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Washington Post editorial Biden shouts Biden: His actions against oil ‘will not lower your gas prices’




The Washington Post editorial proclaimed President Biden’s “two-step oil price”[ads1]; as Americans face steeper prices at the pump into the Thanksgiving travel weekend.

The Biden administration announced that it will release 50 million barrels of oil held in the US strategic petroleum reserve in the hope of stopping rising gas prices.

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Of the 50 million barrels, 32 million will be released, but eventually returned to the strategic petroleum reserve over the next few years, the White House said. The remaining 18 million barrels are part of a sale that Congress has already approved; The White House said it was accelerating the release of that sale.

“The president is ready to take further action, if necessary, and is ready to use his full authority working in coordination with the rest of the world to maintain adequate supplies as we leave the pandemic,” the White House said in a statement on Tuesday.

Washington Post editorial Biden shouts Biden: His actions against oil ‘will not lower your gas prices’

President Joe Biden delivers remarks on the economics of the South Court Auditorium on the White House campus, Tuesday, November 23, 2021, in Washington. (AP Photo / Evan Vucci)
(AP Photo / Evan Vucci)

However, the editorial staff of the Washington Post is not convinced that the president’s actions will have any impact.

“President Biden has now completed the two-step ritual that presidents perform to divert voters’ anger over rising gasoline prices,” the editorial office began Tuesday. “The first step is to order a gas price survey, as Mr. Biden did last week. The second is to release oil from the US Strategic Petroleum Reserve, as Mr. Biden did on Tuesday. These moves accomplish one thing: make it look it looks like the president is doing something about gas prices. “

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After sweeping Biden’s failed attempt to pressure the Organization of the Petroleum Exporting Countries (OPEC) to speed up production, Norway Post rejected his latest move, pointing out that the 50 million barrels of oil correspond to “approximately 2½ days of national consumption”.

High gasoline prices have been posted at a full-service gas station in Beverly Hills, California, Sunday, November 7, 2021. The average U.S. price of regular gasoline has increased by 5 cents over the past two weeks, to $ 3.49 per gallon.  The price of the pump is $ 1.30 higher than a year ago.  Industrial analyst Trilby Lundberg from Lundberg Survey said on Sunday that the increase comes as the price of crude oil and ethanol increases.  Nationwide, the highest average average gas price in the San Francisco Bay Area is $ 4.77 per gallon.  The lowest average is in Houston, at $ 2.98 per gallon.  (AP Photo / Damian Dovarganes)

High gasoline prices have been posted at a full-service gas station in Beverly Hills, California, Sunday, November 7, 2021. The average U.S. price of regular gasoline has increased by 5 cents over the past two weeks, to $ 3.49 per gallon. The price of the pump is $ 1.30 higher than a year ago. Industrial analyst Trilby Lundberg from Lundberg Survey said on Sunday that the increase comes as the price of crude oil and ethanol increases. Nationwide, the highest average average gas price in the San Francisco Bay Area is $ 4.77 per gallon. The lowest average is in Houston, at $ 2.98 per gallon. (AP Photo / Damian Dovarganes)
((AP Photo / Damian Dovarganes))

“In the long run, there are only two ways to minimize the punitive effects of oil price volatility: increase domestic oil production and reduce domestic oil consumption. Increasing US oil production would bypass OPEC and limit its geopolitical influence to predatory nations like Russia. Yet this only makes sense as a transitional policy,” he wrote. the board. “Over time, the country must cut its dependence by encouraging more fuel-efficient and electric cars, investing in public transport and better planning communities. A steadily rising tax will increase prices slowly and predictably, give the economy more time to adapt, and it will retain more fuel dollars in the United States, while shifting consumption patterns away from a toxic dependence on fossil fuels that heat up the climate. “

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“Republicans are emphasizing domestic oil production. Democrats are emphasizing weaning carbon-intensive fuels. Both have a point. If presidents, years later, continue to carry out the two-step oil price, it will represent a massive national failure,” the post added.

Fox News’ Paul Conner and Brooke Singman contributed to this report.



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