U.S. President Joe Biden announced a plan on Wednesday to sell 15 million barrels of crude oil from the nation’s emergency supply and begin refilling the reserve, as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8.
The move came two weeks after the Saudi Arabia-led Organization of the Petroleum Exporting Countries rankled Biden by siding with Russia and agreeing to a production cut, raising fears of a new spike in U.S. pump prices.
“With my announcement today, we’re going to continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused such volatility,” Biden said at a White House event.
Biden blamed Russian President Vladimir Putin’s invasion of Ukraine for higher crude and gasoline prices, while noting prices had fallen 30 per cent from their peak earlier this year.
He also repeated a plea to U.S. energy companies, gasoline retailers and refiners, asking them to stop using record-breaking profits to buy back stock, and to invest in production instead.
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29 Comments
This is what happens when you care more about your party then you care about your country.
He reads analysis instead of analyst.
He was selling it..why didn't you report that part? The media is the virus
thank you president biden, one of our best president in history
His pride is in the way of finishing the pipeline from Canada. Typical politician.
Considering we have 150 yrs worth of oil reserves and we will all be on another source by then …
USA and Canada remain one of the few countries that sell oil back to its own people at market value despite being oil nations
Normally, people benefit from the resources of the land they live on, but not in the west
Subsidized pricing is the future of governance
That oil is for a war and the army not for a mid term election grab! Joe you don’t fool anyone. After the election gas will
Go through the roof
This guy has no shame.
Mid terms anyone??
US needs Trump back. This is sad.
He’s not releasing it to ease the cost. He’s burning it for his whack green agenda
Whatever …..
There goes again… Biden is mumbling!
Umm is this not interfering in midterm elections that happen on NOV 8 . Being as the Saudi’s told him to pound sand . See what happens when you beg Dictators for terror oil Joe ..
I'd rather see the release of this faker and his entire admin for what they've done to this country, considering he wasn't even legally elected this shouldn't be an issue they should all be behind bars everyone of them involved in this!! But due to our double tier justice system not one of those traitors will pay the price, but we the people sure as hell are!!!!
He pledged to dial down oil for the enviroment
So he's a liar
Coming from a old school military Veteran of Vietnam our oil reserves are used if crisis happens in America.The Socialist Democratic Communist Party is now the Biggest National Security Threat to America.All our enemies are watching this Nation going down the toilet of no return.We no longer live in America but in the land of the lost .Trump had this Nation protected from harm but when the Socialist Democratic Communist Party took office this Nation has been going down the wrong road.When you sale our oil to our enemies then beg them to produce more oil something wrong with this picture.Biden's policies had put this Nation at it's highest National security Threat's of all history wake up America smell what the Biden administration has cooking for America and We The People.Being a 69 year old Vietnam Vet this is no longer the Country I grew up in.
too late I already voted for the republicans
US hegemony is collapsing in front of our eyes grabs popcorn
Don't thank him. He ruined theese prices in the first place. Now he is just trying to throw u a penny and highnose themselves of how good and generous they are. Fools they are
True but now USA be vulnerable. Nn these prices are only low because of the election. The day after $12.00 a gallon.
Nn he knows it. Today is not USA most energy sales on earth. Talk on commie nonsense on profits on order?
Soon there will be no reserve…
We use 3 million barrells a day in the USA. Half of this release will go to the rest of the world. On the brink of world war iii which the strategic oil reserve is for we are draining it. This is what Russia and it's allies to want. Drain our strength
Biden is a fraud
Where is all that green energy you said you had? Oh that’s right you don’t have any lol
So basically taking a loan in oil and saying your saving
Impeach Potato 🥔
Really !?
K'mon Man !
Tks!