Biden will release 15 million more barrels of petroleum from the nation’s strategic reserve, aiming to ease gas prices
Biden has also lashed out at energy companies that he said have not lowered prices at the pump as oil prices have gone down. An administration official who spoke to reporters on background ahead of Biden’s announcement said those corporations’ actions are “adding 60 cents to the average gallon of gas, and have kept pump prices higher than they would be otherwise.
“That is still a large amount of barrels,” the official said."This is a bridge. This is a longer bridge. This is trying to use this tool incredibly responsibly.”The reserve is currently at a 40-year low, but it is far from empty. At capacity it can hold about 714 million barrels. Critics argued the administration at that point should have started filling the reserve back up instead of continuing to draw from it. But there was a reluctance to make any moves that would put upward pressure on gas prices.
Biden and his fellow Democrats have struggled to persuade voters they are handling the economy as best they can, while Republicans have made headway citing inflation—especially gas prices—along with immigration and crime to suggest that the country is descending into chaos under Biden.
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