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LIVE: Biden to Tap Oil Reserves to Tame Energy Prices
Posted
March 31, 2022
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March 31, 2022
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18:47Now Playing(Mar. 31) The U.S. will release roughly a million barrels of oil a day from its reserves for six months beginning in May, a historic drawdown underscoring White House concern about rising gas prices and supply shortages following Russia’s invasion of Ukraine.
President Joe Biden also will invoke Cold War powers to encourage domestic production of critical minerals for batteries for electric-vehicles and other uses, the White House said in a statement. Battery materials will join the list of items covered by the 1950 Defense Production Act.
The White House said that the release from the Strategic Petroleum Reserve was “unprecedented.”
“This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up,” the White House statement added.
Biden will order as much as 180 million barrels released from U.S. reserves over the next several months. He’ll speak about his plan at the White House at 1:30 p.m. in Washington.
Pump prices are weighing heavily on the White House’s political prospects in November, when voters will decide whether Biden’s party will retain control of Congress. The president has struggled to tame both gasoline prices and broader inflation, which is at 40-year highs as the global economy adjusts from pandemic disruptions.
Despite the administration’s assurances last year that gasoline prices would fall in 2022, they have instead risen dramatically. The White House has blamed the increase on Russia’s invasion of Ukraine, noting in its statement that gasoline prices have spiked nearly $1 a gallon since the start of the year.
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