When conditions make those leases profitable, the companies will produce oil from them, writes QuinHillyer. But if they are forced to produce oil from when they lose money, then they will need to cover the losses by raising prices on everything else.
to cause energy prices to rise, Biden now realizes the high prices at the pump are a massive threat to Democratic election prospects in November. Result: He now is misusing the Reserve to try to undo some of the political damage from his own policies.
If the Reserve were kept at its maximum capacity of about 700 million barrels, it could meet the needs of the nation for six weeks of energy use, or perhaps more if people engaged in intelligent rationing. But after Biden siphons off 180 million barrels, that fail-safe capability will fall from six weeks to just one month. In the event of, say, a huge natural disaster or a war, the lack of an extra 11 days of capacity could prove devastating.
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