President Joe Biden, according to Canary CEO Dan Eberhart, lost a “golden window” when oil prices were relatively low, to replace the depleted Strategic Petroleum Reserve.
OPEC, an economic bloc comprised of Venezuela, Saudi Arabia, and other nations with a significant part of global oil production, recently announced an unexpected cut in output, causing global oil prices to skyrocket. Brent crude, the standard for fuel drilling in the Atlantic Ocean, rose from $79 to $85 per barrel on March 31.
In an interview with Fox Business, Eberhart stated that “the train has left the station” in terms of Biden replenishing the Strategic Petroleum Reserve, a stock of emergency crude oil intended to mitigate the impact of fuel supply disruptions because oil prices are unlikely to fall lower than $80 per barrel for a long time to come.
“I can’t emphasize enough how missing the window for replacing the Strategic Petroleum Reserve is bad for our national security and bad for consumers. The administration has completely unprepared us,” said the oilfield services CEO. “They had an excellent opportunity at a reasonable price and did nothing. I believe we have a Goldilocks situation for oil at $100 per barrel or higher after 2023. At this time, I believe it is unavoidable.”
Democratic senators have chastised former President Donald Trump for seeking to replenish the Strategic Petroleum Reserve by purchasing oil for $24 per barrel. The idea was vetoed by Congress as part of the larger stimulus package discussions; Senate Majority Leader Chuck Schumer (D-NY) bragged that his colleagues had avoided a “bailout for big oil.”
Last week, reporters questioned White House Press Secretary Karine Jean-Pierre about the administration’s reaction to OPEC’s decision, which comes ahead of the lucrative summer travel season. Jean-Pierre said that the government will do “everything we can to lower costs and meet the American people where they are,” claiming that Biden’s initiatives have already curbed rises in gasoline prices.
In the two years since taking office, Biden has blocked Keystone XL pipeline expansions and postponed federal oil lease approvals. Meanwhile, he re-entered the United States into the Paris Climate Agreement, an international pact that calls for cutting global emissions in half by 2030, while also encouraging a greater shift toward renewable energy.
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