Recently, Senate Majority Leader Chuck Schumer likely irked AOC and other memebrs of the so-called “Squad” in Congress, all of whom are vigorously calling for the implementation of the Green New Deal.
However, Schumer has focused his attention on skyrocketing fuel prices at petrol stations, and he has surprisingly called for Joe Biden’s administration to take advantage of the nation’s emergency petroleum reserves. In doing so, Americans will experience some relief at the pump before the holidays.
“We’re here today because we need immediate relief at the gas pump,” the Democrat Senator proclaimed at a recent press conference in New York.
“And the place to look [for gasoline] is the Strategic Petroleum Reserve,” Schumer continued.
As a result of escalating gas prices and car sales, U.S. producer prices increased significantly over the month of October. As oil prices sailed past $80 per gallon, Biden requested for OPEC and its allies to produce more crude oil, though he was ultimately rebuffed in his request.
Jennifer Granholm, who serves as the Biden administration’s Energy Secretary, indicated that Biden was able to act upon accessing oil from the U.S. Strategic Petroleum Reserve. However, it is unclear if Biden intends to authorize a sale from the reserve, which is located across a number of caverns located on the Louisiana and Texas coasts.
Various analysts have issued warnings about the reserve, noting that accessing its resources would only result in short-term relief at the gas pump, and it would not add to the present production capacities of the United States.
Schumer warned that the gasoline crisis is likely to intensify as the American economy continues to recover from the COVID-19 pandemic, asserting that supply and demand cannot keep pace with escalating demand.
“No industry is spared, but fuel gasoline is the worst of all,” Schumer intoned, “Let’s get the price of gas down right now.”
“[The Strategic Petroleum Reserve] will do it,” Schumer concluded.
