Steve Moore on America's Depleted Strategic Petroleum Reserve and Wage Growth

Strategic Petroleum Reserve Depletion

• ⚠️ The Strategic Petroleum Reserve (SPR) is currently at less than half capacity, holding only 42 million barrels.
• 🎯 This depletion is attributed to President Biden's decision to use the reserve to artificially lower gasoline prices for political gain.
• 💰 Rebuilding the reserve is estimated to cost $20 billion, with only a small fraction requested from Congress so far.
• 📉 Congress also mandates the sale of approximately 100 million barrels over five fiscal years to fund public spending, further shrinking the reserve.

Biden's Energy Policy Criticisms

• ⚡ Biden is criticized for being the first president to use the SPR for purely political reasons, without an international crisis.
• 🚫 His administration's cancellation of pipelines and perceived destruction of energy infrastructure are highlighted as detrimental to US energy security.
• ⛽ The argument is made that increased domestic oil and gas production, rather than relying on foreign sources, is the true path to energy security.

Immigration and Border Security

• 📈 Credit is given to Tom Homan for reducing illegal crossings by 92-93% in three months through a 'worst first' approach.
• 🚨 The focus should be on deporting criminals, drug runners, and potential terrorists.
• 🧑‍🌾 For individuals who have been working and committed no crimes other than illegal entry, a policy for reapplication is suggested, acknowledging the need for agricultural workers.
• ⚖️ A tug-of-war is noted between hardliners and those who believe in deporting everyone versus a more nuanced approach.

Blue-Collar Wage Growth Under Trump

• 🚀 Blue-collar wage growth is experiencing its largest increase in nearly 60 years, with real wages for hourly workers up nearly 2% in the first five months of Trump's second term.
• 🏭 This growth is attributed to businesses reinvesting in America through capital equipment and factories, leading to increased hiring and domestic production.
• 📈 Projections suggest wages could rise by 5-6% within a year due to these business investments and a focus on bringing factories back to the US.