How the Latest Plan to Release Oil from US Reserves Aims to Lower Gas Prices
Summary from the AllSides News Team
Millions more oil barrels will soon be released from the U.S. Strategic Petroleum Reserve in an effort to curb high energy costs. Will it lower prices at the gas pump?
The White House announced Thursday that the U.S. will release 1 million barrels of oil per day for the next six months, blaming "Putin’s Price Hike" for high costs and calling the plan "unprecedented." Biden accused some U.S. energy companies Thursday of failing to use approved oil production permits, warning that they "will have to choose whether to start producing or pay a fee" for unused resources. He also suggested the release could cut gas prices by "10 cents to 35 cents a gallon." Prices average $4.22 per gallon for regular, up from $3.61 a month ago and $2.87 a year ago, according to AAA. The U.S. consumes around 20 million barrels of oil each day, roughly one-fifth of daily global consumption.
News coverage from left-rated outlets often frames high gas prices as a direct result of Russia's invasion of Ukraine and subsequent sanctions. Other reports across the spectrum highlight how gas costs began rising last year as the pandemic wound down and demand began rising, before becoming even higher and more volatile amid the invasion. News coverage on the right often frames Biden and Democrats as blameworthy for high prices. Opinion voices on the right tend to accuse Biden of misguidedly tapping oil reserves instead of focusing on ramped-up domestic production.
Featured Coverage of this Story
From the RightWhite House won’t name oil and gas companies it’s blaming for high prices
The White House declined to specifically name any oil and gas companies that President Biden blamed earlier Thursday for exploiting the rise in energy prices and lining the pockets of investors.
National Economic Council Director Brian Deese was asked during Thursday’s press briefing to identify what companies the Biden administration considers to be good actors or bad actors.
"I want to give you an opportunity, for Americans who want to do the patriotic thing, where should they be going to buy their gas right now?" the reporter asked. "Are there good companies that have worked with...
From the CenterU.S. to release 1 million barrels of oil per day from reserves to help cut gas prices
The U.S. will release 1 million barrels of oil per day from its strategic reserves to help cut gas prices and fight inflation across the country, the White House announced Thursday.
President Joe Biden plans to tap the nation’s Strategic Petroleum Reserve for the next six months as domestic producers ramp up production, according to a fact sheet released by the Biden administration.
“The scale of this release is unprecedented: the world has never had a release of oil reserves at this 1 million per day rate for this length of time,”...
From the LeftBiden oil move aims to cut gas prices ‘fairly significantly’
President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine.
The president said it was not known how much gasoline prices could decline as a result of his move, but he suggested it might be “anything from 10 cents to 35 cents a gallon.” Gas is averaging about $4.23 a gallon, compared...