Gasoline prices are seen on November 17 in Miami Beach, Fla. The White House said oil prices had come down due to increased speculation that the United States and other countries would tap into reserves.
Marta Lavandier / AP
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Marta Lavandier / AP
Gasoline prices are seen on November 17 in Miami Beach, Fla. The White House said oil prices had come down due to increased speculation that the United States and other countries would tap into reserves.
Marta Lavandier / AP
The United States plans to draw 50 million barrels of oil from its emergency oil stockpile in the coming months, a widely anticipated move to try to bring down high gas prices that have hurt consumers – and hurt President Biden in the polls.
Inflation has emerged as a top political concern with voters, who have seen the prices of gasoline and other staples soar in recent months. Gasoline prices in the US are at the highest level since 2014.
Biden has spoken to other leaders about the issue, and other major consumers – China, India, Japan, South Korea and the UK – will take similar steps to free up oil. from their stockpile, the White House said on Tuesday.
At a news conference Tuesday announcing the decision, Biden said, “We’re taking action.”
“A large part of the reason Americans face high gas prices is because oil-producing countries and major companies haven’t ramped up oil supplies fast enough to meet demand. And smaller supplies mean smaller supplies. with higher global oil prices – globally -,” he said.
Mr. Biden warned that actions by the US and other countries would not fix the pump problem “soon,” but said Americans can expect relief soon.
“It will take time, but before long, you should see where the price of gas drops and you get gas,” he said.
The news comes at one of the busiest driving times of the year, when Americans drive to visit family members on Thanksgiving.
A senior administration official told reporters on Tuesday: “Markets have come out of their slump since COVID hit.” “We used to have extremely low prices and now we have inflated prices, supply doesn’t match demand, and that’s causing a lot of trouble for the American consumer.”
The White House said the anticipation of the reserve move has helped lower oil prices by about 10% over the past few weeks. That drop has yet to translate into cheaper gas prices for consumers. Administration officials would not say when they think Americans might find relief.
NPR’s Alana Wise contributed reporting.
