Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve In Bid to Cool Surging Prices

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President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nationโ€™s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump.

โ€œAmerican 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,โ€ the White House said in aย Nov. 23 statement.

Crude oil prices have surged to seven-year highs, with global demand seeing a sharp rebound from the pandemic lows. Republicans have blamed Bidenโ€™s policiesโ€”such as nixing the Keystone XL pipeline project and freezing new oil and gas drilling leases on federal landโ€”for contributing to rising prices.

Insisting that Biden โ€œis using every tool available to him to work to lower prices and address the lack of supplyโ€ of oil, the White House said the U.S. Department of Energy will make available 32 million barrels of crude under an exchange mechanism from all four SPR storage sites. On top of this, another 18 million barrels will be made available by accelerating the sale of crude from the SPR under a previous congressional authorization.

โ€œAs we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price,โ€ U.S. Secretary of Energy Jennifer M. Granholm, said in a statement.

The White House said the release of the reserves was made in concert with other releases from strategic reserves by China, India, South Korea, Japan, and Great Britain.

Reacting to the White House announcement, House Minority Leader Kevin McCarthy (R-Calif.) said the SPR releaseโ€”which represents just a few days of U.S. domestic demandโ€”was unlikely to have a significant impact.

โ€œPresident Bidenโ€™s decision to tap Americaโ€™s strategic reservesโ€”which will release just 3 daysโ€™ worth of oil onto the marketโ€”is not about a real solution to our energy crisis,โ€ McCarthy said on Twitter.

โ€œThe real solution to your energy crisis is to let America produce the energy we have and need,โ€ McCarthy said in aย follow-on comment on Twitter.

Byย Tom Ozimek

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