by WorldTribune Staff, November 21, 2021
Joe Biden’s decision to reverse President Donald Trump’s policies which led to American energy independence have already hit the nation hard at the gas pump and, as winter takes old, households which use heating oil will see a 40 percent increase in prices.
In the aftermath of killing the Keystone Pipeline and suspending new drilling on federal land, Biden’s approval ratings have sunk to historic lows.
Since OPEC has repeatedly rebuffed his pleas for an increase in production, Biden is now begging Chairman Xi Jinping, leader of communist China, for help.
With the cameras turned off following their virtual meeting on Tuesday, Biden asked Xi to release China’s oil reserves as the United States prepares to do the same.
JunkScience.com founder Steve Milloy noted in a Nov. 16 tweet that Biden asked Xi for the favor instead of asking U.S. “frackers to step up production? Biden hates America.”
“One of the pressing issues for both sides is energy supply,” the South China Morning Post cited a source who requested anonymity as saying.
“Currently, the energy departments from both sides are negotiating the details,” the source said, adding that China is open to the U.S. request but has not committed to specific measures yet, citing the need to consider its domestic consumption needs.”
The U.S. has the world’s largest reported strategic petroleum reserve at 727 million barrels. China, the world’s largest importer of crude oil by far, has about 200 million barrels in reserve.
With or without Xi, Team Biden is likely to announce soon that it will start to gradually release strategic petroleum reserves into the market early next year.
A White House readout said Biden and Xi “discussed the importance of taking measures to address global energy supplies.”
Team Biden has also asked Japan, South Korea and India to release their reserves, according to CNBC.
Under Trump, the United States had achieved energy independence — producing more than it consumed — for the first time since the late 1950s, according to the Institute for Energy Research.
Trump administration Secretary of State Mike Pompeo noted of the Biden-Xi summit: “It was Biden who acquiesced to Xi’s demand for the virtual summit, which served to legitimize the global malign acts of the Chinese Communist Party and damage America’s prestige. It was Xi who had a clear agenda of intimidating Biden, and when matched against his weakness, ended in the American president talking for talking’s sake, strengthening Xi and the Chinese, and eroding American power.”
Pompeo added: “The Biden approach to the CCP is based upon the fantasy that if we are more accommodating to the bully, the bully will stop being a bully. Throughout modern history, the name for that policy is called appeasement. And it has always ended badly.”