By Thomas Catenacci
Daily Caller News Foundation
President Joe Biden’s decision to tap the U.S. Strategic Petroleum Reserve (SPR) was derided by top GOP lawmakers and experts who said the move was political and won’t move the needle on gasoline prices.
The federal government will release 32 million barrels of oil from the SPR and accelerate the release of 18 million barrels that had already been congressionally mandated, the White House announced Tuesday. Biden’s move to release crude oil from the nation’s emergency reserves was made alongside China, India, Japan, South Korea and the U.K., marking the first internationally coordinated release of emergency oil reserves.
However, experts suggested that the action was likely a political reaction to ever-rising prices at the pump and said it wouldn’t have a significant long term effect.
“It’s possible to say, ‘okay, this is something that politically, if not economically, requires intervention.’ The problem might be that, actually they started talking about doing something back in August,” Kevin Book, a National Petroleum Council member and managing director of ClearView Energy Partners, told the Daily Caller News Foundation.
“The White House was aware of these rising prices and concerned about them, and started taking steps towards intervention and created an expectation for intervention,” he continued. “So, even if the economic reality of five or maybe 10 cents a gallon of short term impact isn’t that big of a deal,