Biden claims oil release will 'ease pain' of mounting US prices
2 Min Read
In his latest remarks on the war in Ukraine, Biden expresses "skepticism" about Moscow's reports that it is retreating from parts of Ukraine.
-
Biden speaking about his administration's plans to combat rising gas prices (AP)
President Joe Biden stated, on Thursday, that the unprecedented use of US oil reserves would "ease the pain" of rising domestic fuel prices as a result of the war in Ukraine.
The measure will inject a million barrels of US government oil per day into the overheated global market for six months in the hopes of dampening the inflationary shockwaves ripping through the American economy.
"Today I'm laying out a two-part plan, not only to ease the pain that families are feeling right now but to end this era of dependence and uncertainty and to lay a new foundation for true and lasting American energy independence," Biden stated.
During the price surge, he warned the oil industry not to "sit on record profits," adding that "no American companies should take advantage of a pandemic or Vladimir Putin's actions to enrich themselves at the expense of American families."
"Investing those profits in production and innovation -- that's what they should do. Invest in your customers," he further claimed.
Elsewhere in his remarks, Biden also expressed "skepticism" about Moscow’s reports that it is retreating from parts of Ukraine.
"Thus far, there's no clear evidence that he's pulling all those forces out of Kiev. There's also evidence that he's beefing up his troops down in the Donbass," Biden said.
"I'm a little skeptical. It's an open question whether he's actually pulling back," he concluded.
It is worth mentioning that Biden is already struggling with low poll numbers ahead of looming midterm elections in November where Republicans are expected to take over Congress from Democrats.
Furthermore, the US President is facing a number of issues that contribute to his low approval ratings, including his handling of the Ukraine crisis, the pandemic response, a border crisis, and low ratings for personal qualities such as leadership, crisis management, and mental sharpness.
