WASHINGTON, DC (WOWK) — As promised President Joe Biden is ordering 50 million barrels of oil released from America’s Strategic Reserve to help bring down energy costs. The White House says Biden is following suit with other major energy-consuming nations, including China, India, and the United Kingdom.
Republicans criticized the Biden administration today for closing down a major U.S. pipeline project.
Gasoline prices are averaging $3.40 a gallon, more than 50% higher than a year ago, according to Triple-A.
The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters.
“We still face challenges in our economy. Disruptions related to the pandemic have caused challenges in our supply chain, which have sparked concerns about shortages and contributed to higher prices… I will do what needs to be done to reduce the price you pay at the pump,” said President Joe Biden.
“President Biden canceled our own Keystone-XL Pipeline. But cleared the path for a new pipeline for Vladimir Putin,” said Sen. Mitch McConnell, (R) Kentucky – Minority Leader.
If history is any indication, when the strategic reserves are used, it usually takes about two weeks for prices to drop. So Thanksgiving travelers may not get a break, but Christmas travelers may get an extra present.
Senator Joe Manchin said in a statement that we should focus on increasing energy production here in the U.S. he says, “Hard-working Americans should not depend on foreign actors, like OPEC, for our energy security.”
Senator Shelley Moore Capito was more critical saying, “Today’s announcement to release 50 million barrels of oil from the Strategic Petroleum Reserve is simply an effort to mask the fallout of president Biden’s terrible energy policies.”