White House plans to restock emergency reserves.
On Wednesday, President Biden announced a plan he claims will produce a “profit for taxpayers” and it includes increased production from oil companies.
As the administration releases 15 million more barrels of oil from the Strategic Petroleum Reserve, the president called for U.S. oil companies to ramp up production. He offered them a $70 per barrel guaranteed price to sell back to the U.S. government to refill the reserve in the future when demand falls and the price drops below $70 a barrel.
“A good price for companies, and it’s a good price for the taxpayers, and it’s critical to our national security,” President Biden said, noting the average price of oil since March has been more than $90 per barrel. “The highest since 2014,” the president admitted.
As the Lord Leads, Pray with Us…
- For the president and his energy advisors as they manage the Strategic Petroleum Reserve.
- For U.S. energy officials as they support the stewardship of the nation’s power supplies.
Sources: Newsmax, Washington Examiner
