A Biden aide spoke of the president's plan to lessen already sky-high fuel prices at the pump. One of these ways is to stop using the SPR and instead reverse its former action that created this crisis even before Russia's special operation in Ukraine.
Biden's Plans To Solve Gas Crisis
According to Amos Hochstein, US President Joe Biden's Special Presidential Coordinator for International Energy Affairs, the US does not intend to extend oil flows from its Strategic Petroleum Reserve (SPR), which is set to terminate in the fall, Yahoo Finance on Friday.
Hochstein said that the SPR is a reserve, not a source of oil. The reserve was a stop-gap measure, and more efforts must be made to reduce gas prices, reported RT.
According to Hochstein, US oil companies assured him that production would be increased. There is panic in the study of oil markets, but the concern is exaggerated. While some analysts projected record-high gasoline prices during the peak summer driving season, prices have actually decreased.
West Texas Intermediate crude oil futures was little more than $95 a barrel as of Saturday, and the average price at the pump in the United States was $4.38 per gallon, down from the record level of $5 per gallon last month.
Cecilia Rouse, chair of the Council of Economic Advisers, remarked that gasoline prices in the country have been declining for 38 days in a row. Biden is aware of how high fuel prices need to be fixed as many want relief from this terrible inflation.
Hochstein said that the price would be set at $4 with Yahoo repeating and the government pushing it.
Oil Crisis Drives Biden Administration to the Ground
The American Automobile Association data confirmed that the average national gas price in the United States was above $4.30 per gallon on Saturday, citing Sputnik News.
Prices began to rise in October last year, hitting never-before-seen record levels in March and June, as the US and its European allies attempted to cut Russia out of the West's energy balance.
President Joe Biden has presented a four-way strategy to control gasoline costs, including an effort to impose a price restriction on Russian oil, which Moscow has denounced as hazardous and destructive.
Increase oil output from the wells and licenses that are currently in place. The industry has more granted permits than they can reasonably use for production on federal lands, use the permits before they expire.
The second is that the oil sector will use its record profits to boost production and refinery rather than to repurchase shares and pay dividends.
Last is to convert to a clean energy economy as soon as possible, which means cleaner renewable energy, more affordable electric vehicles, and clean energy manufactured here in the United States.
Biden aide Amos Hochstein said the White House would take several courses of action to lessen the high fuel prices experienced by Americans. The Strategic Petroleum Reserve will close to allow other options stated in the report.
