President Joe Biden is set to announce the release of 15 million barrels of oil from the nation’s Strategic Petroleum Reserve on Tuesday, according to a senior administration official.
The move is part of a coordinated effort with other countries to lower gas prices for Americans. The official said the White House has been coordinating with allies, including China, India and Japan, to release oil from their reserves as well.
The release of oil from the Strategic Petroleum Reserve is a significant step, as it is the first time the U.S. has tapped into its emergency oil supply since 2011. The reserve is meant to be used in the event of a major disruption to the oil supply, such as a war or natural disaster.
However, the Biden administration has argued that the current situation, with gas prices at their highest level in seven years, warrants the release of oil from the reserve. The official said the administration believes the release will help to lower gas prices for Americans and provide some relief to consumers.
The release of oil from the Strategic Petroleum Reserve is likely to be met with some criticism from Republicans, who have argued that the Biden administration’s policies have contributed to the rise in gas prices. However, the administration believes that the release is necessary to address the current situation and help lower gas prices for Americans.
The decision to release oil from the Strategic Petroleum Reserve comes as the Biden administration is facing pressure to take action to lower gas prices. The average price of a gallon of gas in the U.S. is now over $3.40, up from $2.39 a year ago. The rise in gas prices has been driven by a number of factors, including the global economic recovery from the COVID-19 pandemic, the war in Ukraine, and the Biden administration’s decision to cancel the Keystone XL pipeline.
The release of oil from the Strategic Petroleum Reserve is a short-term solution to the problem of high gas prices. In the long term, the Biden administration will need to work with Congress to pass legislation that addresses the underlying causes of high gas prices, such as the lack of investment in renewable energy and the dependence on foreign oil. .
