Biden Orders 50 Million Barrels of Oil Released From Strategic Reserve in Bid to Cool Surging Prices-US News | The Epoch Times

President Joe Biden on Nov. 23 ordered 50 million barrels of oil released from the nation’s strategic petroleum reserve (SPR) to help cool surging energy costs and ease pain at the pump. “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in a Nov. 23 statement. Crude oil prices have surged to seven-year highs, with global demand seeing a sharp rebound from pandemic lows. Republicans have blamed Biden’s policies for contributing to rising prices, including nixing the Keystone XL pipeline project and freezing new oil and gas drilling leases on federal land. Insisting that Biden “is using every tool available to him to work to lower prices and address the lack of supply” of …

Tom Ozimek

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