Sky-high gas prices are reportedly driving some in California to fill up their tanks in Mexico.
the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months.were held in the reserve as of March 25.
The president said that it was not known how much gasoline prices could drop as a result of this action, but noted it might be "anything from 10 cents to 35 cents a gallon." "The bottom line is if we want lower gas prices we need to have more oil supply right now," he said. "This is a moment of consequence and peril for the world, and pain at the pump for American families."The president also wants Congress to impose financial penalties on oil and gas companies that lease public lands but are not producing.
He said he will invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles and tried to shame oil companies he said are focused on profits instead of putting out more barrels.
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