Records: Biden Coordinated Emergency Oil Release With Already Forecasted Price Dip, Then Took Credit

President Joe Biden took credit for knocking a few cents off of record-high oil prices after withdrawing millions of barrels from the nation’s emergency strategic petroleum reserves (SPR), but records show his Department of Energy actually timed the first drawdown of the emergency oil supply to coincide with an already forecasted decline in oil prices.

According to internal documents obtained from the Functional Government initiative (FGI) via the Freedom of Information Act, administration officials confirmed agency assessments that predicted a fall in oil prices in advance of the first SPR publication in November 2021.

The White House announced the first withdrawal of 50 million barrels of oil from the nation’s emergency stockpile on Nov. 23, 2021, days before the Thanksgiving holiday as drivers faced sticker shock at the pump.

“Over the last 18 months, the COVID-19 pandemic forced an unprecedented global economic shutdown,” Read a White House press release. “As the world is re-opening from a near economic standstill, countries across the globe are grappling with the challenges that arise as consumer demand for goods outpaces supply.”

It was a unanimous decision 11 months The administration illegally suspended federal oil-and gas leases, driving up oil price to more than $80 Per barrel. U.S. consumers use this method 20 million One barrel per day

Records show that department officials had discussed three weeks before the withdrawal of presidential oil. They also mentioned how oil prices were heading for a decline as the country entered the winter season.

According to an assessment from the department’s Energy Information Administration (EIA), government analysts projected “Brent crude oil prices will average $81 per barrel in the fourth quarter of 2021 and nearly $72 per barrel in 2022.”

“EIA expects crude oil prices will remain elevated in the first quarter of 2022, at $78 per barrel,” The Federalist has shared the report in a heavily edited document. “Beginning in the second quarter of 2022, EIA forecasts Brent crude oil prices to start decreasing as global production growth begins to accelerate.”

Following an investigation, the Energy Department released the documents. lawsuit filed by the Functional Government Initiative to force the agency’s compliance with public transparency laws.

After department officials had predicted a slight drop in energy costs, Jennifer Granholm, Energy Secretary, was able to confirm that. laughed At the rising gas prices, Jokingly she said that she would bring them down. “I had the magic wand on this.”

“Oil is a global market,” Granholm stated on Bloomberg News. “It is controlled by a cartel. That cartel is called OPEC, and they made a decision yesterday that they were not going to increase beyond what they were already planning.”

The EIA expected oil prices to remain high but the slight drop in forecasts gave administration officials the insurance policy to claim that their release from the emergency storage was to be credited for lower energy costs. Gas prices barely dipped Following the November release. The average American paid $1,050 $3.40 per gallon Regular unleaded gasoline on President’s Day

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