices.<\/p>\n<p>According to internal documents obtained from the Functional Government initiative (FGI) via the Freedom of Information Act, administration officials confirmed agency assessments that predicted a fall in oil prices in advance of the first SPR publication in November 2021. <\/p>\n<p>The White House <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/11\/23\/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world\/\" target=\"_blank\" rel=\"noreferrer noopener\">announced<\/a> the first withdrawal of 50 million barrels of oil from the nation\u2019s emergency stockpile on Nov. 23, 2021, days before the Thanksgiving holiday as drivers faced sticker shock at the pump.<\/p>\n<p>\u201cOver the last 18 months, the COVID-19 pandemic forced an unprecedented global economic shutdown,\u201d Read a White House press release. \u201cAs the world is re-opening from a near economic standstill, countries across the globe are grappling with the challenges that arise as consumer demand for goods outpaces supply.\u201d<\/p>\n<p>It was a unanimous decision <a href=\"https:\/\/thefederalist.com\/2021\/11\/23\/biden-taps-strategic-oil-reserve-11-months-after-suspension-of-oil-and-gas-leases\/\" target=\"_blank\" rel=\"noreferrer noopener\">11 months<\/a> The administration illegally suspended federal oil-and gas leases, driving up oil price to more than <a href=\"https:\/\/www.macrotrends.net\/2516\/wti-crude-oil-prices-10-year-daily-chart\" target=\"_blank\" rel=\"noreferrer noopener\">$80<\/a> Per barrel. U.S. consumers use this method <a href=\"https:\/\/www.eia.gov\/tools\/faqs\/faq.php?id=33&#038;t=6#:~:text=EIA%20uses%20product%20supplied%20to,7.26%20billion%20barrels%20of%20petroleum.\" target=\"_blank\" rel=\"noreferrer noopener\">20 million<\/a> One barrel per day<\/p>\n<p>Records show that department officials had discussed three weeks before the withdrawal of presidential oil. They also mentioned how oil prices were heading for a decline as the country entered the winter season.<\/p>\n<p>According to an assessment from the department\u2019s Energy Information Administration (EIA), government analysts projected \u201cBrent crude oil prices will average $81 per barrel in the fourth quarter of 2021 and nearly $72 per barrel in 2022.\u201d<\/p>\n<p>\u201cEIA expects crude oil prices will remain elevated in the first quarter of 2022, at $78 per barrel,\u201d The Federalist has shared the report in a heavily edited document. \u201cBeginning in the second quarter of 2022, EIA forecasts Brent crude oil prices to start decreasing as global production growth begins to accelerate.\u201d<\/p>\n<p>Following an investigation, the Energy Department released the documents. <a href=\"https:\/\/thefederalist.com\/2022\/07\/07\/watchdog-sues-energy-department-to-learn-if-bidens-oil-releases-are-politically-motivated\/\" target=\"_blank\" rel=\"noreferrer noopener\">lawsuit<\/a> filed by the Functional Government Initiative to force the agency\u2019s compliance with public transparency laws.<\/p>\n<p>After department officials had predicted a slight drop in energy costs, Jennifer Granholm, Energy Secretary, was able to confirm that. <a href=\"https:\/\/thefederalist.com\/2021\/11\/06\/energy-secretary-jennifer-granholm-laughs-at-your-high-gas-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\">laughed<\/a> At the rising gas prices, Jokingly she said that she would bring them down. \u201cI had the magic wand on this.\u201d<\/p>\n<p>\u201cOil is a global market,\u201d Granholm stated on Bloomberg News. \u201cIt is controlled by a cartel. That cartel is called OPEC, and they made a decision yesterday that they were not going to increase beyond what they were already planning.\u201d<\/p>\n<p>The EIA expected oil prices to remain high but the slight drop in forecasts gave administration officials the insurance policy to claim that their release from the emergency storage was to be credited for lower energy costs. Gas prices barely <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&#038;s=emm_epm0_pte_nus_dpg&#038;f=w\" target=\"_blank\" rel=\"noreferrer noopener\">dipped<\/a> Following the November release. The average American paid $1,050 <a href=\"https:\/\/web.archive.org\/web\/20211123155029\/https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">$3.40 per gallon<\/a> Regular unleaded gasoline on President&#8217;s Day<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Three weeks before the president&#8217;s oil withdrawal, records show department officials discussed how prices were already headed for a dip.<\/p>\n","protected":false},"author":494,"featured_media":1820672,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[3620,12385,6178,16141,4469,16140,7393,7145,3918,3684],"class_list":["post-1820669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist","tag-biden","tag-coordinated","tag-credit","tag-dip","tag-emergency","tag-forecasted","tag-oil","tag-price","tag-records","tag-release"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1820669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1820669"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1820669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1820672"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1820669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1820669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1820669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}