July 24, 2024


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Biden is considering freeing one million barrels per day from strategic reserves

Biden is considering freeing one million barrels per day from strategic reserves

A person familiar with the deliberations said the plan being considered includes releasing about 1 million barrels per day from the Strategic Petroleum Reserve for the coming months.

The announcement may come as soon as Thursday, when Biden is set to deliver remarks from the White House on gas prices.

Biden earlier in the month Announced a coordinated release of oil from the reserves jointly with other countries. It also released about 60 million barrels In Novemberwhich he said at the time was the largest reserve issuance in US history.
Exploitation of the reserve — the 600 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas — generally contains only Limited impact on gas prices because of how much oil can be released at one time, but it would be a political signal that Biden continues to face the problem.
In the wake of the Russian invasion of Ukraine, the price of regular gasoline in the United States rose, reaching a A record high of $4.33 gallons earlier in March.

In comments earlier this month, Biden sought to blame the price hike on the Russian president: “Make no mistake: the current rise in gas prices is largely Vladimir Putin’s fault.”

Rulers across the United States They are trying to reduce gas prices at the state level.
Last week, California Democratic Governor Gavin Newsom floated $9 billion suggestion To distribute $400 discount cards to state drivers to help mitigate the impact of the state’s highest gas prices. In Georgia, Republican Governor Brian Kemp – who is facing one of the toughest re-election races in the country – signed a law Project That would return $250 to $500 in tax for Georgians — a move many of his rivals have described as election year political policy. As Democratic Governor Janet Mills faces a competitive re-election campaign in Maine, she has proposed some of the most generous exemptions for eligible taxpayers in her state — in the form of Checks $850 Reducing inflation and gas prices.

This story has been updated with background information.