President Joe Biden urged American firms to enhance domestic oil production as gas prices remained stubbornly high before the midterm elections and revealed a number of initiatives targeted at lowering prices at the pump.
“They’re not falling fast enough. Families are hurting,” Biden noted in his comments at the White House. “You’ve heard me say it before, but I get it.”
Biden said, “we need to responsibly increase American oil production without delay or deferring our transition to clean energy.” He encouraged businesses to increase production now because the United States would buy the barrels later when prices fall to as low as $70 per BBL, according to White House projections. As part of his March decision to release 180 million barrels of oil over the course of the year, he also declared he would release 15 million barrels of oil from the country’s emergency reserves.
Biden also unveiled a new plan to increase the production of vital minerals needed in batteries for electric vehicles, laptops, and smartphones in an effort to bolster domestic energy independence. With promises to generate lithium and other essential minerals for batteries, 12 industrial companies received $2.8 billion in federal infrastructure funding from the Biden administration.
Biden is under increasing pressure to come up with solutions to cut gas prices, which have plateaued after falling over the course of the late summer. The current situation poses a challenge to the plight of Democrats who hope to keep control of the Senate and the House in the next midterm elections.
Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.