Last week, the White House caused a splash by announcing that President Biden was ready to release more crude from the strategic petroleum reserve.
That would be on top of the largest-ever release of 180 million barrels, approved earlier this year as a tool for bringing down retail fuel prices. Back then, experts warned this tool could hurt its wielder. Now, the danger seems to be even greater.
Many see Biden’s latest move as a way of earning credit for the Democrat government ahead of the midterm elections. Biden himself says there is no political motive behind the SPR release strategy.
It seems not everyone is really buying the assurance that there is no political motive for the new release plans. Indeed, as early as the original reserve release plan, many commentators in the media argued that with it, Biden wanted to try and make sure the Democrats win the midterms or at least do not lose them very badly because of high retail fuel prices.