As the countdown to the midterm elections begins, Biden will do something to ease the simmering public grievances caused by high oil prices, and he will use the strategic reserves of the United States for self-protection. No, on October 18, local time, US media disclosed that Biden administration officials plan to announce on Wednesday that the United States will release 15 million barrels of oil from strategic reserves. In this regard, some Republican lawmakers condemned: Biden's move is shameful, and the national strategic reserve "is now being used for election purposes."
According to a White House press release on Tuesday, President Joe Biden will announce the release of 15 million barrels of oil from the U.S. Strategic Petroleum Reserve to push lower oil and gas prices. The additional fuel, which is expected to be delivered in December, will complete the 180 million barrel cuts that Biden first announced in March, the press release said. It is reported that the new announcement is expected to be released on Wednesday local time.
The White House added that President Biden is "committed to doing everything in his power to respond to Putin's oil price rise," noting that natural gas prices fell at the fastest pace in more than a decade this summer. Meanwhile, on Tuesday, a report from the American Automobile Association (AAA) said the national average gasoline price was $3.87, up sharply from the average price of $3.67 recorded a month ago.
According to the Associated Press, a senior U.S. government official said Biden's move was a response to the Organization of the Petroleum Exporting Countries (OPEC) announcing production cuts last week. Biden also warned that the move would have "consequences" for Saudi Arabia.
However, at a glance, Biden's move is actually for his own vote. With midterm election day less than a month away, energy prices are likely to rise again, and rising prices have become a drag on Democrats. And polls show that the economy is one of the top concerns for voters when they go to the ballot box. This week, some states have begun to vote early, and Biden can't hold back.
Meanwhile, several Republican lawmakers condemned the announcement on Twitter, including Virginia Congressman Morgan Griffiths. He said the move "jeopardized" U.S. security and "he is jeopardizing our security to avoid the obvious solution: increasing domestic energy production." ”
Senator Lisa Murkowski, Republican of Alaska, said the decision was "not only wrong, but purely a political ploy" to "divert voters' attention from the real issue that Biden's own policies have led to reduced energy production." ”
Representative Andy Biggs, Republican of Arizona, also called Biden's release of more oil a "shameful" move, writing that strategic reserves "are now being used for election purposes."
According to the Associated Press, the U.S. Strategic Petroleum Reserve is at its lowest level since 1984, in part because Biden plans to release oil reserves since March. The White House announced at a news conference Tuesday that Biden "intends to buy back crude reserves when oil prices reach or fall below around $67 to $72 a barrel" to replenish oil reserves. According to the Associated Press, the field's current reserves are about 400 million barrels.
Biden also called on oil companies in a press release to "pass on lower energy costs to consumers," saying "excessively high industry profit margins... Oil prices have been kept above their rightful level. At a news conference Tuesday, White House press secretary Jean-Pierre told reporters that "oil companies do not lack opportunities or incentives to increase production" and said U.S. oil production is on track to reach record highs this year. At the same time, when promoting Biden's "achievements", Jean-Pierre did not forget to step on Trump. She added, "In fact, the United States produced more oil in President Biden's first year of administration than in the first year of the Trump administration. ”