Home Lifestyle Joe Biden unveils plans to boost US oil production as last emergency...

Joe Biden unveils plans to boost US oil production as last emergency supplies to be sold


President Biden is set to announce a plan on Wednesday to sell off the last of the country’s emergency oil stocks and refill reserves once prices drop. He desires to add enough to the supply to prevent a sharp spike in prices while also allowing the government to step in as a buyer if the market price falls too low.

The Democrats are focused on keeping inflation low as the midterm elections are fast approaching.

There is a risk that President Biden’s party could lose control of Congress after votes are cast on November 8.

Earlier this year the President sold 180 million barrels from the Strategic Petroleum Reserve in order to see off fears of a supply crisis caused by sanctions against Russia.

Sales were initially expected to end in November, however, the uptake has been slower than thought and 15 million barrels remain unsold.

Those will be put up for bidding in December with more oil also potentially to be released, reported Reuters.

A senior administration official said: “If the conditions require, then we’ll be prepared.”

Plans will also be revealed to fill up the emergency reserve over the next few years but only at prices at or below a range of $67 (£59.21) to $72 (£63.63) dollars a barrel for West Texas Intermediate.

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“We are keeping all tools on the table, you know, anything that could potentially help ensure stable domestic supply.”

There have been concerns from the oil industry that the Biden administration may ban or reduce exports of gasoline to help rebuild US supplies.

So far the government has refused to deny they would do such a thing.


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