Yep, you got it. High prices are not an emergency, being embargoed by OPEC would be an emergency, if you don't see the difference I don't know what to tell you.
And if the current situation was an emergency, why did we sell that oil to China and other oversea countries?
Because the law requires SPR oil to be sold to the highest bidder. Here's where you guys don't understand the market. Oil sold to other countries simply means there is more oil available here.
Oil is a global commodity. The price of oil is set at a global level. If oil is priced too high, the point is to increase supply on the market to lower the price. We don't live in a world in which pricing is based on local production.
And again, the SPR is not there to control price, it is there for a national emergency. Do you think $5 gas is a national emergency?
Well, when it could be weaponized against Biden, it certainly was... But I would consider a dramatic drop in supply during due to a war during a time of increasing demand an emergency.
Right, which means it was created for situations where the world oil supply is threatened. The end result was that the price of gas in the 70s wasn't any higher than it is now.
If you have a graph, produce it. There are sites that can track gas back to day 1. However, regardless of the answer, the release and use of the reserve should be for emergency purposes only. Bailing the Biden Administration and the democratic socialist party out is NOT a national emergency.
It would not be a problem now because our domestic production meets or exceeds domestic demand. The calculus has changed due to the massive increase in production. This move essentially encourages and supports new investment into domestic production while dampening the inflationary spike.
If that's what happened, you'd be right. Unfortunately for your argument, that is not factually correct as I pointed out above.
Nah, I'm going to let you do your own research on the historical price of gas. You might actually learn something. As for SPR, you figure this is the first time it's ever been tapped? Guess there have been a lot of emergencies over the years.
Seen'em all. Doesn't matter, what the Biden Administration is doing to reduce gas at the pump .40 cents is wrong and I condemn it.
