• Ar
  • Es
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Feature
  • Videos
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Feature
Videos
Infographs
In Pictures
  1. Home
  2. News
  3. US & Canada
  4. Biden told his team to prepare for future releases of petrol reserves
US & Canada

Biden told his team to prepare for future releases of petrol reserves

  • By Al Mayadeen English
  • Source: Agencies
  • 19 Oct 2022 23:27

In the face of such a decision, the future of the US economy remains uncertain.

  • Biden Says Told Team to Prepare for Strategic Petroleum Reserve Releas
    Biden Says Told Team to Prepare for Strategic Petroleum Reserve Releas

US President Joe Biden on Monday said he informed his team to be ready for potential future releases from the national Strategic Petroleum Reserve (SPR) in the coming months ahead for the administration to alleviate soaring oil prices. 
 
"Independent analysts have confirmed that drawdowns from the reserve so far have played a big role in bringing down oil prices. So, we’re going to continue the responsible use of that national asset," Biden said during remarks on lowering gas prices.

"I’ve told my team to be prepared to look for further releases in the months ahead if needed. We’re calling it a ‘ready and release’ plan." 
 
Biden further added that this strategy is intended to prevent oil price spikes and respond to international events. 

When asked whether the decision to release additional oil from the strategic petroleum reserve was politically motivated, Biden responded "No it's not."

"It is making sure there's enough oil that's been pumped by the companies so that we have the ability to be able to produce enough gas that we need here at home, oil we need here at home," he added.

Biden further stressed that "We need to responsibly increase American oil production without delaying or deferring our transition to clean energy."

"You can increase oil and gas production now while still moving full speed ahead to accelerate our transition to clean energy." 
 
The US president said he urged Congress to pass a bill reforming energy production so that energy costs can be alleviated. 
 
He further stated that there are plans to continue resorting to the national Strategic Petroleum Reserve in order to offset larger fluctuations in oil prices, and called on companies to pass savings to consumers.

Read more: WH considers recommending US firms of pulling out from Saudi Arabia

Yesterday, the White House announced that the Energy Department issued a Notice of Sale for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be drawed in December.

The new tranche of oil from the Strategic Petroleum Reserve will be "completing the 180 million barrel release authorized in the spring," in response to price hikes linked to Russia's military operation in Ukraine, a senior US official said Tuesday.

According to a person familiar with White House talks, Biden is looking to lower gas costs before the upcoming midterm elections. "The administration has a small window ahead of midterms to try to lower fuel prices, or at least demonstrate that they are trying," the unnamed source said.

"The White House did not like $4 a gallon gas and it has signaled that it will take action to prevent that again," they added. 

Earlier today, a Bloomberg Economics model forecasted that a recession in the US is effectively certain within the next twelve months, during which it will hit a downturn reaching 100% in October 2023 compared to 65% within a comparable period during the 12-month estimate.

Read more: US industries losing battle against their own currency - WSJ

  • strategic oil reserves
  • US
  • Biden
  • Oil reserves
  • Biden's administration
  • white house

Trending Now

All
Law enforcement officers work at the scene (Reuters).

46 migrants found dead in tractor-trailer in Texas

Most Read

US dollar may lose status as global reserve currency: Yellen

US dollar may lose status as global reserve currency: Yellen

  • US & Canada
  • 22 Mar
Ukrainian President Volodymyr Zelensky speaks at a press conference on 25, February, 2022. (AFP)

Kiev unable to launch counteroffensive: Zelensky

  • Europe
  • 25 Mar
Europe's move has only increased Putin’s esteem outside the West -- but estimation of Europe’s political nous and understanding of Russia, however, is sharply diminished.

Lawfare Comes into Fashion: The New Geo-political ‘Rack’

  • Analysis
  • 25 Mar
President Joe Biden listens as German Chancellor Olaf Scholz speaks during a meeting in the Oval Office of the White House in Washington, Friday, March 3, 2023 (AP).

Hersh: Nord Stream explosion decision possibly 'anger' or 'punishment

  • US & Canada
  • 25 Mar

Read this

All
Ukrainian tank crews look at a depleted uranium shell. (YouTube)
Europe

UK instructs Kiev troops on depleted uranium ammo use: Declassified UK

  • 28 Mar
Kiev's counteroffensive in spring to be 'decisive': US army secretary
Europe

Kiev's counteroffensive in spring to be 'decisive': US SECARMY

  • Today
Israelis protest against plans by Prime Minister Benjamin Netanyahu's government to overhaul the judicial system in 'Bnei Brak' near 'Tel Aviv', occupied Palestine, March 23, 2023 (AP)
Palestine

Israeli opposition: protests will continue

  • Today
US troops patrol in their military vehicles near the Syrian border on 17 December 2020 (Reuters)
MENA

Biden officials say less strikes on Syria to come for meantime: NYT

  • 28 Mar
Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS