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."
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.
-
Will Donald Trump wreck the Brexit deal?
Today's Big Question President-elect's victory could help UK's reset with the EU, but a free-trade agreement with the US to dodge his threatened tariffs could hinder it
By Harriet Marsden, The Week UK Published
-
Marine Le Pen's fake jobs trial
The Explainer The far-right French leader could face a fine, jail time, and a five-year ban from public office if found guilty of embezzlement
By Abby Wilson Published
-
How to earn extra cash for Christmas
The Explainer The holiday season can be expensive but there are ways to bolster your festive finances
By Marc Shoffman, The Week UK Published
-
Pentagon Discord leaker gets 15 years in prison
Speed Read Jack Teixeira, a Massachusetts Air National Guard member, leaked classified military documents
By Peter Weber, The Week US Published
-
Saudi crown prince slams Israeli 'genocide' in Gaza
Speed Read Mohammed bin Salman has condemned Israel’s actions
By Peter Weber, The Week US Published
-
Trump fills key slots, tapping Congress, MAGA loyalists
Speed Read The president-elect continues to fill his administration with new foreign policy, environment and immigration roles assigned
By Rafi Schwartz, The Week US Published
-
Haiti council fires prime minister, boosting chaos
Speed Read Prime Minister Garry Conille was replaced with Alix Didier Fils-Aimé
By Peter Weber, The Week US Published
-
Trump tells next Senate GOP leader to skip confirmations
Speed Read The president-elect said the next Senate majority leader must allow him to make recess appointments
By Peter Weber, The Week US Published
-
Fed cuts rates, chair says he won't quit if Trump asks
Speed Read Jerome Powell was noncommittal on future rate cuts that were expected before Trump won the election
By Peter Weber, The Week US Published
-
'The problem with deliverism is that it presumes voters will notice'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Judge revives plea deal for 9/11 suspects
Speed Read A military judge has ruled to restore the plea deals struck by 9/11 mastermind Khalid Sheikh Mohammed and two co-conspirators
By Peter Weber, The Week US Published