Armstrong Economics Blog/Corruption Re-Posted Oct 20, 2022 by Martin Armstrong
The Saudis admitted that Biden asked them to hold off on the next OPEC+ vote until after the midterm elections. Now, Joe Biden is planning to release 15 million barrels of reserve oil to lower gas prices ahead of the midterms. The Strategic Petroleum Reserve (SPR) was created in 1975 during a period of stagflation. The SPR reached full capacity during the Great Recession when it held 714 million barrels, which had then fallen from $190 to $59 per barrel.
A year ago, Biden announced that he would release 50 million barrels from the SPR. Not so coincidentally, this was when Biden’s approval plummeted for six consecutive months, and he was desperate to put a bandage on the energy crisis to save face. Biden released an additional 180 million barrels between April and September, blaming Putin. He is now releasing more oil from the reserves to briefly lower gas prices.
Even if the Republicans win in November, the Biden Administration can choose to replenish the stockpile, cause gas prices to spike, and then turn around and blame the new wave of Republicans in Congress. Then the Democrats can push the Green agenda and blame big oil for rising prices and demand everyone make changes without providing a viable alternative.
All of the policies put forth by this administration only consider the short-term. These policies are completely self-serving and manipulative. Let us see if they also officially admit we are in a recession AFTER the midterms.