Headline RoundupMarch 31st, 2022

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.

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