In a last-ditch effort to ease pain at the pump and improve his plummeting poll numbers, President Biden has approved the release of 50 million barrels of oil from the Strategic Petroleum Reserve.

Biden’s announcement comes just as millions of Americans are about to hit the roads for the Thanksgiving Holiday in pre-pandemic levels.

American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in a statement. “That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”

The White House said the release had been coordinated with at least five other major energy-consuming nations — China, India, Japan, South Korea, and the United Kingdom — and followed “weeks of consultations.”

Out of the 50 million barrels, 32 million will be released in the next few months and will return to the reserve in the years ahead, the administration said. The other 18 million will be released as part of an acceleration of an oil sale already authorized by Congress.

Americans used an average of 20.7 million barrels a day during September, according to the Energy Information Administration, meaning that Tuesday’s release equals about two-and-a-half days of additional supply.

“The President 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,” the White House said.

The announcement comes one week after Biden asked the Federal Trade Commission to look into whether oil and gas companies were involved in “illegal conduct” in order to keep prices up, noting “mounting evidence of anti-consumer behavior.”

“The bottom line is this: gasoline prices at the pump remain high, even though oil and gas companies’ costs are declining,” Biden wrote in a letter to FTC Chair Lina Khan. “The Federal Trade Commission has authority to consider whether illegal conduct is costing families at the pump. I believe you should do so immediately.”

On Monday, White House press secretary Jen Psaki told reporters the administration would “continue to press oil companies who have made record profits and are overseeing what we consider to be price gouging out there.

“When there’s a supply of oil or the price of oil is coming down, and the price of gas is not coming down, it does not take an economic expert to know that’s a problem,” she said.  

Earlier this month, several Senate Democrats urged the president to take action, as the national average price for a gallon of gasoline sits at the highest it’s been since 2014 ahead of the Thanksgiving holiday, per AAA.

In their note to Biden, the 11 lawmakers suggested releasing supply from the Strategic Petroleum Reserve and banning crude oil exports to help lower costs. 

As of Tuesday, the nationwide average price for a gallon of regular gasoline stood at $3.40, approximately $1.28 more than a year ago, according to AAA. 

Tapping the Reserves Slammed By Trump and the GOP

Republicans who have been critical of Biden’s energy policy bashed Biden’s announcement.

“President Biden’s policies are hiking inflation and energy prices for the American people,” said Sen. John Barrasso of Wyoming, the top Republican on the Senate Energy and Natural Resources Committee. “Tapping the Strategic Petroleum Reserve will not fix the problem. We are experiencing higher prices because the administration and Democrats in Congress are waging a war on American energy.”

“President Biden’s decision to tap America’s strategic reserves—which will release just 3 days’ worth of oil onto the market — is not about a real solution to our energy crisis,” tweeted House Minority Leader Kevin McCarthy (R-Calif.). “It is a crass political ploy just 3 days ahead of Thanksgiving.”

Former President Donald Trump insisted that the strategic reserve should only be accessed during “serious emergencies, like war, and nothing else.”

“For decades, our Country’s very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up,” Trump said in an emailed statement. “I filled them up three years ago, right to the top, when oil prices were very low.”

“Now I understand that Joe Biden will be announcing an ‘attack’ on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered,” Trump added. “We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the country, and they are taking oil from our Strategic Reserves. Is this any way to run a country?”

19 thoughts on “Biden Tries to Stem Rising Gas Prices By Opening Strategic Reserves”
  1. I agree that fair (low?) gas prices are very important to a mobile population like America has. Biden’s solution creates a very temporary and partial solution to the problem and creates a new one.

    The purpose of the oil reserve is being assaulted because Biden created the problem with his crazy and unplanned and not thoroughly thought out actions at the very beginning of his presidency. Solving problems requires new thoughts and insights, but Biden and the Democrats are good at creation of problems but not solving problems that only create new ones.

  2. Wow, this was such a shock. Shut down pipelines, restrict drilling and pumping in areas that are rich in oil, and be surprised that gasoline and diesel is going through the roof. Clueless, is the best definition.

  3. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in a statement.”

    Great to hear from the White House. “Vaccine” “mandates” that are Not laws will need to End soon, as the White House tells us “we are emerging from the pandemic.”

    Mask “mandates” that are also Not laws will need to End soon too, as the White House tells us “we are emerging from the pandemic.”

    It is great news as doctors in South Africa say the new Omicron is MUCH MILDER than previous strains.

    Looking forward to NO masks and NO “vaccine” threats ASAP.

  4. So 50 million gals would equal about 2 1/2 days, but wait he sent 18 Million of that to China, so make it not even 2 days worth, and that supposed to help the people how? If the leases and exploration licenses were reestablished now that would make a difference, but it would take about 6 months to bring everything back to speed

  5. Another great idea from the idiot-in-chief. He can’t think of anything else to use in his toolbox? Well if the arsehole had THOUGHT about NOT doing what he did on his first day, we wouldn’lt be in this situation, and the economy/inflation would be in better shape. I think going forward, we should give an intelligent test to a person running for President BEFORE he can assume the office. What a fool he is. And it would be nice if he stayed in D.C. to put in some time instead of heading off to Delaware or Nantucket; it’s a slap in the face of America. If I had one wish, it would be that when he leaves the Oval Office, he gets NO retirement, NO health and NO secret service protection, he doesn’t deserve it.
    If you work for the government you can’t perform like he did, yet I guess he and others (Obama) think they are SPECIAL. This idea has to be vacated for the future, this is one of the reasons we left England and sought our independence. Screw you Brandon. You are not looking out for the “commoner” in America.

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