In May, President Biden announced the release of millions of barrels from the Northeast Gasoline Supply Reserve to decrease gas prices ahead of the 4th of July. This decision has been criticized as both unstrategic and unnecessary. Critics argue that America already possesses the resources and technology required to increase supply and reduce gas prices without compromising national security and future economic prosperity.
"America already has the resources and technology needed to get supply up and gas prices down," a critic stated. They emphasized that what is needed is permitting reform to facilitate the use of these resources effectively.
Regrettably, Washington has constructed numerous barriers obstructing American energy production. Now, they attempt to mitigate policy shortcomings by releasing millions of barrels from strategic reserves. In addition to tapping into the Northeastern reserve, Washington has also sold around half of the nation's strategic petroleum reserves, intended to safeguard the American economy against unexpected shocks, wars, or disasters.
"Our strategic oil stockpile went from 638 million barrels to less than 370 million in less than four years," noted another observer. They argued that depleting these reserves for short-term price relief is a temporary solution with potential long-term consequences.
The federal government has been accused of actively hindering the American energy industry by entangling projects in regulatory red tape, canceling oil leases, and halting pipeline developments which could reduce energy costs.
"If Washington wants to get energy prices down, it should just get out of the way and let the American energy industry work its magic," another commentator suggested.
Historical evidence indicates that Americans consistently demonstrate resilience, entrepreneurship, and drive—qualities that have built prosperity time after time. The same potential exists today if barriers are removed.
"Abundant, affordable, and reliable energy will bring down many hurdles that keep us from our full potential," said an advocate for reform.
In conclusion, there is a belief that America possesses all necessary resources to achieve economic success through permitting reform rather than depleting strategic reserves.
