Size of release intended to lower gas prices and stem inflation.
President Biden is ordering the release from the Strategic Petroleum Reserve of one million barrels per day on average for the next six months. The historic move reflects the further tightening of the energy markets due to Russia’s invasion of Ukraine. The release is expected to “shore up global supplies,” according to senior administration officials who also say that it will lower prices at the pump.
The president will also authorize the use of the Defense Production Act to support the production and processing of minerals and materials used for large capacity batteries, including lithium, nickel, cobalt, and graphite, the White House said.
President Biden will also urge Congress to charge oil and gas companies if they are sitting on wells that are not producing oil and leases that they are not developing.
As the Lord Leads, Pray with Us…
- For wisdom for the president and his administration regarding domestic oil and gas production.
- For discernment for the president and energy officials as the Strategic Petroleum Reserve is tapped.
- For peace talks to lead to an end to the conflict in Ukraine.
Sources: Axios, Washington Times
