Biden will mine oil reserves, hoping to drive down gas prices.

They are also trying to shift some of the blame for high prices onto oil companies, which the administration says are not doing enough to...

They are also trying to shift some of the blame for high prices onto oil companies, which the administration says are not doing enough to produce more energy to boost their profits. The administration plans to ask Congress to compel companies to produce on more than 12 million acres of federal lands cleared for extraction or face fines, a proposal that will likely face a surge.

Energy experts said the release of oil from the reserve would have more punch if other countries, such as China, also sold oil from their strategic stocks. The International Energy Agency, an organization of more than 30 countries, will meet on Friday and could recommend further releases of oil from national reserves.

The price of Brent crude, the international benchmark, initially fell nearly 6% after a Bloomberg News report that Mr Biden was considering doing so, but recovered a more modest decline of 5% to around $108 on barrel around 12:30 p.m. Thursday noon. West Texas Intermediate crude, the US benchmark, fell 3.7% to around $104 a barrel.

Russia’s oil exports normally account for more than one in every 10 barrels the world consumes. The United States, Britain and Canada have stopped importing Russian oil, and many oil companies and shippers in Europe and elsewhere have voluntarily stopped buying Russian energy products. This has produced a shortfall so far of around three million barrels per day.

The average price of regular gasoline in the United States is $4.23 per gallon, according to AAA, the automobile club. That’s about the same as a week ago, but up 62 cents per gallon last month.

Oil prices fell this week after peace talks between Russia and Ukraine showed the first signs of significant progress, although Russian officials, including Mr Putin, sent mixed messages about their intentions. Energy traders also fear global demand could plummet as China, the world’s biggest oil importer, imposes shutdowns in Shanghai and other places to deal with coronavirus outbreaks.

“The effect on prices will likely be short-term,” David Goldwyn, who was a senior State Department official in the Obama administration, said of Mr. Biden’s announcement. “But part of the benefit of this release is that it will provide a gateway to new physical supply coming online in the second half of this year from the United States, Canada, Brazil and other countries.”

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Newsrust - US Top News: Biden will mine oil reserves, hoping to drive down gas prices.
Biden will mine oil reserves, hoping to drive down gas prices.
Newsrust - US Top News
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