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."
Subscribe to 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."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
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.
-
'Make legal immigration a more plausible option'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
LA-to-Las Vegas high-speed rail line breaks ground
Speed Read The railway will be ready as soon as 2028
By Peter Weber, The Week US Published
-
Israel's military intelligence chief resigns
Speed Read Maj. Gen. Aharon Haliva is the first leader to quit for failing to prevent the Hamas attack in October
By Justin Klawans, The Week US Published
-
'Elevating Earth Day into a national holiday is not radical — it's practical'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Ukraine cheers House approval of military aid
Speed Read Following a lengthy struggle, the House has approved $95 billion in aid for Ukraine and Israel
By Peter Weber, The Week US Published
-
'Republicans want to silence Israel's opponents'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Poland, Germany nab alleged anti-Ukraine spies
Speed Read A man was arrested over a supposed Russian plot to kill Ukrainian President Zelenskyy
By Peter Weber, The Week US Published
-
Israel hits Iran with retaliatory airstrike
Speed Read The attack comes after Iran's drone and missile barrage last weekend
By Peter Weber, The Week US Published
-
Peter Murrell: Sturgeon's husband charged over SNP 'embezzlement' claims
Speed Read SNP expresses 'shock' as former chief executive rearrested in long-running investigation into claims of mishandled campaign funds
By Arion McNicoll, The Week UK Published
-
Mark Menzies: Tories investigate MP after 'bad people' cash claims
Speed Read Fylde MP will sit as an independent while party looks into allegations he misused campaign funds on medical expenses and blackmail pay-out
By Arion McNicoll, The Week UK Published
-
'A direct, protracted war with Israel is not something Iran is equipped to fight'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published