Hello and welcome. It is Eric Erickson here. I hope you're doing great today and it's not raining where you are.

My gosh, I woke up to thunder early this morning. Ah, in any event, the phone number, 87797-973-725. If you want to be on the program, there is some breaking news we've got to get to out of the gate.

The Biden administration is announcing it will release a million barrels of oil from the Strategic Petroleum Reserve in hopes of reducing gas prices in the country.

So it's notable for a couple of things, a couple of reasons.

Keep in mind that this is going to have to be refilled at some point.

Now, it looks like according to the White House release, it'll be a million barrels of oil on average a day for the next six months.

This is to shore up global supplies because OPEC is not increasing.

There are a couple of points here that have to be made.

First of all, the Biden administration said there was nothing they could do to lower gas prices.

That is number one, you got to remember.

They said there was nothing they could do.

And now they're doing this.

By the way, gas prices have started to come back down

already. And now they're doing it. Why? They said there was nothing they could do. And keep in mind,

it's got to be refilled later, which will curtail global supplies.

Oil prices fell sharply Wednesday night after Bloomberg Reuters and others reported on Biden's expected announcement with the U.S. benchmark West Texas crude down more than 4%.

And the Brent crude from Europe seen a similar drop.

They told us this wouldn't happen.

The Biden administration specifically said there was nothing they could do in the immediate

short term to lower gas prices.

When I pointed out a few weeks ago that back in 2008 when George W. Bush said we would start expanding drilling in the Gulf of Mexico, Democrats called me a liar.

They said I was making it up. I had the data. I showed them. They said it was different. I was obfuscating.

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