The role of Biden’s foreign policy—especially his administration’s financial support of Hamas and the $6 billion giveaway to Iran—has been widely pointed out the last 48 hours. The stock market is going to slump hard at the open today, and the price of oil is going to spike. Just what the American economy needs right now. Well, at least if there is a general war in the Middle East in the coming weeks, we have our Strategic Petroleum Reserve for just such emergencies.
Oh, wait:
That’s right: Biden drained it for political reasons the last two years, and hasn’t bothered to refill it. He probably thought we’d all be driving solar-powered cars by now.
At least our revitalized domestic oil industry can help out. Oh, wait:
Pace of drilling permits for oil slows under Biden
Slowdowns in oil and gas drilling permits for federal lands and the Gulf of Mexico is drawing allegations by oil companies and Republicans that the Biden administration is purposefully trying to reduce domestic oil production to reduce greenhouse gas emissions.
The Bureau of Land Management, which overseas drilling on federal lands,approved fewer than 2,900 drilling permits last fiscal year, down from more than 4,900 permits in 2021, according to the agency’s data. That was the lowest level since 2017, when oil prices averaged $51 a barrel, compared to $75 today.
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