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Newspaper: Biden’s attempt to lower the price of gasoline led to the reduction of his country’s strategic oil reserves

The Wall Street Journal criticized US President Joe Biden’s policy of mass transfer of essential goods and supplies, aimed at attracting voters in the run-up to the November congressional elections.

The newspaper reported that the massive commodity intervention authorized by President Joe Biden in an attempt to drive down gasoline prices in the United States left his country with the lowest strategic oil reserves in 40 years, ahead of potential turmoil in global energy markets.

As of September 16, only about 427 million barrels of oil remained in strategic oil reserves, the lowest level since 1984, according to the newspaper.

As of March 31, after Biden ordered the release of about 180 million barrels per day within six months, the state’s reserves were reduced by 155 million barrels, and for the first time since 1983 they were less than the country’s commercial reserves.

The newspaper notes that against the background of the state pumping of essential goods, retail gasoline prices have fallen from their historical highs and continue to decline for almost 100 days in a row. A gallon yesterday averaged $3,689 versus $5,016 on June 14.

The article notes that Biden’s political opponents, including former President Donald Trump, accuse the Democratic administration of using oil reserves meant for natural disasters or wars to score extra points ahead of the November congressional elections.

Source: RIA Novosti

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