Biden To Release 1 Million Barrels Of Oil Per Day For 6 Months

WASHINGTON, DC (March 31, 2022)— President Joe Biden Delivers remarks on his administration’s actions to reduce high energy prices and low gas prices at the pump. 

Highlights:

Biden Blames COVID-19 and Putin For Oil Prices:

  • Biden claims that the pandemic increased the demand of oil…and shot the prices up last year.
  • In 2022, Biden continues to blame Putin’s war for the decrease of oil and increase prices.
  • Biden implements use it or lose it policy. 
  • Biden’s dies the high oil cost to climate control.
  • Biden to use the 

Tapping the stockpile would create pressures that could reduce oil prices, though Biden has twice ordered releases from the reserves without causing a meaningful shift in oil markets.

Part of Biden’s concern is that high prices have not so far coaxed a meaningful jump in oil production. The planned release is a way to increase supplies as a bridge until oil companies ramp up their own production, with administration officials estimating that domestic production will grow by 1 million barrels daily this year and an additional 700,000 barrels daily in 2023.

Biden’s decision follows “OPEC and allied oil producers including Russia decided Thursday to stick to a modest increase in the amount of crude they pump to the world, a step that supports higher prices even as the Biden administration plans to try to lower them by releasing oil from strategic reserves,” wrote AP News.

Diesel fuel for trucks, farm equipment and factories has also jumped in price, to a U.S. average of $5.25 per gallon, up $2.02 from a year ago, according to the U.S. Energy Information Administration.

 

Related articles: OPEC AND ALLIED OIL PRODUCERS STICK TO A MODEST INCREASE IN CRUDE OIL

Source: AP News contributed to the article.

 

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