White House press secretary Jen Psaki on Tuesday outlined three steps that President Joe Biden is taking to address rising gas prices. This comes as consumers deal with increased costs at the pump. A year ago regular gas prices averaged $2.469 per gallon, while Americans were shelling out $3.469 as of Wednesday. Psaki said at…
Energy Department Approves Release of 2 Million Barrels of Crude to Exxon
January 2, 2022
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The U.S. Department of Energy has approved the release of two million barrels of crude oil to ExxonMobil from the Strategic Petroleum Reserve (SPR) on Dec. 30, as part of the initiative undertaken in November by the federal government to lower gasoline prices in the country. This is the third exchange of crude oil with…
GOP Demands More Domestic Energy Production to Refill Strategic Reserve
The GOP has put forward legislation to increase domestic oil and natural gas production in response to President Joe Biden’s decisions to pull from the Strategic Petroleum Reserve (SPR) to stabilize skyrocketing gas prices. After several prominent Democrats submitted a request that Biden pull from the SPR, the president obliged and announced his intention to…
Biden’s Crude Mistake
Commentary Recently, President Joe Biden and Chinese leader Xi Jinping held a virtual summit where they discussed the possibility of a joint release of crude oil from their respective country’s Strategic Petroleum Reserves in hopes of easing inflation. With inflationary effects already likely to ease, the simultaneous tapping of reserves could cause financial conditions to…
Biden Tapping Oil Reserves May Trigger OPEC War, Fail to Help Consumers: Strategists
President Joe Biden announced on Tuesday that he will be releasing 50 million barrels from the nation’s Strategic Petroleum Reserves (SPR) as part of coordination with several other advanced economies, including China, the United Kingdom, and India. The objective is to ease soaring energy prices by injecting more supply into global oil and gas markets….
Energy Boss Granholm Calls on Oil Companies to Increase Supply
November 24, 2021
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Energy Secretary Jennifer Granholm called on United States’ oil companies to increase production to try to help bring down the elevated prices Americans are paying at the pump. Granholm’s comments came during a Nov. 23 White House press briefing, hours after President Joe Biden ordered 50 million barrels of oil released from the nation’s Strategic…
Biden Orders 50 Million Barrels of Oil Released from Strategic Reserve to Cool Surging Prices
November 23, 2021
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President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are,…
Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve In Bid to Cool Surging Prices
November 23, 2021
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President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are,…
Schumer Encourages Biden to Tap Petroleum Reserves to Control Surging Fuel Prices
November 15, 2021
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Senate Majority Leader Chuck Schumer (D-N.Y.) urged the Biden administration on Sunday to make use of the Strategic Petroleum Reserve in order to curb increasing gasoline prices as Americans enter the holiday season. “COVID’s wreaked havoc on our supply chains. No industry is spared but fuel, gasoline is the worst of all. When fuel is…
US Energy Secretary Says Tapping Emergency Oil Reserves a Possible ‘Tool’ to Tame Fuel Prices
October 6, 2021
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Energy Secretary Jennifer Granholm on Wednesday said that the Biden administration is considering tapping the country’s emergency oil reserves to tame soaring gasoline prices, according to a Financial Times (FT) report. “It’s a tool that’s under consideration,” Granholm said at an FT energy transition summit when asked the possibility of the United States tapping into…
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