President JoeBiden framed his Thursday announcement of a historic release of America's oil reserves as a 'wartime bridge' to address rising oil prices until domestic companies can ramp up production later this fall.
President Joe Biden framed his Thursday announcement of a historic release of America's oil reserves as a"wartime bridge" to address rising oil prices until domestic companies can ramp up production later this fall.
Biden's comments marked the first time the White House has acknowledged that U.S. companies cannot reduce domestic gas prices in the immediate future. Following his implementation of a ban on Russian energy imports, Biden and other senior administration officials launched a pressure campaign on domestic oil companies to surge production and pass on savings to consumers rather than sit on record profits.
Thursday's announcement includes the phased release of 180 million barrels from the Strategic Petroleum Reserve and calling on Congress to pass legislation penalizing oil and gas companies sitting on dormant oil wells or untapped federal permits. The Department of Energy will use the revenue from the STR release to refill the national stockpile over time.
Furthermore, Biden is invoking the Defense Production Act to boost domestic procurement of critical minerals used in electric car batteries and other high-tech commercial goods. Biden stated it is critical to continue investing in green energy technologies despite the immediate need to surge oil production.
The president could not put a specific figure on how much the action will reduce prices at the gas pump or when people would begin to see prices drop.CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sean Hannity: Hunter Biden laptop story raises concerns if Joe Biden was compromisedFox News host Sean Hannity exposes the Biden family’s questionable business dealings on ‘Hannity.’
Read more »
Joe Biden Celebrates Transgender Day of Visibility: 'Your President Sees You'President Joe Biden celebrated transgender people on Wednesday, issuing a statement to commemorate 'Transgender Day of Visibility.'
Read more »
President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
Read more »
President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
Read more »
President Biden expected to announce plans to tap oil reserve to control gas pricesBiden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia.
Read more »
President Biden to mark Transgender Day of Visibility with new actionsPresident Joe Biden is commemorating Transgender Day of Visibility by celebrating prominent transgender Americans and advocating against what his administration terms 'dangerous anti-transgender legislative attacks' that have passed in statehouses across the country.
Read more »