Biden Planning To Release More Oil Barrels From Reserve
(ConservativeHub.com) – The Strategic Petroleum Reserve (SPR) is a stockpile of oil owned by the United States government. It helps the nation and allies avoid supply disruptions, allowing the country to meet its commitments to the international energy program. President Joe Biden has used the SPR to help bring down prices at the pump nationwide since the fall of 2021, and he plans to continue to do so.
National Security Advisor Jake Sullivan and National Economic Council (NEC) Director Brian Deese released a joint statement explaining the administration’s disappointment at the OPEC+ cartel’s decision to reduce oil production by two million barrels per day despite the ongoing issues within the industry. In response, President Biden committed to releasing another 10 million barrels from the reserves in November, hoping it might drive down prices at the pump for Americans.
Biden administration officials have spent more than a week in discussions, seeking to minimize production cuts by OPEC Plus, the group led by Saudi Arabia, in an effort to keep global oil prices from rising drastically. https://t.co/VTeJ9dYyzZ
— NYT Politics (@nytpolitics) October 5, 2022
The president initially committed to releasing one million barrels per day in March for six months. This was expected to amount to about 180 million barrels overall.
The White House contends the goal is only to help Americans by keeping gas costs from spiking again. However, it’s unclear how much of an impact it will have. What do you think? Do you believe the Biden administration’s plan will help protect Americans’ wallets?
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