The Biden administration is expected to release at least 10 million barrels of oil from the Strategic Petroleum Reserve to stop gas prices from increasing further.
The release of the Strategic Petroleum Reserve would be the latest portion of a 180-million-barrel program that started earlier this year.
Energy Department and White House officials have been quietly meeting this week with Exxon Mobil Corp., ConocoPhillips and other oil companies to inform them of what they can expect and to urge them to encourage the production of gasoline and diesel,representatives and third-party energy analysts have said limiting fuel exports could result in higher prices in some areas of the country, particularly in the Northeast, which relies on imports.
The Energy Department announced in the spring it was planning a new method of buybacks to permit a"competitive, fixed-price" bid process that would potentially lock prices in prior to crude being delivered. The White House has been attempting to curb rising gas prices and bolster low domestic stockpiles of fuel for the winter season while also responding to the OPEC+ coalition’s decision earlier this month to cut production.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Donald Trump edges out President Biden in election poll as Biden slips below 40% approvalPresident Biden's approval rating slipped below 40% for the first time since his August boost, according to a New York Times poll. The poll shows advantages for Republicans.
Read more »
Grassley urges FBI to disclose documents on Biden foreign business deals for Hunter Biden probeSen. Charles Grassley is calling on the FBI to disclose records that he says will show the Biden family engaging in potentially criminal pay-to-play business deals in China.
Read more »
Biden administration plans to announce additional oil reserve sales in wake of OPEC+ cutThe Biden administration is expected to sell 14 millions barrels of oil from the U.S. Strategic Petroleum Reserve in a bid to lower gas prices.
Read more »
Biden admin keeps delaying oil and gas permitting due to math errorThe Biden administration has yet to fix a math error it identified in the spring which is causing permitting for oil and gas drilling projects to be delayed.
Read more »
Biden admin has to figure out border without Title 42: Former DHS officialTitle 42 allows migrants to be expelled from the U.S. on public health grounds and was first enacted in response to COVID-19.
Read more »