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Biden FINALLY takes action to boost domestic oil production by releasing 10 million barrels Strategic Petroleum Reserve, tells companies to help cut prices at the pump and threatens export restrictions after OPEC slash
- Biden to release another 10 million barrels from Strategic Petroleum Reserve as gas prices rise and OPEC Plus cuts production
- He will direct more releases ‘if applicable’, White House says
- The move came after OPEC Plus announced it would cut production by 2 million barrels per day to drive up crude oil prices.
- The government called on oil companies to ‘continue to cut pump prices by closing the gap between wholesale and retail gas prices’
- The administration also warned it will work with Congress on ways to “reduce OPEC’s control over energy prices”
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President Joe Biden will order more oil released from the Strategic Petroleum Reserve as gas prices rise and OPEC has announced it is experiencing its largest production cut in more than two years.
Biden is set to release another 10 million barrels this month and will “continue to send SPR releases as needed to protect U.S. consumers and advance energy security,” White House National Security Adviser Jake Sullivan said. adviser Brian Deese, in a joint statement.
In the statement, the government also called on oil companies to “continue to cut pump prices by closing the historically wide gap between wholesale and retail gas prices.”
The government continued to reiterate its call to reduce the country’s reliance on fossil fuels, warning that it will work with Congress on ways “to reduce OPEC’s control over energy prices.”
President Joe Biden will release another 10 million barrels from the Strategic Petroleum Reserve as gas prices rise and OPEC Plus cuts production – above the Strategic Petroleum Reserve in Freeport, Texas
President Biden also called on oil companies to ‘continue to cut pump prices by closing the gap between wholesale and retail gas prices’
Earlier this week, White House press secretary Karine Jean-Pierre said there were no plans to proceed with the release of the strategic reserve after a six-month effort to release 1 million barrels per day, as planned to the end of this month had passed.
Gas prices, which fell for 99 days, have risen by as much as 60 cents a gallon in recent days in some regions of the country.
But the announcement of Wednesday’s release from reserves came after the OPEC Plus energy alliance announced production cuts in a bid to raise prices as Russian President Vladimir Putin continues his invasion of Ukraine.
Biden and European leaders have pushed for more oil production to give consumers some relief at the pump and to punish Putin for his invasion.
The president has overseen the largest-ever sale of oil from the Strategic Petroleum Reserve after Russia’s invasion of Ukraine. Biden has released 160 million barrels of crude oil since March, pushing reserves to the lowest level in four decades.
The White House rejected Wednesday’s decision by OPEC Plus, which controls 40% of world crude oil production, to cut production by two million barrels a day, representing about 2% of global oil production.
“Look, it’s clear that OPEC plus is joining Russia with today’s announcement,” Jean-Pierre said on Wednesday.
Energy ministers of the OPEC cartel, of which Saudi Arabia is the leading member, and allied non-members, including Russia, met in person for the first time since early 2020 at the group’s headquarters in Vienna.
As for the decision to cut production, Saudi oil minister Prince Abdulaziz bin Salman said the group acted out of concerns about a downward trend in the global economy that could lead to weakening oil demand and lowering prices. would fall.
“We’d rather be preventive than regret,” he said.
The Bryan Mound Strategic Petroleum Reserve, an oil storage facility, can be seen in this aerial view over Freeport, Texas
After gas prices fell over the summer, US gas prices have risen again since early fall
Their decision to cut production could send pump prices rising again after the White House celebrated their record-breaking fall this summer. They have already started backing up in the past few weeks.
But a sudden spike would be a particularly worrisome setback with the November midterm elections just over a month away.
Voters have labeled inflation and a high cost of living as some of their top concerns. Many Democrats fear voters will vent their frustration at the high prices of food and gas on their party when control of Congress is decided on Nov. 8.