Strategic Petroleum Reserve (US)
Gas Prices Force Biden Into an Unlikely Embrace of Fossil Fuels
WASHINGTON — President Biden came into office promising to tackle the planet’s climate crisis. But rising gas prices, driven in part by Russia’s invasion of Ukraine, have pushed the environmental-minded president to do something unlikely: embrace oil. On Tuesday, Mr. Biden traveled to Iowa, where he announced that the Environmental Protection Agency would temporarily lift […]
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Biden will tap oil reserve, hoping to push gasoline prices down.
Energy experts said the reserve release would pack more punch if other countries, like China, also sold oil from their stockpiles. The International Energy Agency, an organization of more than 30 countries, will meet Friday and may recommend further releases from national reserves. Russian oil exports normally represent more than one of every 10 barrels […]
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OPEC Faces Omicron Uncertainty and Rebellious Customers
One thing is for certain when officials from OPEC, Russia and other oil-producing countries meet by teleconference on Thursday to decide how much oil to produce in January. They will want to try to make sure that last Friday’s sudden, sharp collapse in oil prices — a drop of more than 10 percent within a […]
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With Gas Prices High, Calls Grow to Tap Strategic Oil Reserve
As gasoline prices and inflationary pressures have climbed in recent weeks, calls have been growing in Congress for the Biden administration to tap into the nation’s Strategic Petroleum Reserve. The Senate majority leader, Chuck Schumer, added his voice over the weekend. “We need immediate relief at the gas pump, and the place to look is […]
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