The White House opposed OPEC+’s decision to cut oil production by 2 million barrels a day from November and said the US will release an additional 10 million barrels of oil from America’s strategic petroleum reserve next month.
A collection of OPEC and non-OPEC nations have decided to cut overall oil production “from November 2022 from required production levels in August 2022,” according to a press release.
To counter rising gas prices, Biden announced a plan earlier this year to release one million barrels a day from the Strategic Petroleum Reserve over a period of six months.
Gas prices, while not as high as they used to be, are still very high – as of Wednesday, the AAA The national median price for a gallon of regular gasoline is $3,831.
High gasoline prices could prove politically problematic for Democrats ahead of next month’s 2022 midterm elections.
“The President is disappointed by OPEC+’s short-sighted decision to cut production quotas as the global economy grapples with the ongoing negative impact of Putin’s invasion of Ukraine,” said National Security Advisor Jake Sullivan and Director of the National Economic Council, brian deese expression.
“Upon direction from the President, the Department of Energy will ship an additional 10 million barrels from the Strategic Petroleum Reserve to market next month, continuing the historic releases the President ordered in March on consumers and promoting energy security, and he directs the Secretary of Energy to to consider further responsible measures to further increase domestic production in the short term,” the statement said.
Republicans responded to news of OPEC+ plans to cut oil production by blasting President Biden.
“OPEC’s decision to cut oil production would have minimal impact on the people of Wyoming if the US were still energy independent. The American people will continue to suffer from Biden’s assault on domestic energy production,” Wyoming GOP Senator Cynthia Lummis said tweeted.
https://www.theblaze.com/news/biden-opec-strategic-petroleum-reserve Biden wants to release more oil from the Strategic Petroleum Reserve