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Dear Joe Biden, stop sounding like AOC if you want to solve the oil crisis

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President Joe Biden wants you to think he has a plan to lower prices at the pump: flood the market with 1 million barrels a day for 180 days from the strategic oil reserve

There is just one problem: We’ve seen this dog-and-pony show before — and it failed, twice since November alone. 

So much for that “wartime bridge” Biden reassuringly promised in his Thursday speech. One million barrels a day isn’t that impressive when you realize the United States consumes 21 million barrels daily.

What’s worse, Biden doesn’t seem to have any clue on how to solve the energy crisis he created in the first place. 

And no, it’s not “Putin’s price hike” thanks to the war in Ukraine the president needs “to protect” us from. It’s Biden’s stupidity that is the problem. 

Let’s take a trip down memory lane. When Biden strutted into the Oval Office in January 2021, the nation was essentially energy-independent. During the height of the oil boom years of the Trump administration, America was pumping an astounding 13.6 million barrels per day. 

How the United States achieved that was simple but years in the making. Team Trump removed the vast number of insane regulations that hampered our oil and natural-gas industry during the Obama-Biden years. President Donald Trump created an environment whereby energy companies knew that spending the billions of dollars needed to invest in increased production would not be wasting money. 

The results spoke for themselves. Gas prices were down to $1.89 for regular as a national average at one point. There were no worries about shortages, price problems or any other issues. Just pure abundance. 

Oil
Oil peaked at $130 a barrel this month.
Reuters / Adrees Latif
AOC
Many believe President Biden is afraid to rub the left and Rep. Alexandria Ocasio-Cortez the wrong way.
EPA

In fact, crude was $40 a barrel the day Joe Biden won the election. This month, oil peaked at $130 a barrel. 

And to make matters worse, we pump around 11 million barrels per day right now and have no real path to get back to where we were under Trump.

It was Biden who canceled the Keystone pipeline, won’t allow new oil drilling leases on federal lands and created such a regulatory nightmare for producers that making money on new production is by no means a sure thing anymore.

Indeed, Biden is pretending to recreate the Trump energy magic but isn’t willing to admit these key mistakes. 

The reasons are easy to understand: Biden fears crossing the left, specifically the Squad led by Rep. Alexandria Ocasio-Cortez (D-Bx.-Queens).

Biden knows that if he were to go drill, baby, drill, he’d have a progressive revolt to contend with when his poll numbers are severely depressed and many are already calling for his replacement in 2024.

In fact, Biden sounds just like AOC these days. He had the gall Thursday to berate oil companies, complaining they make too much money and don’t invest enough into producing more energy. Seriously?

That’s a clear mistake. How dare the president attack the companies we need to pump more oil, to take on the financial risks, to try to hire more workers — many of whom were laid off thanks to Biden’s executive orders?

As one Houston-based oil exec explained to me: “Why would I tell my CEO to spend billions of dollars on new oil production if I think Joe Biden thinks we should not even exist, or deserve to make profits, and are killing the planet? Our goal is to just survive this administration, not invest more money when we could see it go up in smoke.” 

Keystone pipleline
Biden canceled the Keystone pipeline and won’t allow new oil drilling leases on federal lands.
AP

Instead, Biden wants to empty nearly a third of the 580 million barrels left in the Strategic Petroleum Reserve, leaving it at half its capacity. What happens if a war with Russia — which is not exactly out of the question these days — does break out and oil supplies are disrupted for months? 

As sad as it is, none of this has to be. Our country is blessed with more than 43 billion barrels of oil in the ground. We have the technology, industry and right to leverage that in every way possible to ensure we never see $4.00 a gallon gas again. 

Joe Biden loves to say he is a capitalist. He has a funny way of showing it.

Harry J. Kazianis is the senior director at the Center for the National Interest.

Twitter: @Grecianformula.



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