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 October 23, 2022

Economist predicts Biden's release of oil from the reserves will backfire big time

Larry Summers, a Harvard professor and economist, believes that President Joe Biden's decision to release oil from America's Strategic Petroleum Reserve is going to backfire in a big way. 

Summers made the prediction during a recent interview on Bloomberg News' Wall Street Week. 

It's worth pointing out that Summers is no Republican - far from it. He was part of both the administrations of former presidents Bill Clinton and Barack Obama.

During his Bloomberg interview, Summers offered his take on Biden's recent decision to release another 10 million barrels of oil from America's Strategic Petroleum Reserve. Biden, during his presidency, has now released over 200 million barrels from the reserve, which has the reserve at its lowest level since 1984.

Biden made the decision after OPEC+ announced that it would be cutting oil production by 2 million barrels per day. The point of Biden's decision, of course, is to help with the ongoing energy crisis, which has oil and gas prices soaring.

Summers, however, believes that any short-term benefit here will be significantly outweighed by the long-term consequences of the oil release.

The problem, according to Summers, is that "whatever you put out there, you're going to have to get back in at some point, and that's going to have the opposite impact on oil prices."

Summers went on to predict that "oil price spikes" are "going to happen."

Indeed, it really is as simple as that. And, it means that unless something is done about the situation, such as getting oil production going here in America - which Biden refuses to do - things, believe it or not, are going to get worse for the country.

Written By:
Oliver Winters

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