The White House said Tuesday it will take 50 million barrels of oil from the strategic reserve to help lower energy costs.
Gas prices are an average of $3.40 nationally, according to AAA. The national average last year at this time was $2.11.
The release will be taken in parallel other nations including, India, Japan, the Republic of Korea and the United Kingdom, major energy consumers.
The U.S. Department of Energy will make the oil available from the Strategic Petroleum Reserve in two ways; 32 million barrels will be released in the next few months and will return to the reserve in the years ahead, the White House said. Another 18 barrels will be part of a sale of oil that Congress had previously authorized. (Associated Press)
I have been working with countries across the world to address the lack of supply. As a result of our diplomatic efforts, this step will be taken in parallel with other major energy consuming nations including China, India, Japan, Republic of Korea and the United Kingdom.— President Biden (@POTUS) November 23, 2021
Many expressed skepticism about the move.
The oil reserve is for national emergencies, not to compensate for the consequences of your bad policies. And what are supposed to do if we face a real emergency before the reserve is replenished? https://t.co/lduumvV4OJ— Mark Krikorian (@MarkSKrikorian) November 23, 2021
What warrants a release of our strategic reserve other than Biden's plummeting poll numbers? https://t.co/VUxcGLZJbw— Andrew Wagner (@andrewwagner) November 22, 2021
Big mistake. US must hold it for emergencies, replenishment of reserves may be delayed causing a true crisis.— jamesjimenez (@jamesjimenez) November 23, 2021
Would be nice if the US targeted production as the cure. https://t.co/atc72I8CKT— marguerite telford (@mtelford_cis) November 23, 2021
Look at the big picture. 50 million barrels of oil is nothing. The USA uses 18 million barrels of oil a DAY. 50 million barrels is less than 3 days worth. This a band-aid for a severed limb. https://t.co/mkeMzTi2Y6— Alex McBurney (@LiveTVDirector) November 23, 2021
Probably a bad thing to do, there is no emergency reason for this aside from protecting Biden politically from the rising cost of gas. https://t.co/jSo1UQXSRC— CanadaHawk (@CanadaHawk) November 23, 2021
Update: Former President Trump blasted the move.
"For decades our Country’s very important Strategic Oil Reserves were low or virtually empty in that no President wanted to pay the price of filling them up," Trump said in a statement. "I filled them up three years ago, right to the top, when oil prices were very low. Those reserves are meant to be used for serious emergencies, like war, and nothing else. Now I understand that Joe Biden will be announcing an 'attack' on the newly brimming Strategic Oil Reserves so that he could get the close to record-setting high oil prices artificially lowered. We were energy independent one year ago, now we are at the mercy of OPEC, gasoline is selling for $7 in parts of California, going up all over the Country, and they are taking oil from our Strategic Reserves. Is this any way to run a Country?"