Biden Administration to Tap Oil Reserves in Bid to Tamp Down Rising Gas Prices
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Source: NBC News
The federal government is taking the rare step of releasing oil from the nation's Strategic Petroleum Reserve in an effort to address rising gas prices ahead of the holiday season, President Joe Biden said Tuesday.
As part of the move, the Department of Energy will make available 50 million barrels of oil to lower prices and address the mismatch between consumer demand and supply amid the pandemic that has driven prices to their highest levels in seven years, the White House said in a statement.
Biden called the reserve release the largest in U.S. history, and said in an address from the White House that "I will do what needs to be done to reduce the price you pay at the pump."
The action, which has been in the works for several weeks, comes amid growing concern within the White House about inflation as prices rise on everything from fuel to Thanksgiving turkeys. The release of the oil reserves should quickly translate into lower prices at the pump, and officials will be watching to make sure energy companies are passing along lower oil prices to consumers, a senior administration official said Tuesday.
Read more: https://www.nbcnews.com/politics/white-house/biden-administration-tap-oil-reserves-bid-tamp-down-rising-gas-n1284415
This action, along with everything else he covered today, is why I voted for him and why the American people elected him. He listens, he figures out what can be done to help, and he gets it done.
Pay attention, if you're thinking about not voting in 2022. Give this man a more cooperative Congress. Elect committed Democrats.
captain queeg
(10,036 posts)I realize I dont always know the what and whys but have faith hes doing what he can for America.
Omaha Steve
(99,073 posts)Dupe of https://www.democraticunderground.com/10142830736
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