Biden Continues To Flip-Flop On Crude Oil Policies


A year before being inaugurated President in 2021, Biden professed that “we are going to get rid of fossil fuels. Before the recent inauguration, America achieved for the first time since Harry Truman was president about 70 years ago, to finally become crude oil independent and no longer held hostage to unstable Petro-powers and the vagaries of foreign crude oil supplies.

Biden continues flip-flopping his crude oil strategies for America:

  1. For oil: Biden has implemented many sanctions against Russia, but supports America importing 595,000 Barrels of Oil per day from Russia, or almost $60 Billion dollars a day for Russian crude oil.
  2. Against oil:Cancellation of the Keystone XL pipeline that would have provided our country with daily crude oil per day from Canada.
  3. Result: The Keystone Pipeline was expected to transport 830,000 barrels of Alberta tar sands oil per day to refineries on the Gulf Coast of Texas. With Canada unable to pipe the oil to America, they have a buyer in China, thus that oil is now being sent by rail to West coast ports before being loaded onto ships to take it to China. A rail car will hold, on average, 650 barrels, and you can put as many as 100 of them on a train, or 65,000 barrels per train. Thus, it takes 12 trains (crude by rail) each day to move 830,000 barrels to the West Coast where it can them be shipped halfway around the world to China.

  4. For oil: Releasing a 3-day supply of crude oil for America from the U.S. Strategic Petroleum Reserve.
  5. Against oil: Implementing multiple restrictions on domestic oil production. America will be discouraging U.S. energy independence, starting with tightening restrictions on fossil fuel development by suspending Federal Oil and Gas Permits, encouraging the shuttering, and halting of further fracking efforts in America.
  6. For oil: Begging OPEC+ to boost oil production to combat skyrocketing gas prices and spiraling costs for the products from fossil fuels while kneecapping abundant U.S. energy production.
  7. For oil: Now urging the U.S. oil and gas industry to boost production.
  8. Against oil: Biden support banks and investment giants to collude to reshape economies and energy infrastructure with their Environmental, Social and Governance (ESG) divesting in fossil fuels.

The domino effect of tinkering with the supply chain of fossil fuels is supply shortages and soaring prices for not only electricity, but for the thousands of products that support the entire medical industry, all branches of the military, airports, electronics, communications, merchant ships, container ships, and cruise liners, as well as asphalt for roads, and fertilizers to help feed the world.

Read the rest at Eurasia Review.

Ron Stein is an engineer who, drawing upon 25 years of project management and business development experience, launched PTS Advance in 1995. He is an author, engineer, and energy expert who writes frequently on issues of energy and economics.

Photo: courtesy Eurasian Review