Biden to tap emergency fuel reserve again to tame high pump prices

US President Joe Biden speaks in the Roosevelt Room of the White House in Washington, DC, the US, October 19 2022. Picture: AL DRAGO/BLOOMBERG

“With my announcement today, we’re going to continue to stabilise markets and decrease the prices at a time when the actions of other countries have caused such volatility,” Biden said at a White House event. Biden’s plan aims to add enough oil supply to the market to prevent price spikes that could hurt consumers and businesses, while also assuring the nation's drillers the government will swoop into the market as a buyer if prices plunge too low.

The SPR, which is now at its lowest levels since 1984, is more than half-full with more than 400-million barrels of oil, Biden said, “more than enough for any emergency drawdown”. “We need to responsibly increase American oil production without delaying or deferring our transition to clean energy,” Biden said on Wednesday.US presidents have little control over petroleum prices, but the country’s huge petrol consumption — the highest in the world — means high prices at the pump can be political poison. Retail fuel prices have fallen from a high in June, but remain above historical averages, and are a major contributor to inflation.

Biden said oil companies should feel more confident about investing in production with the new SPR repurchase pledge.

Idiot Biden.

This old man thought sanctions were going to destroy the Russians look at him now 😂😂😂🤦‍♂️ cretinous🚮

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