President Joe Biden announced on Tuesday that the Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve in an effort to reduce prices amid the global energy crisis.
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The release will be made alongside other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom, the White House said, and is the first move of its kind.
Of the 50 released, 32 million barrels will be an exchange over the next several months and 18 million barrels will be an acceleration of oil sales that Congress had previously authorized.
“The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic,” the White House’s statement said.
This decision comes as the United States is facing some of the highest oil prices in 7 years.
In Massachusetts, gas prices are averaging $3.42 per gallon right now, according to GasBuddy, up $1.36 from last year and up 8.8 cents from last month.
The crisis is caused by strong demand not being met by oil suppliers. U.S. oil production has been slow rebounding from the pandemic, even as prices are increasing. For example, heating bills are expected to jump as much as 54% compared to last winter. CNN reported that US oil companies are more focused on returning cash to shareholders who have lost money in the last 10 years than they are in oversupplying the market.
Meanwhile, the president said he remains committed to clean energy goals, as the country continues to work towards a strong economy recovery from the pandemic. The White House also said the president is helping address oil supply imbalances in the world.
“He is also focused on how consolidation in the oil and gas sector may be resulting in anti-competitive practices that keep American consumers from benefitting when oil prices fall,” the White House said. “There is mounting evidence that declines in oil prices are not translating into lower prices at the pump. Last week, the President asked the Federal Trade Commission to examine what is going on in oil and gas markets and to consider ‘whether illegal conduct is costing families at the pump.’”
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Thanks to somebody else building up reserves, Mr Incompetent has something to fall back on to cover his screw-up.
“The crisis is caused by strong demand not being met by oil suppliers.” No—the crisis is caused by Joe Biden’s relentless assault on the fossil fuel industry since he stole office. With the stroke of a pen, he eliminated hundreds, if not thousands, of well-paying jobs that previously existed. He has stopped drilling on federal lands and canceled the Keystone Pipeline project. He has eliminated our energy independence.
No—this is squarely on Joe Biden.
Let’s Go Brandon
If democrat Socialist President Joe Biden finds the American Economy is zfailing,, all he has to do is ask himself, ” What Would Republican Former Republican president, Donald Trump do to revive the soory state its in and( do it .)
Folks , Joe is not making ANY DECISIONS himself. You should have figured that out by now. This release of 2& 1/2 days of oil supply is just to make us think they are concerned. Some think that they want to use up our reserves to further wreck our country.
SINCE supposedly these barrels are being SOLD TO FOREIGN NATIONS.. How exactly is this release going to help WE AMERICANS out??
Just more Biden crime family manipulation of self enrichment. He empties the strategic oil reserve whifch Trump filled at $35-40/barrel of Made In AMerica oil, so he can refill it with Russian, Iranian, and Middle east oil at $85/barrel with the usual 10% going back to the Biden crime family in the form of laundered money like $500K Hunter sold paintings or salaries for Hunter on Chinese, Ukranian and Russian board of directors. TRAITOR is too mild a word for this Presidential criminal who hides his criminality in faked aged senility. That giant sucking sound is the sound of your car engines dying from lack of fuel as your misdirected tax dollars get vacuumed up by the Bidens.
ALL the while, THEIR travel, isn’t hindered by high prices..
First he closed the pipelins and shut down production on Government lands to limit the oil quantity produced., driving up the price in inflation. Now he empties the Strategic oil reserve so if war breaks out our tanks run dry like the Germans in the battle of the bulge, thenhe sells the strategic oil to the Chinese for the profit difference between the $35-40/barrel Trump spent to fill the reserve and the $85/barrel paid by the Chinese with his 10% kicked back to his crime family in the form of Chinese laundered money. Then he makes WE THE PEOPLE refil the strategic oil reserve by buying oil from the Russians at $85/barrel and gets anothert 10% kickback in more laundered Hunter bought art. Its the old Socialist leadership double dip where THE PEOPLE get fleeced and the leaders go into winter wearing thier warm fur coats in warm heat filled homes while WE THE PEOPLE just look in through the glass with our frozen noses stuck to the windows with empty bellies and empty gas tanks
he created this debacle on purpose. now using a drop in the buckt to placte us! this will do nothing to help us! we the peasants cannot afford to live like this. cannot afford to buy a car.do not want to live as they are puttimg us on the track towards. sad
Let’s see now . . . during Trump’s tenure we were oil independent, we had the historically lowest unemployment rates for blacks, latinos and women, jobs were opening up because corporations were returning to the States where the tax situation had become more bearable, our Southern border was coming under control nicely and Trump had brokered a peace deal among several Arab countries and Israel.
And now . . .
Way to go, Joe! You’ve given us the textbook example of how defeat can be snatched from the jaws of victory! What’s my reaction?
LET’S GO, BRANDON!!!
ITS NOT all down to evil joe.. ITS ALSO down to the spineless cowards in the GOP.
I never thought I’d see a President who is WORSE than Jimmy Carter, but Joe Brandon has made Jimmy Carter look like a Policy GENIOUS!
OF COURSE, Joe Brandon has SCREWED UP our Oil Industry (just as he and his fellow Democrats WANTED to do), made us DEPENDENT on foreign Oil imports (and for you Democrats, that means SENDING OUR DOLLARS to foreign countries, when we USED to be SELLING our oil [and MAKING MONEY from other countries]).
Jimmy Carter had a Hostage Crisis (the Iranian Hostage Crisis), but Joe Brandon has CREATED ONE (by ABANDONING [maybe we should spell it aBRANDONing] Americans and our allies in Kabul [AND leaving our military equipment for them to use against us])!
Yet, you know we STILL have MORON Democrats (I know, that’s nearly ALL of them) who will blindly continue to vote FOR their party (even when the “leaders” of their party are sabotaging this country)
Admit it: EVERYTHING the Democrats touch, turns to ****!
ANd with the utter destruction of our nation, literally happening before their eyes, THOSE Voters, STILL REFUSE TO wake the hell up, and STOP VOTING DEMOCRAT…
all in the great plan to take down our country. the puppet probably not even aware of what he reads no less comprehends
Was it NOT Joe O’biden who said, just a few short months ago (on camera), that releasing the oil reserve would be a gimmick and would not effectively lower prices one bit?