Energy industry insider and attorney said that President Joe Biden is using the strategic oil reserve illegally for political gain and causing irreversible damage.
The White House announced on Oct. 18 that there are about 400 million barrels of crude oil remaining in the strategic petroleum reserve. It means the Biden administration has eliminated 34 years of strategic oil reserve stockpiling and pushed the reserve level down to the 1984 level.
Jay Young, the founder and president of King Operating Corporation, believes that Biden is reducing the strategic reserve improperly for political gain.
Young came from a family with over 100 years of combined experience in the oil and gas business. His company invests $100 million a year in finding and improving oil production facilities.
“He drained a third of our strategic reserves because he wants to win an election. And that’s not what the strategic reserves are supposed to be used for. They’re used for war and in times when we couldn’t get enough oil because of the war. That’s what the strategic reserve is used for,” he told The Epoch Times.
“Biden is using it like a Ponzi scheme,” he added.