As Americans face wild inflation and crippling energy costs, Joe Biden has taken a break from closing down pipelines and begging OPEC to ship dirty oil over clean oceans to throw his subjects a bone:
Ah, yes, you see, our tax money has already paid for that oil, but Biden is willing to give it to us out of the goodness of his heart.
President Joe Biden on Tuesday announced that he will tap the U.S. Strategic Petroleum Reserve (SPR) for 50 million barrels of oil in an effort to bring down prices at the pump.
"The move is aimed at global energy markets, but also at U.S. voters who are coping with higher inflation and rising prices ahead of Thanksgiving and winter holiday travel," the Associated Press reported.
But the move will not have an immediate effect. The government will not move barrels into the market until mid- to late-December. And not all of the oil will hit the market: Biden said 32 million barrels will eventually be returned to the SPR, with the other 18 million authorized for sale by Congress.
It reminds me of a story about Stalin, where he plucked out a chicken's feathers and then fed it out of his hand to show how you can make people dependent on you through a cycle of abuse and handouts.
Trump had some thoughts about this.
"Those reserves are meant to be used for serious emergencies..."
But former Mr. President, Joe's horrible polling numbers ARE an emergency!
Someone has to keep Americans from thinking for themselves when elections roll around next year!
Beyond this, however, there's something more: This emergency gas is going to flood the market in the same way that printing extra cash does. If you allow the market to freely produce what is needed, eventually things will even out. If you artificially flood the market with reserve of any commodity, it initially lowers prices before sending prices sky-high through the roof.
Just like those stimmie checks, the wave of initial supply will be overrun by an impending wave of inflation driven by government tampering in the market. In the end, we'll have higher prices, no energy independence, AND a lowering of our strategic reserves. It's not good!
Lefties DO NOT understand economics. They live in fairytale land.
