An oil industry executive, Mike Sommers, ripped into Biden’s “willy-nilly” energy policy. He is also giving a warning that we may experience another “major crisis” as soon as in the next few weeks. The Strategic Petroleum Reserve is falling “dangerously low.”
“The Strategic Petroleum Reserve, unfortunately, has become the strategic political reserve. And we have grave concerns about how it has been so politicized. This is for emergency purposes, not to lower gasoline prices during a time during a political season,” Sommers said Friday on “Mornings with Maria.” “But I think doing this willy-nilly and doing it in a way that that doesn’t make sense for the market we’re in, we could be dealing with another major oil crisis here in the next few weeks.”
“We’re also real concerned, Maria, about how low it has gone. Lowest level since 1984, not necessarily because of market conditions, but because of political concerns,” Sommers continued.
Sommers is stating just how important it is to refill the reserve, he is also asking to do this without the politics.
“The best plan, in my view, is for us not to continue to use it in a way that is for political purposes and rather do it in a market-based way. And if there is an emergency, that’s what this is for. And the real concern is that 1984, when it was at the levels that we’re in currently, we were using 20% less oil,” Sommers told host Maria Bartiromo.
“As the economy has continued to grow, we’re going to need more in the SPR, of course. But let’s do this in a way that makes sense for the market. Not that not in a way that does it for political purposes,” the CEO continued.
The last time I checked President Biden wasn’t an expert in oil and oil reserves! Why isn’t he and his administration listing to the people who are experts? I know I would feel better if they would.
