A move made by Joe Biden very early in his term could really come back to bite him and us.
The Israel war with Hamas is likely to drive oil prices through the roof.
The measure we have in place to offset these costs, the Strategic Petroleum Reserve (SPR) is almost drained.
Biden Did It
Biden has tapped the SPR to a point that it is now at its lowest point since the 1980s.
If you recall, Biden first released reserves in a move that was deemed to help Democrats in the election.
Then he released more, selling off oil to China, among other countries.
In all, Biden was siphoned off about 260 million barrels.
We now only have about 351 million barrels left, slightly more than half of what we had when Biden took office.
That gives us about a two-week cushion on oil, and that is assuming we are not involved in this war directly and need even more oil.
Biden was supposed to replenish the SPR in August, but oil prices surged over $80 per barrel, so they decided to put it off.
Energy analyst Saul Kavonic stated, “If the conflict envelopes Iran… up to 3% of global oil supply is at risk.
“And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage.”
Citibank analysts commented as well, stating, “Timing is everything and the attacks almost certainly postpone any Saudi-Israeli rapprochement, along with any high probability expectation of Saudi Arabia reducing or eliminating its extra 1 million [barrel per day] cut if prices resume their recent fall.”
That reserve was meant for dire conditions, not to score political points.
So, once again, Joe Biden has put our national security at risk.
Source: Fox News
