The goal is to reduce prices at the gas pump.
President Joe Biden is expected to release oil from the Strategic Petroleum Reserve in the coming days. The U.S. release is expected to be between 30 million and 35 million barrels and would be carried out over time. A release of that size would represent about three days’ worth of U.S. crude oil production.
The administration is currently trying to coordinate concurrent releases with foreign governments, including China and Japan, a process that has complicated the timing for an announcement.
President Biden said his administration has also requested oil-producing countries such as OPEC to increase distribution to help ease worldwide oil prices that are contributing to global inflation. So far OPEC has not publicly said it would do so.
Energy Secretary Jennifer Granholm has raised the possibility more than once in recent weeks that the administration could tap into the reserve as higher fuel prices bring negative feedback from the general public.
Gasoline prices are up about 60 percent over a year ago.
As the Lord Leads, Pray with Us…
- For President Biden, Energy Secretary Granholm, and their advisers as they contemplate releasing oil from the Strategic Petroleum Reserve.
- For American families dealing with the increase in gasoline prices and its contribution to inflation pressuring their budgets.
- That the president and his administration would consider resuming U.S. oil production that was halted earlier in the year.
Sources: Politico, The Hill
