Biden seeks to lower gas prices by releasing oil from the Strategic Petroleum Reserve
The United States will release 50 million barrels of oil from the Strategic Petroleum Reserve in a bid to lower gas prices, the White House has announced.
The White House said Tuesday the Department of Energy will take this step as President Biden seeks to use "every tool available" to help Americans who are feeling "the impact of elevated gas prices at the pump and in their home heating bills." The releases will happen in parallel with China, India, Japan, the Republic of Korea, and the United Kingdom.
Democrats including Sen. Elizabeth Warren (D-Mass.) previously wrote to Biden and urged him to "consider all tools available at your disposal to lower U.S. gasoline prices," including "a release from the Strategic Petroleum Reserve and a ban on crude oil exports," per CNN. CNN reported, though, that Biden "had been privately advised that tapping into the reserve wouldn't do much to alleviate the current problems," and The Washington Post reports that experts "have consistently said such a release would do little to lower prices at the pump."
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Conservative commentator Scott Jennings dismissed the move announced Tuesday as a "meaningless PR stunt," while Jared Bernstein, a member of the White House Council of Economic Advisers, argued on CNN it will "help middle class consumers get through this period of elevated prices." Bernstein added he believes this will last "until the oil market kind of comes down on its own."
The White House said that Biden "stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic."
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Five takeaways from Plaid Cymru’s historic Caerphilly by-election winThe Explainer The ‘big beasts’ were ‘humbled’ but there was disappointment for second-placed Reform too
-
A journey through Trinidad’s wild heartThe Week Recommends Experience the island’s natural wonders, from watching baby turtles hatch to visiting an ancient bat cave
-
Will latest Russian sanctions finally break Putin’s resolve?Today's Big Question New restrictions have been described as a ‘punch to the gut of Moscow’s war economy’
-
NY attorney general asks public for ICE raid footageSpeed Read Rep. Dan Goldman claims ICE wrongly detained four US citizens in the Canal Street raid and held them for a whole day without charges
-
Trump’s huge ballroom to replace razed East WingSpeed Read The White House’s east wing is being torn down amid ballroom construction
-
Trump expands boat strikes to Pacific, killing 5 moreSpeed Read The US military destroyed two more alleged drug smuggling boats in international waters
-
Trump demands millions from his administrationSpeed Read The president has requested $230 million in compensation from the Justice Department for previous federal investigations
-
Trump nominee in limbo after racist texts leakSpeed Read Paul Ingrassia lost Republican support following the exposure of past racist text messages
-
Trump begins East Wing demolition for ballroomspeed read The president’s new construction will cost $250 million
-
Appeals court clears Trump’s Portland troop deploymentSpeed Read A divided federal appeals court ruled that President Trump can send the National Guard to Portland
-
Millions turn out for anti-Trump ‘No Kings’ ralliesSpeed Read An estimated 7 million people participated, 2 million more than at the first ‘No Kings’ protest in June
