Nov 26, 2021
Because his pleas to OPEC to increase oil production fell on deaf ears, President Biden recently authorized the release of 50 million barrels of oil from the Strategic Petroleum Reserve with the hope of curbing the rising price of gasoline. But the purpose of the SPR is to give the United States strategic options in the face of foreign policy challenges around the globe, not to be used for political purposes so that the Biden Administration can be seen as doing something to fight rising inflation, inflation that has been exacerbated by the administration’s exorbitant spending plans. In this podcast, the Edifice of Trust host, Victor Bolles, looks at some of the consequences of this action.