Toomey: Biden Tapping Petroleum Reserve Won’t Work, OPEC Will Just Cut Production to Keep Prices High

On Tuesday’s broadcast of the Fox News Channel’s “Special Report,” Sen. Pat Toomey (R-PA) argued that President Joe Biden tapping the Strategic Petroleum Reserve won’t work to reduce gas prices because “the swing producers in OPEC can decide to just scale back what they produce to make sure that the prices stay high.” And that “you can’t begin the process of crushing supply and not expect to see a price spike.”

Toomey said, “[T]he very first thing…or certainly, one of the very first things this president did was shut down the Keystone Pipeline, a tremendous source of oil, suspending the ability to drill for oil and gas in places where we have oil and gas. And so, nobody should be surprised and I don’t think most Pennsylvanians are surprised that prices are going through the roof, supplies are shrinking. And now, the president goes around pleading with OPEC countries to increase their production, how ridiculous. And this isn’t going to work, this — the Strategic Petroleum Reserve. He releases some oil from that, the swing producers in OPEC can decide to just scale back what they produce to make sure that the prices stay high. You — fundamentally, you can’t begin the process of crushing supply and not expect to see a price spike.”

Follow Ian Hanchett on Twitter @IanHanchett

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