Saudi Arabia is warning that President Joe Biden's politically motivated draining of the Strategic Petroleum Reserve could cause serious problems for the United States in the near future.
Saudi Arabia's energy minister Prince Abdulaziz bin Salman said some countries were using their emergency oil stocks to manipulate markets when their purpose should be to mitigate any shortages of supply https://t.co/cwFJ5FHXIG pic.twitter.com/FkApYYYXhR
— Reuters (@Reuters) October 26, 2022
Last week President Biden announced yet another 11 million barrel release from the SPR, falsely claiming the move will lower gas prices for American families at the pump. The SPR is now at its lowest level since 1984 with just 17 days worth of supply left. The White House has been vague about when the Biden administration plans to refill the reserve after Democrats rejected a 2020 proposal from President Donald Trump to fill the SPR at $20 per barrel.
⚠️ #BREAKING: Ahead of the midterm elections, a desperate Biden administration to release ANOTHER 10-15 million oil barrels from nation’s emergency stockpile (Strategic Petroleum Reserve; SPR). #ampFW https://t.co/qAULhtG1IM
— FreedomWorks (@FreedomWorks) October 18, 2022
Biden drained our Strategic Petroleum Reserve to the lowest levels since 1984. Rather than stop the war on energy-- specifically pipelines, refineries, drilling, & exploration--he risks our national security in a gamble to temporarily lower prices in time for Election Day. @WSJ pic.twitter.com/eqJilxbun2
— Joel Griffith (@joelgriffith) October 20, 2022
Earlier this month the Saudi Embassy in Washington D.C. released a letter exposing that President Biden attempted to pressure OPEC into delaying an announcement on oil production until after the 2022 midterm elections.
"The Government of the Kingdom of Saudi Arabia would also like to clarify that based on its belief in the importance of dialogue and exchange of views with its allies and partners outside the OPEC + group regarding the situation in the oil markets, the Government of the Kingdom clarified through its continuous consultation with the US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences," the Embassy released in a statement. "Resolving economic challenges requires the establishment of a non-politicized constructive dialogue, and to wisely and rationally consider what serves the interests of all countries."
A statement from the Ministry of Foreign Affairs regarding the statements issued about the Kingdom following the OPEC+ decision. pic.twitter.com/Bo7JVPDzFo
— Foreign Ministry 🇸🇦 (@KSAmofaEN) October 12, 2022
Join the conversation as a VIP Member