Mark Pellin from Headline USA discusses President Joe Biden’s raid on the Strategic Petroleum Reserve. Its the largest drawdown of America’s oil reserve in history and is expected to drain the resources to a 40-year low just ahead of the midterm elections.
Biden’s SPR raids are slated to end next month and industry experts have warned it will produce a savage spike in gas prices that will hit after the Nov. 8 election, where control of both the House and Senate is at stake, with prices likely skyrocketing to above $5 per gallon by the end of the year.
With criticism growing about the depletion of the SPR, and with news gaining increased exposure that the raids will end next month, a group of House Democrats desperate to forestall any potential bad news before the midterms, is demanding that the oil thieving continue until the end of the year.
House Democrats “urged Biden on Friday to immediately scrap his current plan to halt releases from the Strategic Petroleum Reserve next month,” CNN reported.
Meanwhile, the President sat down for a lengthy interview with CBS’ 60 Minutes yesterday. Biden told Scott Pelley that he’s growing the economy – despite two consecutive quarters of economic contraction. Biden also said inflation is leveling off:
Scott Pelley: Mr. President, as you know, last Tuesday the annual inflation rate came in at 8.3%. The stock market nosedived. People are shocked by their grocery bills. What can you do better and faster?
President Joe Biden: Well, first of all, let’s put this in perspective. Inflation rate month to month was just– just an inch, hardly at all,
Scott Pelley: You’re not arguing that 8.3% is good news.
President Joe Biden: No, I’m not saying it is good news. But it was 8.2% or– 8.2% before. I mean, it’s not– you’re ac– we act– make it sound like all of a sudden, “My god, it went to 8.2%.” It’s been–
Scott Pelley: It’s the highest inflation rate, Mr. President, in 40 years.
President Joe Biden: I got that. But guess what we are. We’re in a position where, for the last several months, it hasn’t spiked. It has just barely– it’s been basically even. And in the meantime, we created all these jobs and– and prices– have– have gone up, but they’ve come down for energy. The fact is that we’ve created 10 million new jobs. We’re in– since we came to office. We’re in a situation where the– the unemployment rate is about 3.7%. one of the lowest in history. We’re in a situation where manufacturing is coming back to the United States in a big way. And look down the road, we have mas– massive investments being made in computer chips and– and employment. So, I– look, this is a process. This is a process.