Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve In Bid to Cool Surging Prices

The Epoch Times Header

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nationโ€™s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump.

โ€œAmerican consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,โ€ the White House said in aย Nov. 23 statement.

Crude oil prices have surged to seven-year highs, with global demand seeing a sharp rebound from the pandemic lows. Republicans have blamed Bidenโ€™s policiesโ€”such as nixing the Keystone XL pipeline project and freezing new oil and gas drilling leases on federal landโ€”for contributing to rising prices.

Insisting that Biden โ€œis using every tool available to him to work to lower prices and address the lack of supplyโ€ of oil, the White House said the U.S. Department of Energy will make available 32 million barrels of crude under an exchange mechanism from all four SPR storage sites. On top of this, another 18 million barrels will be made available by accelerating the sale of crude from the SPR under a previous congressional authorization.

โ€œAs we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,โ€ U.S. Secretary of Energy Jennifer M. Granholm, said in a statement.

The White House said the release of the reserves was made in concert with other releases from strategic reserves by China, India, South Korea, Japan, and Great Britain.

Reacting to the White House announcement, House Minority Leader Kevin McCarthy (R-Calif.) said the SPR releaseโ€”which represents just a few days of U.S. domestic demandโ€”was unlikely to have a significant impact.

โ€œPresident Bidenโ€™s decision to tap Americaโ€™s strategic reservesโ€”which will release just 3 daysโ€™ worth of oil onto the marketโ€”is not about a real solution to our energy crisis,โ€ McCarthy said on Twitter.

โ€œThe real solution to your energy crisis is to let America produce the energy we have and need,โ€ McCarthy said in aย follow-on comment on Twitter.

Byย Tom Ozimek

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Columns

Trans-wormal

No worm ever said "I am anthropomorphizing, I am a butterfly" to a toad or flock of geese and expected acknowledgement and support.

In Greenlandโ€™s Icy Capital, Past Troubles Haunt Hopes for the Future

As geopolitical realities and ongoing economic growth raise the stakes, U.S. interest in Greenland and the dream of independence may change things in a big way.

How a Chinese Government Statistician Was Forced to Report Fake Data

Chinese local govt employee produced a non-authorized report on bees and was visited by police and threatened with being sent to a mental hospital.

โ€˜This One Time, at Groomer Campโ€™

All Camp Brave Trails programs focus on helping LGBTQ+ youth find what they need most to thrive: their people, their place, and their passion.

Why Recognizing a Palestinian State Now Undermines U.S. Interestsย 

A recent American Conservativeย article suggests President Trump recognize a Palestinian state, but this would undermine the interests of the United States.

News

Guatemalan Deportee Arrives in US After Judge Orders Trump Admin to Facilitate Return

โ€œAmericaโ€™s asylum system was never intended to be used as a de facto amnesty program or a catch-all, get-out-of-deportation-free card,โ€ McLaughlin said.

Trump-Musk Feud Escalates Over Spending Bill: 5 Things to Know

A public feud between Musk and Trump took a turn for the worse. Musk claimed president wouldnโ€™t have won without him and president suggested Muskโ€™s subsidies could be pulled.

Supreme Court Rules 9-0 Wisconsin Violated First Amendment by Denying Tax Exemption to Catholic Charity

Supreme Court ruled unanimously that WI violated the First Amendment by not granting Catholic charity an exemption from paying unemployment tax.

Appeals Court Rules San Diegoโ€™s Yoga Ban Is Unconstitutional

The city of San Diegoโ€™s ban on yoga classes in public parks and beaches was ruled unconstitutional by a federal appeals court.

Supreme Court Rejects Mexicoโ€™s Lawsuit Against Gun Companies

SCOTUS said gun companies should not face lawsuit in which Mexican govt was trying to hold them liable for cartel-related violence involving firearms from US.

FDA Not Recommending Newly Approved COVID-19 Vaccine: Official

FDA approved a new COVID-19 vaccine but is not recommending people receive it, the agencyโ€™s top vaccine officials said on June 4.

Self-Sufficiency Summits in Ohio Reflect Surging Interest in Homesteading

After an age of reliance on store-bought items, many Americans are returning to a self-sufficient lifestyle and growing and raising the food they consume.

Judge Requires Trump Admin to Provide Due Process for Deportees in El Salvador Prison

Boasberg ordered Trump admin to provide habeas relief for individuals it deported and are held in Salvadoran maximum security prison.
spot_img

Related Articles