President Joe Biden to use 50 million barrels of oil from America's strategic reserve in an attempt to lower the high gas prices across the country.
's decision to tap into the national oil reserves as a temporary fix for increased gas prices, saying it served as a reminder to move towards clean energy, theBiden announced the use of 50 million barrels of oil from America's strategic reserve to help lower gas prices that have risen more than a dollar per gallon since January.
Biden spoke at the White House on Tuesday and said the increase in gas prices made the move to withdraw oil from the country's emergency stockpile necessary, but it wouldn't distract from his larger goal of being energy independent. Lorne Stockman, research director of Oil Change International, an environmental group focused on creating a"fossil-free future,″ said Biden should have acted sooner if only to counter a barrage of Republican criticism blaming him for high gasoline prices.
Biden said the White House was looking into potential price gouging by oil companies squeezing customers while making money off lower costs. Energy Secretarysaid U.S. companies were keeping production below pre-pandemic levels in order to increase profits.
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