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US oil companies must increase production and lower gas prices for consumers. To that end, US President Joe Biden has called for a fresh release of strategic oil reserves in an effort to lower fuel prices. That’s 15 million barrels.
Like Europe, the US is struggling with a sharp rise in inflation. This puts a brake on the US economy, although refueling is still possible for a dollar a litre.
Biden is very keen to keep gasoline prices from rising any further. The ever-increasing fuel prices are eroding his popularity as president. With House and Senate midterm elections looming, Biden can’t use it now.
He is now telling oil companies in the US to get more oil out of the ground as a last resort. Oil cartel OPEC, along with ally Russia, recently decided to pump less oil. Those countries want to support oil prices in this way. That was against Biden’s foot pain, but the president couldn’t diplomatically block the move.
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