Joe Biden's energy malpractice

 Business Insider:

The US is "playing with fire" as its oil reserves plunge to a 40-year low at a time when global crude prices are rallying again, markets guru Larry McDonald said.

The founder of "The Bear Traps Report" has taken to X, formerly known as Twitter, to warn about the steep drop in US oil inventories.

"Queasy, indeed...," he wrote in an earlier post with a graph showing a steep drop in US strategic petroleum reserves. McDonald is a former Lehman Brothers trader and the author of "A Colossal Failure of Common Sense," which chronicles how the investment bank ended up collapsing in September 2008 and sparking a global financial crisis.

The plunge in oil stocks highlights the mounting risks to America's energy security. Low domestic reserves could increase the US's reliance on imports, potentially making it more vulnerable to supply disruptions and price volatility in the global oil market.

McDonald has dialed up his warning in his most recent post by charting falling US oil inventories against surging Brent oil prices. The international crude benchmark has charged upward in recent months, jumping almost 30% since late May.

Oil prices have been climbing as top global producers, including Saudi Arabia and Russia, extend production cuts announced earlier this year in a bid to maintain price stability.

After the Ukraine war broke out in early 2022, the US government has used its Strategist Petroleum Reserve (SPR) as its biggest buffer against global energy-price volatility. Last year, it released 180 million barrels from the SPR to hedge against expensive oil prices, and cool decades-high inflation.
...

When Biden took office he started limiting drilling on US-controlled sites which drove up the price of oil.  To limit the price rise somewhat he started draining the petroleum reserve which is supposed to be saved for real emergencies and not artificial ones like Biden created with his limit on production.  It is a deeply irresponsible policy that Biden apparently engaged in to please the climate kooks.

See, also:

GA Governor Kemp Declares State of Emergency and Suspends Gas Tax—Take Note California

And:

 House Dems cross party lines, demand Biden admin expand oil drilling

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