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Biden uses oil reserves to lower gasoline prices

Biden uses oil reserves to lower gasoline prices

The White House announced Tuesday that the Energy Agency will release 50 million barrels of oil from the country’s storage plans as Biden officials look for ways to curb rising pump inflation. Authorities say 32 million of the 50 million barrels will return to storage plans over the next few years if oil prices drop to control storage.
After the sale of oil, already approved by Congress, another 18 million barrels will be released. The announcement on Tuesday was made by China, India, Japan, South Korea and the UK, who will continue to use their strategy. Biden executives have reportedly been discussing special options for raising food prices in recent weeks as consumers face rising oil prices amid concerns about rising food prices as a result of the resumption of food. market after the transmission of COVID-19.

Earlier this month, the Department of Labor released data showing that consumer spending grew faster than expected in October and that the annual increase was the highest in 30 years. The Consumer Price Index, which tracks earnings across a broad range of key products and services, rose 0.9% last month and 6.2% in the 12 months ended October. The increase was due to a 4.8% increase in electricity prices for the month, including a 1.6% increase in oil prices.
To prevent oil prices from rising as voter turnout declines, President Joe Biden last week asked the chairman of the Federal Trade Commission whether oil companies had raised prices illegally. sen. On Tuesday, Senate Energy Committee member John Barrasso challenged former Vice President Biden’s authority on the need for special measures. “Congressional leaders and Democrats face higher rates because they are at war with US forces,” Barrasso said in a statement, calling for Tuesday’s announcement not to solve the problem. “Ask OPEC and Russia to increase production and now use our oil storage plans,” added Barrasso, “the damage caused by Biden must be addressed.” “They are not changing American electricity generation.”

Congress is a key figure on Biden’s agenda, discussing a $ 2 trillion peace package with trillions of dollars in climate change investments, with investments in renewable energy, electric vehicles and more.

The White House has argued that Tuesday’s announcement does not coincide with Biden’s goal of moving away from the bone marrow in the coming years. “Today’s announcement underscores the president’s commitment to do everything in our power to reduce costs for Americans and promote economic recovery,” the White House said in a statement. “Now the president is committed to meeting the president’s clean energy goal, as evidenced by the historic bipartisan infrastructure law signed last week. . ”

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  1. Pingback: Biden to release 50m barrels of oil in effort to bring down rising Prices - EyesOnTV

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