White House Finally Announces Plan To Replenish Oil Reserves – See What Biden Is Doing
(AmericanProsperity.com) – While Biden blames Putin’s attack on Ukraine for the sky-high prices, fuel prices were already on the rise prior to February 24. President Biden announced earlier in the year a plan to release one million barrels of oil per day to help Americans at the pump. Now, the president wants to replenish the US Strategic Petroleum Reserve (SPR), and here’s how he plans to do it.
The administration wants to buy back 60 million barrels of oil. https://t.co/HvPsOqc5i4
— CBS News (@CBSNews) May 5, 2022
Biden’s plan to use part of the SPR to lower prices for Americans at the pump didn’t work out as planned. The average price of fuel remains high, with CBS reporting an average of $4.25/gallon more than the previous month’s average of $4.18. Now, Biden wants to replenish the reserve by buying back 60 million barrels, just one-third of the 180 million it released.
CBS reported that bids from companies will take place sometime in the fall of 2022. The plan is to replenish and bolster the supply for future use. The reserve was essentially wasted to begin with, with prices continuing to increase despite Biden releasing so many barrels of oil. It’s unclear when the average price for a gallon of fuel in the US will dip back below $4. The Energy Department reportedly asserted the replenishment plans could also help lower fuel prices, claiming future expectations often impact present prices.
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