The White House announced on Tuesday that President Joe Biden will release 50 million barrels of oil from the Strategic Oil Reserve.
The president argued in a statement that demand for oil was unable to keep up with the economy recovering from closures from the coronavirus pandemic, causing prices to rise.
“American consumers are feeling the impact of high gas prices at the pump and on their home heating bills, and so are American businesses, as oil supply has not kept up with demand as the global economy exits. pandemic, ”the White House said in a statement.
Biden announced his move as Americans prepare to hit the road for Thanksgiving as prices show no signs of easing, as reported by Breitbart News.
Gas prices have peaked in seven years as Biden struggles to find a solution to rising gas prices.
Biden failed to convince OPEC + countries to produce more oil in November and tried to blame the price hike on oil companies.
The White House also maintains that Americans have more money to use to help pay for more expensive gasoline.
In his statement, Biden reminded Americans that through his policies they are “putting almost $ 100 more per month in disposable income in their pockets” to help pay for the higher cost of energy and fuel.
Biden also boasted that his “historic” infrastructure bill had invested in green energy with the goal of “a net zero-emission economy by 2050 and reducing our dependence on foreign fossil fuels.”