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Last March the Bidenista regime started selling off America’s Strategic Oil Reserve in an attempt to lower gas prices prior to the coming November elections.
https://www.cnn.com/2022/03/30/politics/strategic-petroleum-reserve-release-oil-joe-biden/index.html
President Joe Biden on Thursday announced an unprecedented release of oil from US reserves and several steps his administration is taking to punish oil companies for not increasing production from unused leases on federal land.
The steps are an attempt to reduce gas prices while also putting an onus on oil companies to increase supply. The dramatic step, which Biden announced from the White House, confronts what has become a looming political problem months ahead of the midterm elections.
Biden is selling 1 million barrels a day from the Strategic Oil Reserve.
Of course, Biden also sold 5 million barrels to his business partners in China. Presumably, ten percent of the profits went to “The Big Guy.”
Instead of unleashing domestic energy production to ease pain at the pump for consumers, the Biden administration has shipped 5 million barrels of oil from our Strategic Petroleum Reserve overseas, bringing it to its lowest level since 1986. In a shocking revelation, the administration admitted that it even recently sold roughly 1 million barrels from the emergency fund to a Chinese government-owned gas giant that continues to purchase Russian oil.
At any rate, the rate at which the oil was being sold was designed to empty the Strategic Oil Reserves by the time of the November elections. Oil prices peaked last June, and they have steadily declined since then. Prices are not expected to rise again until after the elections, when it will no longer be a factor in the decision people make at the polls.
On day one in office, the president paused all domestic oil and gas leases and canceled the Keystone Pipeline. Subsequently, he and his team have instituted a series of regulatory barriers to make domestic drilling much more challenging, and he has disincentivized investment in the industry. In the latest example, the Biden administration just released its five-year federal leasing plan, which contains only a maximum of 11 lease sales for oil and gas producers. The administration has also made the process of seeking those 11 leases much more cumbersome.
By September, the Oil Reserve was at its lowest level since 1984, which was shortly after they began stockpiling oil for emergencies.
Last July, Biden went to Saudi Arabia to try to convince them to increase their oil production.
https://www.nbcnews.com/business/energy/biden-saudi-arabia-trip-higher-oil-production-rcna38320
In an ironic twist, OPEC announced that it will decrease its oil production by 2 million barrels a day!
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.
In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”
It represents the largest cut in production since the start of the pandemic.
In a statement, the Biden administration said it was disappointed in the decision, calling it “shortsighted” in light of global energy prices already lifted higher by Russia’s invasion of Ukraine.
For this reason, oil prices have begun to rise earlier than the Bidenistas expected. You may have noticed that fuel prices rose about 10 cents per gallon earlier this week.
It is clear that the US has lost Saudi Arabia as a serious ally ever since they signed a military agreement with Russia last year on August 24, 2021.
Alliances are shifting in the world. The most important development is that we no longer live in a unipolar world where the US empire reigns supreme. First the BRICS nations and now Asia itself is creating a multipolar world, ending the Globalist agenda and splitting Babylon into two pieces. It makes me wonder what the third piece will be (Revelation 16:19).
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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