Telegraph Piece: Biden has cynically run down the US strategic oil reserve to buy votes

Oil pump jacks in New Mexico. President Biden has presided over a reduction in the US strategic reserve to historic lows CREDIT: Charlie Riedel/AP

[Note: This story is also published at The Telegraph]

Prices for petrol have spiked in the US along with crude oil prices in recent weeks, even as the summer driving season has come to an end. The average price for a gallon of regular as calculated by AAA for September 11 sat at $3.832, almost 12 cents higher than a year ago, leading to rising consumer angst as the 2024 presidential election campaign starts to heat up. 

The jump in crude prices came after both Saudi Arabia and Russia advised markets that they would extend their ongoing cuts in export volumes through the end of 2023. Within 48 hours after those announcements had been made public, the international Brent price benchmark for crude oil had spiked to over $90 per barrel, with the US domestic WTI index surging past the $87/bbl mark. As recently as mid-June, before these latest cuts by Saudi Arabia, Russia, and a few other OPEC+ member countries went into effect, Brent had dropped below $72 and WTI was selling for about $68/bbl.

Asked about the matter during Saturday’s G20 meeting in India, White House spokesman John Kirby implied President Joe Biden and his officials are once again considering a program to draw more volumes of oil from the US Strategic Petroleum Reserve.

“[Biden is] focused on making sure that the prices continue to come down for the American consumer,” Kirby told reporters. “That’s why he’s taken steps to shore up global supply, even if that means coming into the Strategic Reserve, and he won’t hesitate to look at other opportunities to do that in the future.”