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Will Joe Biden use the emergency oil supply to lower gas prices?

President Joe Biden decided on Tuesday (November 23) to take a number of measures to lower the price of oil. Former Vice President Biden had already spoken to Americans about the economy and price cuts on Tuesday, November 23, when he was able to announce his plans. Last year, the average price per gallon of gasoline rose 60.3 percent from $ 2.12 to $ 3.40.

Depletion of oil reserves is the fastest way to reduce fuel costs. NewsNations‘ Kellie Meyer says the capacity of each gallon per pump could be reduced by 10 to 30 cents over the next two to three weeks, depending on capacity. In addition to opening up more government leases for exploration, this is one of the few things managers can do to cut costs.

However, this decision can be influenced by the Organization of Petroleum Exporting Countries (OPEC). The group can return and decide not to take any action. Should the OPEC Biden’s decision have a negative impact, oil prices could continue to rise until Christmas. It is not just oil that is becoming more expensive. Almost everything, including food, has increased with inflation. “Families are struggling to pay for fuel, food, shelter and other necessities,” Biden said. “It’s not just an American problem,” he said.
“I think a lot of the financial situation is due to food restrictions,” said Austin Goolbee, chairman of Barack Obama’s Economic Advisory Council. “At the time of the transfer, people couldn’t afford the services we normally use for our income. As a result, we are in demand for personal care products in the United States and around the world.” Don’t keep manufacturing in the world and that’s why we have hypertrophy. ”

Goolsbee thinks the rate hike will only be temporary, but there are also political concerns. While Biden struggles with inflation, voter turnout has declined.

“Politically and economically, you have to worry,” said Goolbee. “Next summer will be an exciting year,” said Goolbee. “And that’s not really the political moment they want.”

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