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

The Washington Post editorial called President Biden’s “two-step oil price” as Americans face higher prices at the pump that goes into the Thanksgiving travel weekend.

The Biden administration announced it would release 50 million barrels of oil stored in the U.S. strategic petroleum reserve in hopes of halting rising gas prices.

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Of the 50 million barrels, 32 million will be released, but will eventually be returned to the strategic oil reserve in 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 speeding up the release of this sale.

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

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)

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 at 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 board began Tuesday. “The first step is to order a study on gas price cutting, which Mr Biden did last week. The second is to release oil from the US strategic oil reserve, which Mr Biden did on Tuesday. These measures achieve one thing: to make it happen. to look like the president is doing something about gas prices. “

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After beating Biden’s failed effort to pressure the Organization of the Petroleum Exporting Countries (OPEC) to speed up production, Post rejected his latest move, pointing out that the 50 million barrels of oil equate to “about 2 days of national consumption.”

High gasoline prices are reported at a full-service gas station in Beverly Hills, California, on Sunday, November 7, 2021. The average U.S. price of regular gasoline has risen 5 cents over the past two weeks to $ 3.49 per gallon.  gallon.  The price of the pump is $ 1.30 higher than a year ago.  Industry analyst Trilby Lundberg from the Lundberg Survey said on Sunday that the increase comes as the price of crude oil and ethanol rises.  Nationwide, the highest average price for regular gas 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 are reported at a full-service gas station in Beverly Hills, California, on Sunday, November 7, 2021. The average U.S. price of regular gasoline has risen 5 cents over the past two weeks to $ 3.49 per gallon. gallon. The price of the pump is $ 1.30 higher than a year ago. Industry analyst Trilby Lundberg from the Lundberg Survey said on Sunday that the increase comes as the price of crude oil and ethanol rises. Nationwide, the highest average price for regular gas 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: increased domestic oil production and declining domestic oil consumption. Increased US oil production would bypass OPEC and limit the geopolitical influence of predatory nations like Russia. Yet this only makes sense as a transitional policy , “wrote the board. “Over time, the country needs to cut its dependence by encouraging more fuel efficient and electric cars, investing in public transport and better planning communities. a steadily rising tax would raise prices slowly and predictably, giving the economy more time to adapt, and it would keep more fuel dollars in the US, all the while shifting consumption patterns away from a toxic addiction to the fossil fuels that warm the climate. “

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“Republicans emphasize domestic oil production. Democrats are emphasizing getting used to carbon-intensive fuels. Both have a point. If presidents, years after the line, still carry out the oil price in two steps, 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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