Nov 22, 2021, 01:22pm
President Joe Biden is planning to order the release of oil from the Strategic Petroleum Reserve as soon as Tuesday, according to a report.
The Democratic National Convention will be held in Delaware on August 20, 2020. The photo was taken by Win McNamee.
The images are from the same company.
India, Japan and South Korea are said to be among the countries that will be involved in the announcement.
According to sources with knowledge of the plan, the release could total more than 35 million barrels over time.
The average price for a gallon of gas in the U.S. is now at $3.41 a gallon, which is more than 60 percent higher than at this point last year.
The White House didn't respond to the request immediately.
The release of reserves from the Reserve is intended to lower oil prices and lead to lower gasoline prices. Experts said that the effect of the price of gas being lowered would be short-lived.
We don't know what we don't know.
It is not clear if the release will be in the form of an exchange, which is a loan of federal oil supplies to private companies, or a direct sale. During Desert Storm in 1991, Hurricane Katrina in 2005 and the Libyan Civil War in 2011), a sale from the reserve was authorized. The most recent exchange took place in September after Hurricane Ida.
The key background.
Increasing pressure from Democrats to take action on the rise in gas prices prompted the Biden Administration to consider tapping into the Reserve. Schumer said last week that the Reserve could provide immediate relief at the gas pump. China plans to use its reserve to relieve fuel prices after the price of fuel went up. The Energy Department says the Strategic Petroleum Reserve has 604.5 million gallons of oil. The Reserve was created in the 70s to counteract the rise in oil prices. The price went up after the embargo was put in place against countries that supported Israel. The world has the largest emergency oil supply.
The Independent Petroleum Association of America, an oil and gas industry lobbying group, released a statement last week saying it "strongly opposed" any use of the Strategic Petroleum Reserve to "manipulate gasoline prices."
There is a structure called the Tangent.
The president didn't cite any specific examples of illegal activity in the letter Biden sent to the FTC, but he did say that oil companies might be illegally keeping gas prices high to increase profits.
The U.S. plans to release oil from the reserve.
After Hurricane Ida, the U.S. is using its strategic oil reserve to send fuel to Louisiana.
The US has an emergency oil supply. What to know.
Biden wants an investigation into high gas prices.
