As gas prices have come down a little bit over the last few months, our U.S. emergency oil reserves have dropped to their lowest level since 1984.
"It's quite appropriate for the times we're living in, for this administration to take us to 1984 levels" said Tim Stewart, president of the U.S. Oil and Gas Association, "What we have now six months after the fact, is that we've seen these on going releases has really put the United States government in the position of being an oil 'supplier' at a million barrels a day."
Releasing a million barrels of oil a day, has definitely brought the prices down, just before the midterms.
"Buying votes becomes very expensive" Stewart told KTRH, "Buying votes is not cheap, and the administration has done everything they can to extend this flood of product into the market until we get past the election. It's using a valuable U.S. strategic asset for political gain, and that's not how it's supposed to be."
The draining of the Strategic Petroleum Reserve is supposed to stop next month, but the Biden administration confirmed last week that they are looking into extending it.
"It's clearly by design, they made that absolutely clear" noted Stewart, "What is criminal to the American taxpayer is, there's no clear plan to refill the reserve at levels which are favorable to taxpayers. Essentially, they have unloaded product to protect themselves politically."
If that's not bad enough, Stewart says there are also concerns that the rapid draining of the SPR is causing structural damage to the facility, which could really be a problem if we actually were to have a real national emergency.
Gas prices could also hit record highs again, after the midterms.