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$5 Gas Could Be Back Soon Under Biden

via CBS

The Biden administration is reportedly concerned about the potential return of high gas prices after releasing oil from the strategic petroleum reserve (SPR) in 2021 and 2022.

Officials fear that the steps taken previously to bring down gas prices may not be as effective this time.

The SPR is currently at its lowest levels since 1983, and the Department of Energy decided against replenishing it due to unfavorable market conditions. (Trending: Chilling Update On Biden Bribery Scheme)

“They succeeded last year in the second half, but this year I think they’ve kind of run out of bullets,” Amrita Sen, director of research at Energy Aspects, said.

“They got a little overconfident that prices would stay low,” she continued, adding that “in some ways, they’ve missed the boat.

With geopolitical instability in the Middle East, experts warn that the U.S. is in a vulnerable position if the global oil market is disrupted.

Democrats criticized the Trump administration for replenishing the SPR when prices were low, but the DOE now plans to buy oil to replenish it at a higher price point.

Gas prices are currently around $86 per barrel. (Trending: Biden Completely Botches Iconic American Quote)

”Biden opted to release 180 million barrels of oil from the SPR in late 2021 and 2022 as fuel prices skyrocketed for Americans, which caused a political headache for Biden and other Democrats in the months leading up to the 2022 midterm elections.”

“There’s another arrow in the quiver, but there’s only so many arrows right now,” Jim Burkhard, head of energy markets research for S&P Global Commodity Insights, said. “Could they repeat it? Yes, but then you’re left with much, much less oil.”

Republican Rep. Kelly Armstrong has warned that Americans will see energy prices increase due to the conflict in the Middle East.

The Strategic Petroleum Reserve has been depleted to low levels by the Biden administration.

Armstrong said, “[W]e absolutely should put sanctions on Iran, and we should be doing everything we can to help the only democracy in the Middle East and our closest ally, but it’s going to come at a cost.” (Trending: Famous Actor Attacks Trump Supporters)

Armstrong called for sanctions on Iran and support for Israel, but noted that this would come at a cost.

The depletion of the reserve means that there is only 17 days worth of supply, which is about half the average amount.

“Natural gas prices in Europe were up…oil’s up…at a time when energy is already driving most of the inflation that Americans are feeling. And now we have an absolute conflict in the Middle East after the terrorist attack by Hamas on Israel,” he continued. (Trending: Disturbing Flag Found Near Massacre in Israel)

Armstrong believes that this is the worst possible time to have a low reserve and blames the Biden administration for the situation.

“So, we’re — And to top it all off, we have 17 days worth of supply in the strategic oil reserve, because the Biden administration has drawn it down for political reasons.”

Host Elizabeth MacDonald asked, “So, is there any worse time to have [a] historically low and depleted Strategic Reserve right now?”

Armstrong answered, “No, absolutely not. … I don’t know what oil we’d use to fill it.”

“They stopped drilling in North Dakota on federal leases. We’ve had all of the different problems that have existed under this administration.”

“But, at a time when our closest ally in the Middle East really needs our help, Americans are going to see a shock to their energy prices, and you can take it all back to the Biden administration.”

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