The Biden administration announces release of 14 millions barrels of oil from the U.S. Strategic Petroleum Reserve in a bid to lower gas prices.
He rejected the notion that politics played a role in his latest action. But the issue has clear political implications as the president's approval rating has moved inversely with changes in gasoline prices, which remain high despite coming down since a June peak.
Wednesday's announcement completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. Biden also had ordered the release of 50 million barrels in November 2021 and promised to investigate the possibility of price gouging. "Our oil reserves do not exist to win midterms," Rubio said. "They exist to help this country in an emergency or in the midst of a storm."
Biden said the U.S. government will restock the strategic reserve when oil prices are at or lower than $67 to $72 a barrel, which administration officials said will support domestic production by guaranteeing a baseline level of demand. An analysis Monday by ClearView Energy Partners, an independent energy research firm based in Washington, suggested that two states that could decide control of the evenly split Senate - Nevada and Pennsylvania - are sensitive to energy prices. The analysis noted that gas prices over the past month rose above the national average in 18 states, which are home to 29 potentially "at risk" House seats.
The prospective loss of 2 million barrels a day - 2% of global supply - by OPEC+ has had the White House saying Saudi Arabia sided with Russian President Vladimir Putin and pledging there will be consequences for supply cuts that could prop up energy prices. Biden's latest 15 million-barrel release would not cover even one full day's use of oil in the U.S., according to the Energy Information Administration.
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