The Biden Administration has announced the US will tap the Strategic Petroleum Reserve to help calm the rapid ongoing rise in fuel prices.
The US plans to release 50 million barrels of crude from the SPR. The move is a coordinated effort between energy-consuming nations including China, UK, India, and Japan.
Tony Katz believes we need to utilize our own resources as nation instead.
Our job is to make sure we are energy independent.. The theory is you put much more barrels out into the market it’ll bring down the prices…are we going to pretend to lower costs here while increasing our costs with the purchasing over there?
Katz says this band aid fix from the administration is just a way for Biden look good to Americans.
“This is a play for those who only read headlines to say ‘oh Biden has figured out those gas prices.’ No he hasn’t.”
According to AAA, the national average for a gallon of gas stood at $3.41 on Monday which is up from $2.11 one year ago.
Listen to Tony’s full take here: