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| Economy | |
| Biden administration to release 1M barrels of oil daily from US reserves | |
| 2022-04-01 | |
| [FoxBusinessNews] The national average price of gas is about 62 cents higher than a month ago The Biden administration will release 1 million barrels of oil each day for the next six months from the U.S. Strategic Petroleum reserve in an effort to combat soaring gasoline prices. Biden formally announced the move at a White House event Thursday afternoon, saying that his plan would release around 180 million additional barrels from the reserve. That would leave the already-depleted SPR down to around 388 million barrels, the lowest level since March 1984. The White House said ahead of the president's remarks that "This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up." During his speech, Biden also called on Congress to force oil companies to pay fees for unused leases, accusing energy producers of "hoarding" wells on federal lands. He said that companies "sitting on unused leases and idle wells will either have to start producing or pay the price for their inaction."
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| Posted by:Skidmark |
| #11 Worse. Tiktokers. |
| Posted by: swksvolFF 2022-04-01 16:08 |
| #10 It's like teenagers are making decisions at the White House. |
| Posted by: Vespasian Ebboting9735 2022-04-01 13:57 |
| #9 Don't ask Joe to make sense. He's a Democrat. |
| Posted by: Abu Uluque 2022-04-01 11:52 |
| #8 Seriously? TFP. "We're going to start WW111, but first lets decommission 20 ships, destroy recruiting, cut troop numbers, give a chunk of Air Force a two month leave, make women do shell humping, have some drag queen galas, and drain the energy reserve." Isn't this kind of, sort of, like drilling? |
| Posted by: swksvolFF 2022-04-01 11:14 |
| #7 US reserves will be sold to consumers at TODAY's prices, not the original purchase price. Yes of course, there is a middle man. |
| Posted by: Besoeker 2022-04-01 10:07 |
| #6 Drill, Baby, Drill: Joe Biden Urges Oil Companies to Produce More Oil and ‘Double Down’ on Clean Energy |
| Posted by: Skidmark 2022-04-01 10:04 |
| #5 They could have built Keystone and not used it. |
| Posted by: Skidmark 2022-04-01 10:02 |
| #4 This is like paying down your credit card with a higher interest credit card. The oil will need to be put back, will cost more and you still are short. |
| Posted by: DarthVader 2022-04-01 09:15 |
| #3 Which means, that the Oil will be replaced at $$Higher$$$ cost later. Someones making $$$$$$$$$$$$$ |
| Posted by: NN2N1 2022-04-01 08:43 |
| #2 And you and to bet lots of gang bangers who don't even own cars wind up "winning" those lottery cards? |
| Posted by: M. Murcek 2022-04-01 08:39 |
| #1 Chicago mayor Lori Lightfoot will issue 50,000 gas cards worth $150 each via lottery in attempt to lighten burden of rising fuel prices |
| Posted by: Skidmark 2022-04-01 08:38 |