While President Joe Biden brags about reducing gas prices by releasing gigantic amounts of crude oil from the Strategic Petroleum Reserve (SPR), the crucial reserve has plunged to its lowest level of oil since May 1985.
Last week, the emergency crude oil stockpile plummeted 4.6 million barrels, leaving 469.9 million barrels, down from 618 million barrels last September, <a href="https://www.reuters.com/business/energy/us-emergency-crude-stockpile-falls-lowest-37-years-2022-08-01/">Reuters</a> reported. The reserve can hold as much as 727 million barrels of oil.
Biden announced in March he would raid the reserve — which is spread among four sites along the Gulf Coast of Texas and Louisiana —depleting it by 1 million barrels per day (bpd) over six months.
“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time,” the White House <a href="https://www.cnbc.com/2022/03/31/us-to-release-1-million-barrels-of-oil-per-day-from-reserves-to-help-cut-gas-prices.html">bragged</a>. “This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.”
“Joe Biden has dangerously sacrificed America&#8217;s long-term national security in exchange for a very slight, short-lived mitigation of his inflationary energy prices,&#8221; said James Taylor of the Heartland Institute on the depletion of the SPR. &#8220;Now, just a month later, gasoline prices are higher than ever, and our national energy security is in more danger than ever.”
“By draining the SPR and discouraging more oil production, Joe Biden is endangering our national security,” declared Steve Milloy, former Trump/Pence EPA Transition Team Member.
In mid-July, Biden boasted, “I’ve been releasing about 1 million barrels of oil a day from the Strategic Petroleum Reserve and rallied our global partners to release a combined 240 million barrels of oil onto the market.  Our actions are working, and prices are coming down.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
I’ve been releasing about 1 million barrels of oil a day from the Strategic Petroleum Reserve and rallied our global partners to release a combined 240 million barrels of oil onto the market.
Our actions are working, and prices are coming down. <a href="https://t.co/5zrBPGvRJv">pic.twitter.com/5zrBPGvRJv</a>
&mdash; President Biden (@POTUS) <a href="https://twitter.com/POTUS/status/1549403917439700995?ref_src=twsrc%5Etfw">July 19, 2022</a></blockquote>
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Christina Pushaw, spokesperson for Florida GOP Governor Ron DeSantis, fired, “Oh so now presidents control the price of gas? Last month it was beyond your control. By the way, everyone remembers what it cost before you became president. It&#8217;s twice as expensive now. Food is also becoming extremely costly.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Oh so now presidents control the price of gas? Last month it was beyond your control. By the way, everyone remembers what it cost before you became president. It&#39;s twice as expensive now. Food is also becoming extremely costly.
&mdash; Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) <a href="https://twitter.com/ChristinaPushaw/status/1549421420739960833?ref_src=twsrc%5Etfw">July 19, 2022</a></blockquote>
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The American Petroleum Institute has <a href="https://www.api.org/oil-and-natural-gas/energy-primers/gas-prices-explained#:~:text=The%20primary%20factors%20impacting%20gasoline,gasoline%20retailers%20pay%20to%20distributors">estimated</a> that global crude oil cost is responsible for 61% cost of gasoline and that another 14% can be attributed to refining costs.

While Biden Brags About Releasing Oil From Emergency Oil Stockpile, Reserve Plunges To Lowest Level Since 1985

Emergency Oil Stockpile Reserve Plunges To Lowest Level Since 1985

Joe Biden

Oil and Gas

Strategic Petroleum Reserve

<a href="https://www.dailywire.com/topic/democratic-party">Democrat</a> President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> appeared to claim during remarks about climate change on Wednesday afternoon that he has cancer.
Speaking in Somerset, Massachusetts, about what he wants to do about the climate and creating energy jobs, Biden talked about his childhood and oil pollution growing up in Delaware.
&#8220;Five years ago, this towering power plant that once stood with cooling towers 500 feet high closed down,&#8221; Biden said. &#8220;The coal plant at Brayton Point was the largest of its kind in New England. 1,500 megawatts of power, enough to power one in five Massachusetts homes and businesses.&#8221;
Biden said that the plant had a bad &#8220;legacy&#8221; of &#8220;toxins, smog, greenhouse gas emissions,&#8221; which he said contributed to the &#8220;climate emergency.&#8221; Biden said that Gina McCarthy, who was a former regulator in Massachusetts, told him that people &#8220;used to get a rag out and wipe the gunk off of their car&#8217;s windshield in the morning just to be able to drive.&#8221;
Biden said that story was &#8220;not very much unlike where I grew up in place called Claymont, Delaware, which has more oil refineries that Houston, Texas&#8230;&#8221;
&#8220;I just lived up the road in an apartment complex when we moved to Delaware, and just up the road a little school I went to, Holy Rosary grade school, and because it was a four lane highway that was accessible, my mother drove us and rather than us be able to walk,&#8221; Biden said. &#8220;And guess what? The first frost, you know what was happening, you&#8217;d have to put on your windshield wipers to get literally the oil slick off the window.&#8221;
&#8220;That&#8217;s why I and so damn many other people I grew up [with] have cancer, and I why can&#8217;t for the longest time, Delaware had the highest cancer rate in the nation,&#8221; Biden continued.
The White House later <a href="https://twitter.com/JacquiHeinrich/status/1549856831090081798">responded</a> by claiming that Biden &#8220;mistakenly stated (present tense) that he has cancer,&#8221; according to a reporter.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
NEW &#8211; Biden says, &quot;I and so damn many other people I grew up with have cancer&quot; because of oil pollution in his home state Delaware.<a href="https://t.co/Zbaj4BWTkK">pic.twitter.com/Zbaj4BWTkK</a>
&mdash; Disclose.tv (@disclosetv) <a href="https://twitter.com/disclosetv/status/1549835486172221442?ref_src=twsrc%5Etfw">July 20, 2022</a></blockquote>
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Washington Post fact-checker Glenn Kessler rushed in to <a href="https://twitter.com/GlennKesslerWP/status/1549833485552058370">defend</a> Biden by attacking the Republican National Committee for simply highlighting Biden&#8217;s exact words.
The RNC Research Twitter account <a href="https://twitter.com/RNCResearch/status/1549830956277702656">tweeted</a>: &#8220;Did Joe Biden just announce he has cancer? &#8216;That’s why I — and so damn many other people I grew up with — have cancer.’”
Kessler responded: &#8220;How dumb is this tweet? Check out Biden&#8217;s medical report. Before he became president, he&#8217;d had non-melanoma skin cancers removed. Has no one at @RNCResearch ever had this common procedure?&#8221;
Kessler included a screenshot from the White House <a href="https://www.whitehouse.gov/wp-content/uploads/2021/11/President-Biden-Current-Health-Summary-November-2021.pdf">report</a> on Biden&#8217;s health last year.
Under a subsection titled &#8220;Skin Cancer Surveillance, routine,&#8221; the report stated:
<blockquote>It is well-established that President Biden did spend a good deal of time in the sun in his youth. He has had several localized, non-melanoma skin cancers removed with Mohs surgery before he started his presidency. These lesions were completely excised, with clear margins. Total body skin exam was performed for dermatologic surveillance. Several small areas of actinic change were treated with liquid nitrogen cryotherapy, but there are no areas suspicious for skin cancer at this time. No biopsies were required.</blockquote>
However, political analysts were quick to push back on Kessler&#8217;s defense of Biden, including Fox News Senior Political Analyst Brit Hume, who responded: &#8220;The medical report you cited in your thread says he HAD skin cancers removed and has since had actinic keratoses frozen off since. Today, Biden say he HAS cancer.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
The medical report you cited in your thread says he HAD skin cancers removed and has since had actinic keratoses frozen off since. Today, Biden say he HAS cancer. <a href="https://t.co/y1JN39mTTN">https://t.co/y1JN39mTTN</a>
&mdash; Brit Hume (@brithume) <a href="https://twitter.com/brithume/status/1549835780452917249?ref_src=twsrc%5Etfw">July 20, 2022</a></blockquote>
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This report has been updated to include additional information.

President Biden Delivers Remarks On The Climate Crisis

Biden Appears To Claim He Has Cancer From Oil Refineries; White House Responds

Biden Appears To Claim He Has Cancer From Oil Refineries

Biden Administration

Cancer

Health

Florida Republican Governor Ron DeSantis slammed President Joe Biden during a press conference this week over the high energy prices that are hurting American families.
DeSantis&#8217; remarks came after Biden visited Saudi Arabia last week, and failed to secure a commitment from them to produce more oil to help lower prices in the U.S. Biden and his party appear poised to get shellacked in the upcoming midterms due to the shape of the economy and high inflation rates.
“How come it’s wrong to produce our own oil and gas here, but you can go to Saudi Arabia and fist bump to try to get it from Saudi?” DeSantis asked during Monday’s press conference. “I mean, it makes no sense that we wouldn’t do it. We have opportunities here to be energy independent and not have to worry about any of these other countries. And yet they’re intentionally not doing it and you can’t run a modern economy on windmills. You just can’t do it.&#8221;
&#8220;And so now we&#8217;re in a situation where they&#8217;re bragging that gas has gone down over the last however many weeks, it’s still over four bucks! Like I had never seen it over $4 in my whole life living here,&#8221; DeSantis continued. &#8220;It’s just when you’re cranking the printing presses, you’re making energy more expensive. You know, that creates an upward pressure on all of this stuff. And so the acceleration from May to June that we saw at the end of June, not only was — they said it wouldn’t happen, then they said it was a blip, and they said it would peak soon. It still didn’t peak even after that. And so that’s really making it difficult for a lot of people, you know, to make ends meet.
DeSantis added that any gains that people may come by in their personal finances are likely &#8220;wiped out immediately with the Bidenflation.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
&quot;How come it&#39;s wrong to produce our own oil and gas here, but you can go to Saudi Arabia and fist-bump to try to get it from Saudi? I mean, it makes no sense&#8230; We have the opportunities here to be energy independent.&quot; &#8211; <a href="https://twitter.com/GovRonDeSantis?ref_src=twsrc%5Etfw">@GovRonDeSantis</a> today <a href="https://t.co/lCeemGPGDt">pic.twitter.com/lCeemGPGDt</a>
&mdash; Christina Pushaw 🐊 🇺🇸 (@ChristinaPushaw) <a href="https://twitter.com/ChristinaPushaw/status/1549122820780736513?ref_src=twsrc%5Etfw">July 18, 2022</a></blockquote>
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Biden has consistently tried to pin the blame for high gas prices on Russian President Vladimir Putin and his invasion of Ukraine, but gas prices were on the rise even prior to Putin&#8217;s war. Gas prices <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W">hit</a> $3.53 per gallon on February 21, three days before Russia&#8217;s invasion of Ukraine, after gradually rising by nearly $1 since February 2021.
Oil and gas executives have even <a href="https://www.dailywire.com/news/oil-experts-release-10-point-plan-for-biden-to-fix-energy-crisis-that-has-erupted-under-his-leadership">pointed</a> to specific areas in the president&#8217;s policy, such as its restrictions on federal lands, that have affected the U.S. oil supply and resulted in Americans taking a bigger hit at the pump.
When Biden took over the office from former President Donald Trump, gas prices <a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=EMM_EPMR_PTE_NUS_DPG&amp;f=W">averaged</a> around $2.38 per gallon nationwide. That price more than doubled in mid-June hitting $5.00, but has since decreased slightly. Today, the national average sits at $4.50, <a href="https://gasprices.aaa.com/">according</a> to AAA, still more than double from when Trump left office.

Florida Republican Governor Ron DeSantis addresses attendees

DeSantis Unloads On Biden Over Energy Crisis: He’ll ‘Fist Bump’ Saudi Arabia But Won’t Produce Oil Here

Economy

Florida

Ron DeSantis

Saudi Arabia

&#8220;Human rights should be at the core of our engagement with the world — not the periphery. As president, Joe Biden will hold accountable Saudi Arabia, China, and every nation that violates the human rights of their citizens.&#8221; #DemDebate, <a href="https://twitter.com/JoeBiden/status/1197354401754734593">11/20/2019</a>
President Biden made the trip to Saudi Arabia, the world’s <a href="https://www.iea.org/reports/russian-supplies-to-global-energy-markets/oil-market-and-russian-supply-2">largest exporter</a> of crude oil, to discuss among other matters the continued high price of energy — which is a leading driver of the rampant <a href="https://www.dailywire.com/news/inflation-soars-to-new-high-of-9-1">9.1% domestic inflation</a>, <a href="https://www.dailywire.com/news/the-worst-overall-cnn-analyst-says-biden-is-suffering-because-inflation-is-eating-his-presidency-alive">decimating</a> his approval ratings here in the U.S. as the midterms approach.
Joe Biden the president, who just returned from the Arabian desert, is a far cry from Joe Biden the candidate, who in November 2019 promised to treat the Saudi kingdom quite differently in response to the assassination of <a href="https://www.dailywire.com/news/biden-claims-he-confronted-saudi-crown-prince-over-murder-top-saudi-official-pushes-back">journalist Jamal Khashoggi</a> which was <a href="https://www.washingtonpost.com/world/2021/02/25/faq-jamal-khashoggi-intelligence-report/">presumably</a> on Riyadh’s orders. “I would make it very clear we were not going to in fact sell more weapons to them,” Biden <a href="https://www.forbes.com/sites/rrapier/2022/07/14/from-pariah-to-partner-the-healing-power-of-high-gasoline-prices/?sh=bc3c4385a764">said</a> in his debate with then-President Trump. “We were going to in fact make them pay the price, and make them in fact the pariah that they are.”
Strong words. But back in 2019, the energy landscape was quite different. In December 2018, the U.S. had for the first time since the mid-1950s become a <a href="https://www.dailywire.com/news/us-ends-reliance-foreign-oil-first-time-75-years-joseph-curl">net exporter</a> of energy. It was a position the country maintained throughout 2019 and 2020.
But today the situation has changed dramatically. Once again, the U.S. finds itself dependent on foreign imports to fill the supply gap between demand and domestic production. And, so, we now have what Saudi Prince Turki Al-Faisal <a href="https://www.dailywire.com/news/ex-saudi-spy-chief-offers-brutal-appraisal-of-biden-amid-trip-to-kingdom">described</a> as a “much diminished president” touching down in Jeddah hat-in-hand. 
One could not have imagined in January 2020 a U.S. president jetting off to the volatile and duplicitous Middle East to, in effect, beg for oil while the U.S. sits atop proven reserves of <a href="https://www.eia.gov/naturalgas/crudeoilreserves/">38.2 billion barrels</a> of crude oil and lease condensate. But the collapse in domestic crude during the disastrous and ineffective COVID lockdowns, as illustrated by the nearly <a href="https://www.reuters.com/article/us-usa-rigs-baker-hughes/u-s-oil-gas-rig-count-falls-to-record-low-for-11th-week-baker-hughes-idUSKCN24I2EU">75% reduction</a> in U.S. rig counts, followed by the rapid rebound of economic activity, and thus soaring demand after the lockdowns were lifted, have left the U.S. in a precarious position. And now the president finds himself eating his condemnation of the Saudi royals while reversing several themes of his campaign, to wit: a drive for less fossil fuels in favor of green energy, and his push for holding nations accountable for human rights violations. Machiavelli is laughing.
To add insult to injury, despite Biden’s <a href="https://www.dailywire.com/news/breaking-biden-responds-to-russia-launching-invasion-into-ukraine">lofty rhetoric</a> that “the world will hold Russia accountable” for its invasion of Ukraine through sanctions, the reality has turned out to be quite different &#8211; and also predictable to anyone who understands the nature of the realpolitik by which much of the non-Western world operates. Maybe the U.S. and its EU allies have <a href="https://www.dailywire.com/news/biden-announces-ban-on-russian-oil-imports-in-bid-to-hold-putin-accountable">declined</a> to import Russian oil in a move to punish Moscow’s war-making on its neighbor, but other nations, most notably <a href="https://www.reuters.com/markets/commodities/chinas-may-oil-imports-russia-soar-55-record-surpass-saudi-supply-2022-06-20/">China</a>, <a href="https://www.business-standard.com/article/economy-policy/india-s-russian-oil-imports-jump-over-50-times-since-april-official-122062301046_1.html#:~:text=Indian%20refiners%20bought%20about%2025,throughout%202021%20and%20Q1%202022.">India</a>, and, wait for it, <a href="https://www.reuters.com/business/energy/exclusive-saudi-arabia-doubles-q2-russian-fuel-oil-imports-power-generation-2022-07-14/">Saudi Arabia</a> have not. Sanctions only work if the flow of material is cut off severely, or even completely. Otherwise they just present glittering opportunities to those who opt to not go along with the program.
As such, the Saudis have seized upon Russia’s desperation to sell its oil and distillates to anyone who will take it. It’s currently a buyer’s market for Russian energy. And, as with other non-aligned nations in Asia, the Middle East, and Africa, the Saudis are gobbling up Putin’s fuel oil at steep discounts to power their own energy infrastructure. 
They have, in fact, <a href="https://www.euractiv.com/section/global-europe/news/saudi-arabia-doubles-discounted-russian-fuel-oil-imports/">doubled</a> imports in the second quarter. This has freed the kingdom to sell its excess oil at a <a href="https://www.yahoo.com/lifestyle/saudi-arabia-raises-oil-prices-141821575.html">premium</a>. It is a classic, and to this energy trader enviable, arbitrage. In short, the Saudis are standing in between the Russians and the U.S./NATO as de facto intermediaries, buying low from Putin and off-loading it at a premium to his enemies. Feel foolish yet? These are your tax dollars at work.
What can Biden, who promised to marginalize the Saudis just two short years ago in one of his all-too-familiar episodes of either ill-conceived or mentally debilitated spasms of irresponsible public caprice, do about it? He may have but two options, as releasing more oil from the Strategic Petroleum Reserve is of little long-term value.
One, he can beg OPEC to pump more fossil fuels, as he <a href="https://www.politico.com/news/2022/06/02/opec-agrees-to-pump-more-oil-ahead-of-possible-biden-middle-east-trip-00036694">appears</a> to be doing. Two, he can step out of the way and allow for increased domestic production by returning the Bureau of Land Management’s available acreage, environmental standards, and fee structures to numbers that mirror those before the February 2022 “<a href="https://www.cnbc.com/2022/02/24/biden-administration-pausing-new-oil-and-gas-leases-amid-legal-battle-.html">pause</a>” on leasing of federal lands that was enjoined by a Louisiana court. As of now, drilling will be allowed on federal land again, but on <a href="https://www.bloomberg.com/news/articles/2022-04-15/biden-shrinks-u-s-land-open-for-new-oil-and-gas-drilling">80% fewer acres</a> than before. And drillers will be saddled with higher environmental compliance hurdles, as well as a royalty that is <a href="https://www.npr.org/2022/04/16/1093195479/biden-federal-oil-leases-royalties">6.25% north</a> of the pre-pause charge. 
By simply returning the lease structures to 2019 levels, the administration might incentivize increased drilling. But, of course, this would then be a slap in the face to the climate change lobby and activists who worked so hard to put him in office while imagining a carbon-free energy infrastructure — even as China, the <a href="https://www.wri.org/insights/interactive-chart-shows-changes-worlds-top-10-emitters">world’s largest</a> CO2 emitter by far, and India ramp up coal plant construction.
And yet, it might already be too late for the domestic carrot route as three factors will make it difficult for oil companies to increase production to pre-pandemic levels. First, rigs take a while to return to operations; second, the number of workers to operate them has been greatly reduced, especially since COVID; and third, investors, fearful of oil tumbling from these lofty prices, might discourage overproduction.
So, the president now has little choice but to go into the belly of the oil beast if he wants his party to have any chances of holding on to power by reducing energy costs before November. <a href="https://www.whitehouse.gov/briefing-room/press-briefings/2022/07/15/press-gaggle-by-press-secretary-karine-jean-pierre-and-national-security-advisor-jake-sullivan-en-route-jeddah-saudi-arabia/">Said</a> national security advisor Jake Sullivan in Israel, the first leg of Biden’s Middle East sojourn, &#8220;We believe any further action taken to ensure that there is sufficient energy to protect the health of the global economy will be done in the context of OPEC+.” He added, “We are hopeful that we will see additional actions by OPEC+ in the coming weeks.&#8221;
But there is little incentive at the moment for OPEC+ (which includes Russia) to flood the market with cheap oil. Certainly the Saudis are very well-positioned to benefit from the status quo. And in the mind’s eye one can see Biden groveling before a grinning Mohammed bin Salman Al Saud with a shaky: “Sorry about that whole ‘pariah’ thing. No hard feelings? And we’re selling you weapons again, right? So are we cool? <a href="https://www.dailywire.com/news/biden-laughs-when-asked-about-fist-bumping-mbs-dismisses-remarks-from-murdered-columnists-fiancee">Fist bump</a>?” 
Ironically, the sanctions that were supposed to prostrate Putin in submission have instead ended up forcing Biden, and thus the American taxpayer, on a bended knee before the altar of the Arab nation that is printing money thanks to a classic arbitrage the sanctions created. And given the weakness of the current administration, Riyadh has little reason to change either its moral ways or its energy output. Meanwhile the war in Ukraine rages on. It’s funny how the law of unintended consequences works. Although no one filling up their tank here is laughing.
Brad Schaeffer is a commodities trader, columnist, and novelist. He is the <a href="https://www.simonandschuster.com/authors/Brad-Schaeffer/146901071">best-selling author</a> of two novels, Of Another Time And Place and The Extraordinary.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.

Readers Pass – Schaeffer – Biden visits Saudi Arabia, Oil Hard Hat In Hand16x9

Saudis Maintain Upper Hand In Oil Markets As Biden Wraps Up Visit

OPEC

Readers Pass

President <a href="http://dailywire.com/topic/biden-administration">Joe Biden</a> revealed on Saturday that the United States will “not walk away” from the <a href="https://www.dailywire.com/topic/middle-east">Middle East</a>.
Speaking at a summit for the Gulf Cooperation Council — a union among Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — Biden told Middle Eastern leaders that despite the absence of American soldiers participating in warfare, the United States will remain involved in the region’s affairs.
“Let me state clearly that the United States is going to remain an active, engaged partner in the Middle East,” Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/07/16/remarks-by-president-biden-at-the-gcc-3-summit-meeting/">remarked</a>. “As the world grows more competitive and the challenges we face more complex, it is only becoming clearer to me … how closely interwoven America’s interests are with the successes of the Middle East. We will not walk away and leave a vacuum to be filled by China, Russia, or Iran.”
The United States spent $800 billion on fighting a war in Iraq between 2003 and 2011 to end the dictatorship of Saddam Hussein, according to the <a href="https://www.cfr.org/timeline/iraq-war">Council on Foreign Relations</a>, with over 4,500 Americans and 100,000 Iraqis losing their lives. Last year, the United States <a href="https://www.dailywire.com/news/americas-final-afghanistan-price-tag-2-261-trillion">ended</a> its invasion of Afghanistan, which lasted from 2001 to 2021 and cost $2.3 trillion.
“I am proud to be able to say that the era of land wars in the region — wars involving huge numbers of American forces — is not underway,” Biden said. “But we maintain both the capacity and the absolute determination to suppress the terrorist threat wherever we find it.  We’ve demonstrated that this year — eliminating the Emir of ISIS on a daring operation, and just this week, taking out another key leader of ISIS.”
Biden also touted the need to “ensure adequate supplies” of energy “to meet global needs.” Though he did not mention oil, many have <a href="https://www.dailywire.com/news/adam-schiff-rips-biden-for-fist-bumping-saudi-crown-prince">speculated</a> that output of the key commodity was a primary factor in Biden’s visit to Saudi Arabia. “Energy producers have already increased production,” Biden added.
Gas prices reached <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">$5.00 per gallon</a> in early June before falling to a national average price of $4.55 per gallon as of Saturday, according to <a href="https://gasprices.aaa.com/">AAA</a>. Biden generally <a href="https://joebiden.com/clean-energy/">favors policies</a> meant to promote green energy, such as emphasizing public transportation and electric vehicles, and also <a href="https://www.dailywire.com/news/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki">refused</a> to greenlight the construction of the Keystone XL Pipeline last year.
The Biden administration has also returned the United States to the Joint Comprehensive Plan of Action (JCPOA) — a nuclear deal with Iran originally approved by President Barack Obama in 2015 — after President Donald Trump withdrew from the agreement. Iran is <a href="https://www.dailywire.com/news/iran-escalates-enrichment-at-underground-nuclear-facility-now-has-enough-material-for-weapon-reports">currently enriching</a> uranium up to 60% — past the JCPOA’s cap of 3.67% and increasingly close to the 90% grade required for nuclear weapons.
“And as we continue to work closely with many of you to counter the threats posed … to the region by Iran, we’re also pursuing diplomacy to return constraints on Iran’s nuclear program,” Biden said. “But no matter what, the United States is committed to ensuring that Iran never gets a nuclear weapon.”
Ahead of Biden’s trip to Saudi Arabia, news broke of the Department of Justice <a href="https://www.dailywire.com/news/texas-senator-raises-concerns-over-dojs-pga-tour-probe-ahead-of-saudi-arabia-meeting">launching</a> an investigation into the Professional Golfers’ Association (PGA) for purported anticompetitive practices — a move that drew concern given the market entrance of LIV Golf, a company backed by Saudi investors. Some lawmakers saw the move as an attempt from Biden — who has called the Islamic nation a “pariah” state — to curry favor among Saudi leadership.

US President Joe Biden in Saudi Arabia

Biden Reveals The Next Phase Of American Involvement In The Middle East

Joe Biden Says The United States 'Will Not Walk Away' From The Middle East

Rep. Ro Khanna (D-CA) criticized his Party’s leader President <a href="https://www.dailywire.com/topic/joe-biden">Joe Biden</a> Thursday for not doing enough on <a href="https://www.dailywire.com/topic/oil-and-gas">oil</a> policy as Americans continue to <a href="https://www.dailywire.com/news/gas-prices-up-nearly-80-since-biden-took-office">pay</a> close to $5 a gallon at the pump.
Khanna made an appearance on Fox News and said he “doesn’t understand” why the Biden administration has not banned oil exports to help lower the price of gas for Americans.
“I don’t understand why we aren’t having a ban on exports,” Khanna commented, adding, “I do think we have to be doing more. People in my district – they’re talking to me about gas prices, they’re talking to me about higher food prices, they’re talking to me about the airlines getting canceled. … Those are the issues front and center.”
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Ro Khanna (D-CA) blasts Biden for exporting American oil to foreign countries while gas prices soar:
&quot;I don’t understand why we aren’t having a ban on exports&#8230;people in my district, they&#39;re talking to me about gas prices, about higher food prices&#8230;airlines getting cancelled.&quot; <a href="https://t.co/4pKyFvynWd">pic.twitter.com/4pKyFvynWd</a>
&mdash; Townhall.com (@townhallcom) <a href="https://twitter.com/townhallcom/status/1545098036594057217?ref_src=twsrc%5Etfw">July 7, 2022</a></blockquote>
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Khanna’s comments come after Reuters <a href="https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/">reported</a> Tuesday that more than five million barrels of oil that President Joe Biden released from the strategic reserves were sent to European and Asian nations, including communist China.
Biden Press Secretary Karine Jean-Pierre was asked about the U.S. oil making its way around the world, but said she was not aware of the matter and that she “would look into it,” The Daily Wire <a href="https://www.dailywire.com/news/stunning-amount-of-oil-released-by-biden-found-its-way-to-china-other-countries">noted</a>.
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Karine Jean-Pierre doesn’t know that millions of barrels of oil released from the U.S. Strategic Petroleum Reserve have been sent to foreign countries. <a href="https://t.co/B51kV5XFC6">pic.twitter.com/B51kV5XFC6</a>
&mdash; RNC Research (@RNCResearch) <a href="https://twitter.com/RNCResearch/status/1544418398230265859?ref_src=twsrc%5Etfw">July 5, 2022</a></blockquote>
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Nearly one million barrels of the oil released by Biden’s order made its way to a Chinese company connected to the president’s son, Hunter Biden, as the Daily Wire previously <a href="https://www.dailywire.com/news/biden-admin-sold-nearly-1-million-barrels-of-oil-to-chinese-state-owned-company-tied-to-hunter-biden">reported</a>.
Chinese-owned company Sinopec, which has an American branch called Unipec, received close to one million barrels of oil from the U.S. strategic reserves in a sale with the U.S. government, <a href="https://freebeacon.com/national-security/biden-sold-a-million-barrels-from-us-strategic-petroleum-reserve-to-china-owned-gas-giant/">The Washington Free Beacon&lt; 
</a> pointed out on Thursday.
Sinopec has a prior history with the Bidens. In 2013, <a href="https://www.dailywire.com/collections/the-hunter-biden-files">Hunter Biden</a> co-founded the private equity firm BHR Partners. In 2015, BHR acquired a $1.7 billion stake in Sinopec Marketing. In 2017, Biden <a href="https://dailycaller.com/2021/04/29/hunter-biden-bhr-partners-100-days/">took</a> a minority stake in BHR, purchasing a 10% stake through an LLC he solely owned called Skaneateles.
Last year, an attorney for Hunter Biden told The New York Times that Hunter “no longer holds any interest, directly or indirectly, in either BHR or Skaneateles.” As recently as March, records in China’s National Credit Information Publicity System <a href="https://www.washingtonexaminer.com/news/hunter-biden-still-listed-as-part-owner-of-chinese-firm-despite-divestment-claim">showed</a> that Skaneateles still retained its 10% stake in BHR. Business records in Washington, D.C., still listed Hunter as the sole owner of Skaneateles at the time.
It is not clear whether the Chinese records were accurate or needed to be updated.
<a href="https://www.dailywire.com/author/tim-pearce">Tim Pearce</a> contributed to this report.

Ro Khanna

‘I Don’t Understand’: Democrat Rep Rips Biden’s Oil Policy, Says Gas Prices Are ‘Front And Center’ Issue For Voters

Democrat Rep Rips Biden's Oil Policy

Communist China

Democrat

Hunter Biden

Organization of Petroleum Exporting Countries (<a href="https://www.dailywire.com/topic/opec">OPEC</a>) Secretary General Mohammad Sanusi Barkindo passed away on Tuesday at 63 years old.
“OPEC extends its deepest condolences to his family, friends, colleagues, loved ones and his home country, Nigeria,” the <a href="https://www.dailywire.com/topic/oil-and-gas">oil</a> alliance said in a <a href="https://www.opec.org/opec_web/en/press_room/6962.htm">statement</a>. “It is a day in which words are not enough, but it is also important to express our deep gratitude for the over 40 years of selfless service that HE Barkindo gave to OPEC. His dedication and leadership will inspire OPEC for many years and decades to come.”
Barkindo assumed the helm of OPEC in 2016 after working as the group managing director of the Nigerian National Petroleum Corporation. He played a key role in producing the United Nations Framework Convention on Climate Change, according to <a href="https://www.opec.org/opec_web/en/press_room/3545.htm">OPEC</a>.
With <a href="https://www.opec.org/opec_web/en/about_us/25.htm">member nations</a> such as Iran, Saudi Arabia, Venezuela, Kuwait, and Iraq, OPEC officials set oil production targets in a bid to control worldwide energy supply. The alliance accounts for over 80% of the world’s proven <a href="https://www.opec.org/opec_web/en/data_graphs/330.htm#:~:text=According%20to%20current%20estimates%2C%2080.4,67.1%25%20of%20the%20OPEC%20total.">oil reserves</a>, with 67% coming from Middle Eastern members.
Hours before his death, Barkindo delivered a speech at an energy summit in Abuja, <a href="https://www.dailywire.com/topic/nigeria">Nigeria</a>, where he remarked that the oil industry is “under siege.”
“In a very short timespan, the industry has been hit by two major cycles — the severe market downturn in 2015 and 2016, and the even more far-reaching impact of the COVID-19 pandemic,” Barkindo said, per <a href="https://www.cnn.com/2022/07/06/energy/barkindo-opec-secretary-general-death/index.html">CNN Business</a>.
“Over the past six years, we have witnessed both challenging and historic moments, which have underscored time and again the importance of cooperation and teamwork,” Barkindo also said, adding that his time as the leader of OPEC was the “honor of a lifetime.”
The death of Barkindo occurs as international oil prices remain volatile. After surging to almost $130, the price of <a href="https://www.cnbc.com/quotes/@LCO.1">Brent crude</a> has fallen to $99 as of Wednesday afternoon — roughly the same price as before the Russian invasion of Ukraine began on February 24. <a href="https://www.cnbc.com/quotes/@CL.1">West Texas International crude</a> is similarly positioned at $98 — a decrease from heights of over $123 in early March.
However, analysts at investment bank JPMorgan Chase <a href="https://www.dailywire.com/news/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices">said</a> last week that oil prices could more than triple to $380 if Russia elects to slash its output. “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” analysts wrote. “The tightness of the global oil market is on Russia’s side.”
To combat Russian military aggression, members of the G7 are <a href="https://www.dailywire.com/news/biden-and-other-world-leaders-want-a-global-price-cap-on-russian-oil">seeking</a> to “set a global price cap for Russian oil in shipments” to countries outside of the seven nations, which include Germany, Italy, the United Kingdom, France, Japan, Canada, and the United States.
“The goal here is to starve Russia — starve Putin of his main source of cash and force down the price of Russian oil to help blunt the impact of Putin’s war at the pump,” a senior Biden administration official said. “The dual objectives of G7 leaders have been to take direct aim at Putin’s revenues, particularly through energy, but also to minimize the spillovers and the impact on the G7 economies and the rest of the world.”
The national average <a href="http://dailywire.com/topic/gas-prices">price of gas</a> in the United States is currently $4.78 per gallon, according to <a href="https://gasprices.aaa.com/">AAA</a>, with the national average temporarily surpassing <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">$5.00 per gallon</a> last month.

UAE-ADIPEC-ENERGY-OIL

OPEC Leader Dies As World Grapples With Oil Crisis

OPEC Leader Dies As Oil Prices Remain Volatile

Gas Prices

<a href="https://www.dailywire.com/topic/environmentalists">Far-left kooks</a> continued their war on masterpieces Tuesday, with a group of <a href="https://www.dailywire.com/topic/climate-change">climate-change</a> activists gluing their hands to a copy of <a href="https://www.dailywire.com/news/it-fake-da-vinci-painting-fetched-450-million-joseph-curl">Leonardo da Vinci</a>’s “The Last Supper” at a museum in London.
The shocking incident, at the Royal Academy of art gallery, is at least the fourth time in recent weeks protesters have taken their grievances out on priceless art. In May, a cross-dressing climate-change activist <a href="https://www.dailywire.com/news/man-dressed-as-woman-throws-cake-at-the-mona-lisa">threw cake at the Mona Lisa</a> and last month two activists <a href="https://www.dailymail.co.uk/news/article-10972403/The-REPEAT-offenders-superglued-Van-Gogh-painting.html">glued their hands to a Van Gogh</a> in a London museum.
“Ladies and gentleman, we are sorry for the disruption,&#8221; one of the five demonstrators glued to the da Vinci said. “Leonardo da Vinci said out of all the sciences art is the queen of communication. And now more than ever in this day and age, communication with truth and of the experience of humanity during these times of catastrophic climate is needed now more than ever.”
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Look into who funds these idiots your prob find it’s Soros <a href="https://t.co/zUVHuzqWDH">https://t.co/zUVHuzqWDH</a> Climate protesters glue themselves to 16th-century Leonardo da Vinci painting at Royal Academy <a href="https://t.co/CXHpCFUtRS">pic.twitter.com/CXHpCFUtRS</a>
&mdash; Ninnyd 🇬🇧❤️🇺🇸 Waiting~4~the Revolution (@ninnyd101) <a href="https://twitter.com/ninnyd101/status/1544313343728549893?ref_src=twsrc%5Etfw">July 5, 2022</a></blockquote>
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The group, which calls itself “Just Stop Oil,” painted the words “No New Oil” below the painting. The group demanded that the United Kingdom stop issuing licenses for oil and gas exploration.
“The truth is that any new oil expansion is a death sentence for the future,” the head protester declared. “It’s a death sentence for the younger generations and it’s a death sentence for the nature that has directly inspired art for tens of thousands of years.”
The da Vinci copy was painted by two of his apprentices, Giampietrino and Giovanni Antonio Boltraffio in about 1515. It depicts Jesus and his 12 apostles gathered at a dinner table.
The protesters remained glued to the painting for several hours before law enforcement officials removed them.
On Monday, two &#8220;Just Stop Oil&#8221; activists were arrested after gluing themselves to the frame of John Constable&#8217;s &#8220;The Hay Wain&#8221; in London&#8217;s National Gallery.
Last week, two activists glued themselves to Vincent van Gogh&#8217;s 1889 masterpiece “Peach Trees in Blossom,” which he painted shortly after lopping off his own ear.
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Two climate protestors from the group <a href="https://twitter.com/hashtag/JustStopOil?src=hash&amp;ref_src=twsrc%5Etfw">#JustStopOil</a> glued themselves to the frame of a Vincent Van Gogh painting at the Courtauld Gallery in London.
The activists called for the government to end the ’40 new fossil fuel projects’ being pushed through. <a href="https://t.co/13429CUFcZ">pic.twitter.com/13429CUFcZ</a>
&mdash; Euronews Culture (@euronewsculture) <a href="https://twitter.com/euronewsculture/status/1542807878137937920?ref_src=twsrc%5Etfw">July 1, 2022</a></blockquote>
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“Sorry everybody, we don’t want to be doing this,” protester Louis McKenchie told gallery attendees, “we’re here glued to this painting, this beautiful painting, because we’re terrified for our future. We’re here from a group called ‘Just Stop Oil.’ We expect to be arrested today.”
In the May protest at the Louvre, a man dressed as a woman in a wheelchair jumped up and smeared cake on the world&#8217;s most famous painting, da Vinci&#8217;s &#8220;Mona Lisa.&#8221; But the painting, which is protected by bulletproof glass, was not damaged.
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Aquí el momento en que se llevan a quien le aventó un pastel a la Monalisa.<a href="https://t.co/HBayMOdcKV">pic.twitter.com/HBayMOdcKV</a>
&mdash; Alejandro Alemán (@elsalonrojo) <a href="https://twitter.com/elsalonrojo/status/1530964995873316864?ref_src=twsrc%5Etfw">May 29, 2022</a></blockquote>
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The Last Supper

Leftist Vandals Escalate War On Art, Gluing Themselves To Another Masterpiece

Protesters Glue Themselves To Da Vinci Copy In Latest Protest Over Climate

Climate Change

London

Painting

Millions of barrels of oil President <a href="http://dailywire.com/topic/biden-administration">Joe Biden</a> released from the United States’ Strategic Petroleum Reserve found their way to <a href="http://dailywire.com/topic/europe">European</a> and Asian nations, including <a href="http://dailywire.com/topic/china">China</a>, according to a Tuesday report from <a href="https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/">Reuters</a>.
Biden has frequently <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/31/fact-sheet-president-bidens-plan-to-respond-to-putins-price-hike-at-the-pump/">touted</a> the release of one million barrels of <a href="http://dailywire.com/topic/oil-and-gas">oil</a> per day as an “unprecedented” move to “provide a historic amount of supply” as Americans face surging prices at the pumps. Indeed, the national average <a href="http://dailywire.com/topic/gas-prices">price of gas</a> in the United States is currently $4.80 per gallon, according to <a href="https://gasprices.aaa.com/">AAA</a>, with the national average temporarily surpassing <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">$5.00 per gallon</a> last month.
However, Reuters found through customs data that at least five million barrels of oil were exported to Europe and Asia last month as the strategic reserve drains to its lowest level since 1986. American oil refiner Phillips 66, for instance, shipped 470,000 barrels of sour crude from Texas to Trieste, Italy, while Atlantic Trading &amp; Marketing (ATMI) — a division of French entity TotalEnergies — exported two cargoes of 560,000 barrels each.
Meanwhile, industry sources told the outlet that more crude oil was sent to China, India, and the Netherlands.
When asked about the report, White House Press Secretary Karine Jean-Pierre <a href="https://twitter.com/RNCResearch/status/1544418398230265859?s=20&amp;t=3Bp6RKMmj5xZhavV4a-X7g">said</a> that she was not aware of the matter and needed to &#8220;look into it.&#8221;
Fuel costs across the world have risen since the <a href="http://dailywire.com/topic/russia">Russian</a> invasion of <a href="http://dailywire.com/topic/ukraine">Ukraine</a> — yet the Biden administration has pursued policies such as nixing expansions to the <a href="https://www.dailywire.com/news/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki">Keystone XL Pipeline</a> last year and delaying new <a href="https://www.dailywire.com/news/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays">drilling permits</a>. Beyond releasing fuel reserves, Biden has also resorted to pleading with oil companies to cut into their own profits.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote in a recent <a href="https://www.mediaite.com/news/read-bidens-full-letter-to-oil-companies-demanding-help-on-gas-prices-historically-high-profit-margins-are-unacceptable/">letter</a> to seven oil and gas companies. “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
Biden has likewise set his sights on gas stations — which run on margins as low as 1.4%, according to industry research company <a href="https://thehustle.co/the-economics-of-gas-stations/">IBISWorld</a>.
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden <a href="https://www.dailywire.com/news/oil-group-blasts-biden-tweet-tells-intern-who-posted-this-to-take-econ-101">said</a> on social media. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
The U.S. Oil and Gas Association — a petroleum industry advocacy group — responded to Biden by affirming that they are “working on it.” The organization wished Biden a happy Fourth of July and asked him to “please make sure” the White House intern who posted the tweet “registers for Econ 101 for the fall semester.”
Beyond gas station prices, analysts at JPMorgan Chase are warning that <a href="https://www.dailywire.com/news/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices">oil prices could triple</a> to $380 a barrel as Russian officials continue their invasion of Ukraine. “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” the analysts wrote. “The tightness of the global oil market is on Russia’s side.”
Yet crude inventories in the United States are currently at their lowest levels since 2004, according to Reuters, as refineries along the gulf coast operate at nearly 98% capacity.

President Biden Meets Virtually With Baby Formula Manufacturers To Discuss Shortage

Stunning Amount Of Oil Released By Biden Found Its Way To China, Other Countries

Millions Of Barrels Of Oil Released By Biden Found Their Way To China, Europe

China

The U.S. Oil and Gas Association blasted President <a href="http://dailywire.com/topic/biden-administration">Joe Biden</a> and his apparent economic illiteracy for demanding that <a href="https://www.dailywire.com/topic/oil-and-gas">gas</a> stations bring down their <a href="http://dailywire.com/topic/inflation">prices</a>.
The national average <a href="http://dailywire.com/topic/gas-prices">price of gas</a> in the United States is currently $4.80 per gallon, according to <a href="https://gasprices.aaa.com/">AAA</a>, with the national average temporarily surpassing <a href="https://www.dailywire.com/news/gas-prices-hit-grim-national-average-of-5-per-gallon">$5.00 per gallon</a> last month. Fuel costs have risen since the <a href="http://dailywire.com/topic/russia">Russian</a> invasion of <a href="http://dailywire.com/topic/ukraine">Ukraine</a> — yet the Biden administration has pursued policies such as nixing expansions to the <a href="https://www.dailywire.com/news/peter-doocy-asks-for-a-straight-answer-on-keystone-gets-the-runaround-from-jen-psaki">Keystone XL Pipeline</a> last year and delaying new <a href="https://www.dailywire.com/news/unacceptable-cruz-gop-senators-demand-end-to-oil-and-gas-lease-permit-delays">drilling permits</a>.
Meanwhile, Biden has repeatedly <a href="https://www.dailywire.com/news/biden-sends-letter-to-oil-companies-blasting-them-for-profits-demanding-they-increase-oil-production">exhorted oil companies</a> to cut into their own prices and increase production.
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden repeated via Twitter on Saturday. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
The U.S. Oil and Gas Association — a petroleum industry advocacy group — responded to the commander-in-chief by affirming that they are “working on it.” The organization wished Biden a happy <a href="https://www.dailywire.com/topic/4th-of-july">Fourth of July</a> and asked him to “please make sure” the White House intern who posted the tweet “registers for Econ 101 for the fall semester.”
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Working on it Mr. President. In the meantime &#8211; have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester&#8230; <a href="https://t.co/6yLpbDDRKc">https://t.co/6yLpbDDRKc</a>
— US Oil &amp; Gas Association (@US_OGA) <a href="https://twitter.com/US_OGA/status/1543598296668803075?ref_src=twsrc%5Etfw">July 3, 2022</a></blockquote>
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Crude oil accounts for 59% of prices at the pump, with refining, distribution, and taxes accounting for the rest of the cost consumers face, according to a recent report from the <a href="https://www.dallasfed.org/research/economics/2022/0510">Federal Reserve Bank of Dallas</a>. Prices charged by gas stations have recently dropped at a slower pace than the price of oil — although corporate greed is not necessarily the culprit.
“One potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices,” the Dallas analysts explained. “The reluctance to lower retail prices also likely reflects concerns that oil prices — and, hence, wholesale gasoline prices — may quickly rebound, eating into station profit margins.”
Gas stations earn a slim 1.4% margin on their fuel, according to industry research company <a href="https://thehustle.co/the-economics-of-gas-stations/">IBISWorld</a>, placing them among the lowest margin industries in the United States. Indeed, a <a href="https://www.barrons.com/articles/gasoline-prices-data-analysis-retail-refiners-profits-51654892374">Barron’s</a> analysis of data from more than 135,000 gas stations showed that although profits “briefly jumped” after the Russian invasion, the industry is still recovering from earlier profit shortfalls that arose due to supply chain issues. Gas stations — which Barron’s characterized as “minnows in the gasoline food chain” — are now suffering as customers pass on snack purchases due to inflationary pressures.
As the cost of gas has fallen slightly, altered consumer behavior may also be a cause for higher prices at the pump.
“Another possible reason for this asymmetry is consumers’ tendency to more intensively search for lower pump prices as gasoline prices rise than when they decline,” the Dallas analysts continued. “This diminished search effort provides further pricing power to gas stations, causing prices to fall more slowly than they rose. This has prompted researchers to liken the response of gasoline prices to higher oil prices to a rocket — and the response to lower oil prices to a feather.”
Beyond gas station prices, analysts at JPMorgan Chase are warning that <a href="https://www.dailywire.com/news/jp-morgan-makes-dire-and-terrifying-prediction-on-future-oil-prices">oil prices could triple</a> to $380 a barrel as Russian officials continue their invasion of Ukraine. “It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” analysts wrote. “The tightness of the global oil market is on Russia’s side.”

President Biden Delivers Remarks On The Battleship Iowa In Los Angeles Harbor

Oil Group Blasts Biden Tweet, Tells ‘Intern Who Posted This’ To Take ‘Econ 101’

Biden Tweet Ripped By Oil Group: Tell The ‘Intern Who Posted This’ To Take ‘Econ 101’

Russia

Ukraine

The U.S. Oil &amp; Gas Association (USOGA) mocked Democrat President Joe Biden over the weekend after the wildly unpopular president demanded that privately-owned gas stations lower their prices and that they &#8220;do it now.&#8221;
&#8220;My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,&#8221; Biden tweeted. &#8220;Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.&#8221;
&#8220;Working on it Mr. President,&#8221; the USOGA responded. &#8220;In the meantime &#8211; have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester&#8230;&#8221;
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Working on it Mr. President. In the meantime &#8211; have a Happy 4th and please make sure the WH intern who posted this tweet registers for Econ 101 for the fall semester&#8230; <a href="https://t.co/6yLpbDDRKc">https://t.co/6yLpbDDRKc</a>
&mdash; US Oil &amp; Gas Association (@US_OGA) <a href="https://twitter.com/US_OGA/status/1543598296668803075?ref_src=twsrc%5Etfw">July 3, 2022</a></blockquote>
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Biden’s claim comes after NBC News <a href="https://www.nbcnews.com/business/business-news/economics-gas-station-rcna19516">reported</a> earlier this year that gas stations make “15 cents a gallon on average, according to the National Association of Convenience Stores.”
The cost of gasoline has been <a href="https://www.dailywire.com/news/gas-prices-up-nearly-80-since-biden-took-office">increasing</a> for most of Biden’s presidency as his administration has continued to block drilling efforts. A new <a href="https://www.wsj.com/articles/biden-plans-to-block-new-offshore-oil-drilling-in-atlantic-pacific-11656709209?mod=mhp">report</a> from The Wall Street Journal detailed how the far-left administration “plans to block new offshore oil drilling in the Atlantic and Pacific oceans.”
Amazon founder Jeff Bezos, one of the most successful businessmen in history, also mocked Biden for the tweet, writing: “Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.”
White House press secretary Karine Jean-Pierre tried to clap back at Bezos on Twitter, writing: “Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That’s not ‘basic market dynamics.’ It’s a market that is failing the American consumer.”
“But I guess it’s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work,” she continued.
The Federal Reserve Bank of Dallas <a href="https://www.dallasfed.org/research/economics/2022/0510">noted</a> that gas prices remaining high despite a slight decrease in the price of a barrel of oil can be “attributed to events in the U.S. retail gasoline market beyond the control of oil producers.”
The institution added:
<blockquote>Moreover, the asymmetry of the response of retail gasoline prices need not be evidence of price gouging. One potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices. The reluctance to lower retail prices also likely reflects concerns that oil prices—and, hence, wholesale gasoline prices—may quickly rebound, eating into station profit margins.
Another possible reason for this asymmetry is consumers’ tendency to more intensively search for lower pump prices as gasoline prices rise than when they decline. This diminished search effort provides further pricing power to gas stations, causing prices to fall more slowly than they rose. This has prompted researchers to liken the response of gasoline prices to higher oil prices to a rocket—and the response to lower oil prices to a feather.
Yet another potential explanation for this asymmetry is that seasonal demand tends to increase as the weather warms, supporting higher retail prices.</blockquote>
RELATED: <a href="https://www.dailywire.com/news/press-corps-has-had-it-with-biden-white-house-continued-efforts-to-limit-access-to-the-president-cannot-be-defended">Press Corps Has Had It With Biden White House: ‘Continued Efforts To Limit Access To The President Cannot Be Defended’</a>

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U.S. Oil & Gas Association Mocked President Biden After He Demanded Gas Stations Lower Their Prices 

Inflation

Jeff Bezos

Karine Jean-Pierre

White House press secretary Karine Jean-Pierre faced criticism over the weekend after she tried to clap back at Amazon founder Jeff Bezos for mocking a tweet from Democrat President Joe Biden.
Biden tried to blame high gas prices on gas stations and demanded that they immediately lower the prices that they are charging at the pump.
Biden’s absurd claim comes after NBC News <a href="https://www.nbcnews.com/business/business-news/economics-gas-station-rcna19516">reported</a> earlier this year that gas stations make “15 cents a gallon on average, according to the National Association of Convenience Stores.”
“My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden tweeted. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”
Bezos, who is one of the most successful businessmen in history, responded, &#8220;Ouch. Inflation is far too important a problem for the White House to keep making statements like this. It’s either straight ahead misdirection or a deep misunderstanding of basic market dynamics.&#8221;
Jean-Pierre responded: &#8220;Oil prices have dropped by about $15 over the past month, but prices at the pump have barely come down. That’s not &#8216;basic market dynamics.&#8217; It’s a market that is failing the American consumer.&#8221;
&#8220;But I guess it’s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work,&#8221; she continued.
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
But I guess it’s not surprising that you think oil and gas companies using market power to reap record profits at the expense of the American people is the way our economy is supposed to work.
&mdash; Karine Jean-Pierre (@PressSec) <a href="https://twitter.com/PressSec/status/1543647455257960451?ref_src=twsrc%5Etfw">July 3, 2022</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Jean Pierre was mocked online following her attempt to clap back at Bezos, including some of the following notable responses:
<ul>
<li>Ed Whelan, Distinguished Senior Fellow and Antonin Scalia Chair in Constitutional Studies: &#8220;She thinks that the oil companies decided to be so generous to us for so many years?&#8221;</li>
<li>Bethany Mandel, columnist: &#8220;Sounding a lot like Venezuela.&#8221;</li>
<li>Bill Perkins, entrepreneur: &#8220;The rep for the highest office in the land should know that refinery output not crude oil input prices and global demand set the prices at the pump. To be this ignorant of such an important topic is just shocking. Or to be this mebdacious is just evil.&#8221;</li>
</ul>
The Federal Reserve Bank of Dallas noted that gas prices remaining high despite a slight decrease in the price of a barrel of oil can be &#8220;attributed to events in the U.S. retail gasoline market beyond the control of oil producers.&#8221;
The institution added:
<blockquote>Moreover, the asymmetry of the response of retail gasoline prices need not be evidence of price gouging. One potential explanation is that station operators are recapturing margins lost during the upswing, when gas stations were initially slow to increase pump prices. The reluctance to lower retail prices also likely reflects concerns that oil prices—and, hence, wholesale gasoline prices—may quickly rebound, eating into station profit margins.
Another possible reason for this asymmetry is consumers’ tendency to more intensively search for lower pump prices as gasoline prices rise than when they decline. This diminished search effort provides further pricing power to gas stations, causing prices to fall more slowly than they rose. This has prompted researchers to liken the response of gasoline prices to higher oil prices to a rocket—and the response to lower oil prices to a feather.
Yet another potential explanation for this asymmetry is that seasonal demand tends to increase as the weather warms, supporting higher retail prices.</blockquote>
RELATED: <a href="https://www.dailywire.com/news/press-corps-has-had-it-with-biden-white-house-continued-efforts-to-limit-access-to-the-president-cannot-be-defended">Press Corps Has Had It With Biden White House: ‘Continued Efforts To Limit Access To The President Cannot Be Defended’</a>

Biden Admin Tries To Clap Back At Jeff Bezos Over Criticisms, Fails Miserably

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