{"id":2229562,"date":"2024-04-24T19:43:02","date_gmt":"2024-04-24T23:43:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-lowest-oil-reserves-since-83-and-skyrocketing-prices-will-biden-do-the-unthinkable\/"},"modified":"2024-04-24T19:47:32","modified_gmt":"2024-04-24T23:47:32","slug":"with-lowest-oil-reserves-since-83-and-skyrocketing-prices-will-biden-do-the-unthinkable","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/with-lowest-oil-reserves-since-83-and-skyrocketing-prices-will-biden-do-the-unthinkable\/","title":{"rendered":"Biden Faces Historic Low Oil Reserves: Will Prices Soar Higher?"},"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\">20<\/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%2Fwith-lowest-oil-reserves-since-83-and-skyrocketing-prices-will-biden-do-the-unthinkable%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=2229562&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--><p>The \u200carticle discusses how the upcoming summer\u200d will lead to a rise in <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aaa-calif-sets-new-record-for-most-expensive-gas-prices\/\" title=\"AAA: Calif. sets new record for most expensive gas prices\">gas prices due<\/a> \u200cto increased demand. It \u200chighlights\u200c the impact of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/watch-biden-says-experts-believe-inflation-is-only-temporary\/\" title=\"WATCH: Biden Says \u2018Experts\u2019 Believe Inflation Is Only Temporary\">supply chain challenges<\/a> and geopolitical tensions on oil prices. The \u200bBiden administration may need \u200dto tap into the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/thanks-biden-gigantic-american-oil-caverns-sitting-empty-will-take-decades-to-refill\/\" title=\"Biden's Contribution: Vast US Oil Caverns Empty, Slow to Refill\">strategic\u200b petroleum reserve<\/a> to stabilize gas prices during the\u2064 summer. The\u2063 article delves into the impact of rising gas\u2063 prices in the upcoming summer due to heightened demand. It emphasizes supply chain hurdles and geopolitical \u200bunrest affecting oil prices. The Biden\u2063 administration might resort to utilizing the\u2063 strategic petroleum reserve to manage gas prices\u2063 amid\u200b the \u2064summer season.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<header> <a href=\"https:\/\/www.westernjournal.com\/commentary\/\">  Commentary <\/a>   <span> <\/p>\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/mlandry\/\">  <\/a> <\/p>\n<p> <span>   By <a href=\"https:\/\/www.westernjournal.com\/author\/mlandry\/%20\"><span>Mike Landry<\/span><\/a> <\/span> <span>   April 24, 2024 at 3:09pm <\/span> <\/span>  <\/header>\n<section>\n<p>Summer\u2019s coming, and gas prices go up.<\/p>\n<p>It\u2019s all about the iron laws of supply and demand \u2014 people drive more in the summer. They go on vacations, take local trips to the lake, and just want to be out more.<\/p>\n<p>More gas is demanded, and if supplies tighten, the price goes up.<\/p>\n<p>And all that petrol doesn\u2019t magically appear at the pumps.<\/p>\n<p>Whether imported \u2014 sometimes by long ocean voyages \u2014 or pumped domestically, crude oil has to be refined, then shipped by pipeline, train, and most assuredly truck to your local gas station.<\/p>\n<p>Lots of choke points in such a long and complex supply chain. Lots of risk.<\/p>\n<p>Worldwide oil markets are interconnected, and oil prices are being affected by drone attacks on Russian refineries, according to the U.K.\u2019s <a href=\"https:\/\/www.dailymail.co.uk\/yourmoney\/article-13342587\/high-gas-prices-California-compare-states.html\" target=\"_blank\" rel=\"noopener\">Daily Mail<\/a>.<\/p>\n<p>Some oil has to be shipped from the volatile Middle East, already being swept in the winds of war.<\/p>\n<p>It\u2019s all risky business, with all that transport and international turmoil<\/p>\n<div id=\"firefly-poll-container\">\n<p>Is Joe Biden the worst president of your lifetime?<\/p>\n<\/p><\/div>\n<p>Ah, for the days not too long ago when the Trump Administration achieved what for decades was thought to be impossible \u2014 <a href=\"https:\/\/www.westernjournal.com\/major-chain-slashes-gas-prices-trump-administration-levels-big-thanksgiving-week-sale\/\" target=\"_blank\" rel=\"noopener\">energy independence<\/a>.<\/p>\n<p>Which, of course, <a href=\"https:\/\/www.westernjournal.com\/watch-biden-admits-cant-trusted-latest-major-blunder\/\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a>, almost literally from the first day of his administration, banished by <a href=\"https:\/\/www.westernjournal.com\/revealed-biden-taken-200-actions-increase-gas-prices-highlight-top-3\/\" target=\"_blank\" rel=\"noopener\">restricting different aspects<\/a> of energy production.<\/p>\n<p>What was that all about? Was it to get back at the Trump accomplishments?<\/p>\n<p>Whose side is Joe Biden on?<\/p>\n<p>Certainly not that of the American consumer. Just ask Californians, who are paying up to $7.29 a gallon in some areas, per the Daily Mail.<\/p>\n<p>Biden will have to tap into the strategic petroleum reserve to keep gas prices from going out of control this summer. Anti-automobile urban Democrats like those high prices, but there are the realities of this as an election year.<\/p>\n<p>And don\u2019t look now, but the SPR is at the <a href=\"https:\/\/www.westernjournal.com\/bartiromo-identifies-major-difference-last-time-strategic-petroleum-reserve-low-1984-now\/\" target=\"_blank\" rel=\"noopener\">lowest<\/a> it\u2019s been since 1983.<\/p>\n<p>In October of that year, the SPR was at 367 million barrels. In <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&#038;s=mcsstus1&#038;f=m\" target=\"_blank\" rel=\"noopener\">January of this year<\/a> it was 358 million, <a href=\"https:\/\/www.energy.gov\/ceser\/strategic-petroleum-reserve#:~:text=The%20Strategic%20Petroleum%20Reserve%20(SPR,under%20the%20international%20energy%20program.\" target=\"_blank\" rel=\"noopener\">half of its authorized capacity<\/a>.<\/p>\n<p>And Biden isn\u2019t <a href=\"https:\/\/www.westernjournal.com\/experts-warn-take-decades-refill-strategic-reserve-drained-biden\/\" target=\"_blank\" rel=\"noopener\">replenishing it<\/a>. The U.S. Department of Energy has cited <a href=\"https:\/\/www.westernjournal.com\/strategic-petroleum-reserve-historic-lows-biden-cancels-replenishment-order\/\" target=\"_blank\" rel=\"noopener\">high oil prices<\/a> as reasons for not buying oil for the SPR.<\/p>\n<p>Yet Biden will have to tap into it in order to meet summer demand, Vikas Dwivedi, international oil and gas strategist for Macquarie Group, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-04-15\/biden-likely-to-tap-oil-reserve-to-meet-summer-gasoline-demand-macquarie-says\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>.<\/p>\n<p>\u201cThe government will have to release oil from the SPR with a lot of aggressiveness to tame prices,\u201d Dwivedi said. \u201cThere are not many tools available, and this is one of the most effective.\u201d<\/p>\n<p>Gas prices are up 17 percent this year, en route to a possible $4 per gallon. National average price for a regular gallon of gas on Wednesday was $3.66, <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener\">AAA<\/a> said.<\/p>\n<p>Dwivedi believes high mortgage interest rates keeping consumers from buying new homes will prompt them toward more summer travel this year.<\/p>\n<p>And we know what happens when summer travel increases.<\/p>\n<p>Meanwhile, high temperatures in Texas may cause power problems, which will reduce oil refining capability in that state, according to Bloomberg. Less refining, less gas.<\/p>\n<p>Given volatile oil supplies in the 1970s, the SPR was created to ensure adequate U.S. oil supplies.<\/p>\n<p>The Biden administration has used it as sort of a price-balancing piggy bank to check inflation \u2014 the administration grabbed 180 million barrels out of the SPR in 2022 as a result of Russia attacking Ukraine.<\/p>\n<p>With the SPR at half capacity it begs the question of how to meet industrial and consumer demand and literally fuel U.S. military capability if there is increased U.S. involvement in conflicts in Ukraine and Israel and, for that matter, Taiwan.<\/p>\n<p>So is the administration concerned about long-term strategic energy issues? Or are they focused on their own re-election prospects by tapping the SPR?<\/p>\n<hr>\n<div>\n<p><b><i>A Note from Our Deputy Managing Editor:<\/i><\/b><\/p>\n<p><i><span>I heard a chilling comment the other day: \u201cWe don\u2019t even know if an election will be held in 2024.\u201d <\/span><\/i><\/p>\n<p><i><span>That wasn\u2019t said by a conspiracy theorist or a doomsday prophet. No, former U.S. national security advisor Lt. Gen. Michael Flynn said that to the founder of The Western Journal, Floyd Brown.<\/span><\/i><\/p>\n<p><i><span>Gen. Flynn\u2019s warning means that the 2024 election is the most important election for every single living American. If we lose this one to the wealthy elites who hate us, hate God, and hate what America stands for, we can only assume that 248 years of American history and the values we hold dear to our hearts may soon vanish.<\/span><\/i><\/p>\n<p><i><span>The end game is here, and as Benjamin Franklin said, \u201cWe must all hang together, or assuredly we shall all hang separately.\u201d<\/span><\/i><\/p>\n<p><i><span>All of this means that <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>without you<\/span><\/i><\/a><i><span>, it\u2019s over. We have the platform, the journalists, and the experience to fight back hard, but Big Tech is strangling us through advertising blacklists, shadow bans, and algorithms. Did you know that we\u2019ve been blacklisted by 90% of advertisers? Without direct support from you, our readers, we can\u2019t continue the fight.<\/span><\/i><\/p>\n<p><i><span>Can we count on <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>your support<\/span><\/i><\/a><i><span>? It may not seem like much, but a <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>Western Journal Membership<\/span><\/i><\/a><i><span>  can make all the difference in the world because when you support us directly, you cut Big Tech out of the picture. They lose control. <\/span><\/i><\/p>\n<p><i><span>A monthly Western Journal Membership costs less than one coffee and breakfast sandwich each month, and it gets you access to ALL of our content \u2014 news, commentary, and premium articles. You\u2019ll experience a radically reduced number of ads, and most importantly you will be vitally supporting the fight for America\u2019s soul in 2024.<\/span><\/i><\/p>\n<p><i><span>We are literally counting on you because without our members, The Western Journal would cease to exist. Will you <\/span><\/i><a href=\"https:\/\/www.westernjournal.com\/subscribe\/?utm_source=site&#038;utm_medium=westernjournalism&#038;utm_campaign=authorpitch\"><i><span>join us<\/span><\/i><\/a><i><span>  in the fight? <\/span><\/i><\/p>\n<p><i><span>Sincerely,<\/span><\/i><\/p>\n<p><i><span>Josh Manning<\/span><\/i><\/p>\n<p><i><span>Deputy Managing Editor<\/span><\/i><\/p>\n<p><i><span>The Western Journal<\/span><\/i><\/p>\n<\/p><\/div>\n<div id=\"author-info-45512\">\n<p><a href=\"https:\/\/www.westernjournal.com\/author\/mlandry\/\">  <\/a> <\/p>\n<div>\n<p><label for=\"summary-tab-radio-45512\">Summary<\/label><label for=\"more-info-tab-radio-45512\">More<span> Biographical Information<\/span><\/label><label for=\"posts-tab-radio-45512\">Recent<span> Posts<\/span><\/label><label for=\"contact-tab-radio-45512\" onclick=\"if( typeof grecaptcha=='undefined' ) { let cap_s=document.createElement( 'script' ); cap_s.src='https:\/\/www.google.com\/recaptcha\/api.js?render=6LeJFcsUAAAAAPsIEqvB1EebWbZfqRUe6ebMpGy7'; document.body.appendChild( cap_s ); }\">Contact<\/label><\/p>\n<div>\n<p>Mike Landry, PhD, is a retired business professor. He has been a journalist, broadcaster and church pastor. He writes from Northwest Arkansas on current events and business history.<\/p>\n<\/p><\/div>\n<div>\n<p>  Mike Landry, PhD, is a retired business professor. He has been a journalist, broadcaster and church pastor. He writes from Northwest Arkansas on current events and business history. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a commentary by Mike Landry on April 24, 2024, at 3:09 pm, as summer approaches, gas prices rise due to increased demand. The seasonal trend reflects the basic principles of supply and demand, with higher travel and outdoor activities leading to a surge in gasoline consumption<\/p>\n","protected":false},"author":2018,"featured_media":2229563,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Oil-Barrels.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2229562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/04\/Oil-Barrels.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229562","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\/2018"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2229562"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229562\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2229563"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2229562"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2229562"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2229562"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}