The Biden Administration’s Quest for Energy Firm
The Biden Administration’s Quest for Energy Firm, the Biden administration plans to sell oil from the
Strategic Petroleum Reserve in a bid to dampen fuel prices before next month’s congressional elections,
three sources familiar with the matter said on Monday.
Topics
Biden’s last move
The DOE
European Commission
Biden’s last move
President Joe Biden’s announcement is expected this week as part of the response to Russia’s war on Ukraine, one of the sources said.
The sale would market the remaining 14 million barrels from Biden’s previously announced,
and largest-ever, release from the reserve of 180 million barrels that started in May”
This move by President Joe Biden is seen as an effort to gain control over high gas prices that have been plaguing American consumers for months now.
It is also being done with an eye towards upcoming midterm elections where control of both houses will be up for grabs.
This decision comes at a time when many are already critical of his handling of both domestic and foreign policy issues,
critics argue that releasing oil into the market could lead to even higher prices down the road while others say it may not be enough to make any significant difference at the pump right away,
no matter what side you may fall on this issue it is clear that something needs to be done about these rising costs sooner rather than later.”
The DOE
The Department of Energy (DOE) will purchase oil from domestic drillers in an effort to combat rising gasoline prices,
according to a White House official.
The DOE will also release further details on eventually buying the oil back,
reflecting the White House’s desire to support domestic drillers while combating pump prices.
This move comes as retail gasoline prices have risen sharply in recent weeks,
reaching their highest levels since 2014.
The national average price for a gallon of regular unleaded gas was $2.96 on Monday,
up from $2.89 a week ago and $2.55 a month ago, according to AAA’s Daily Fuel Gauge Report.
While the majority of Americans support Biden’s decision to rejoin the Paris climate agreement,
they are less enthusiastic about his handling of energy policy.
A Gallup poll released last week found that only 39% approve of how Biden is handling energy, while 52% disapprove
The U.S. Department of Energy (DOE) is planning to launch a series of oil buy-backs in an effort to stabilize the market and protect American consumers.
This is a welcome development for traders and investors who have been closely watching the oil markets over the past year.
The DOE’s plan is to purchase up to one-third of the 180 million barrels that were sold last year,
with deliveries linked to lower oil prices and lower demand. This would likely occur after the fiscal year 2023,
which ends September 30 next year. The buy-backs could continue through 2025 if necessary.
This news is good for traders and investors because it shows that the Biden administration is committed to stabilizing the oil markets
and keeping fuel prices low for American consumers.
It also demonstrates that America remains committed to its role as a global leader in energy production and consumption.”
European Commission
The European Commission is considering a ban on gasoline and diesel exports in an effort to avert an energy crisis.
The move has been met with opposition from traders and investors,
who say it could lead to higher fuel prices at home.
Critics of the proposed ban say that it would exacerbate Europe’s energy crisis by limiting the supply of gasoline and diesel.
They argue that this would lead to higher fuel prices for consumers,
as well as increased costs for businesses that rely on these products.
Supporters of the measure say that it is necessary to protect Europe’s energy security.
They argue that a ban on exports would help ensure that domestic supplies are adequate in the event of a disruption in imports.