US President Joe Biden announced a plan on Wednesday to sell off 15 million barrels of crude oil from the nation's emergency supply and begin refilling the reserve as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8.
US President Joe Biden, with Energy Secretary Jennifer Granholm, answers questions after his remarks on the national Strategic Petroleum Reserve form the Roosevelt Room at the White House in Washington, US October 19, 2022. REUTERS/Jonathan Ernst
"With my announcement today, we're going to continue to stabilize markets and decrease the prices at a time when the actions of other countries have caused such volatility," Biden said at a White House event. Biden, facing criticism from Republicans who charge he is tapping the reserve for political reasons and not because there is an emergency, also said he would refill the SPR reserve in the upcoming years.
While the initial plan was to end those sales in November, purchases by companies, including Marathon Petroleum Corp, Exxon Mobil Corp and Valero Energy Corp, were slower than expected over the summer and some 15 million barrels remain unsold.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
For Biden and Trump, 2022 is 2020 sequel— and 2024 preview? - BusinessMirrorWASHINGTON—This year’s midterm elections are playing out as a strange continuation of the last presidential race—and a potential preview of the next one. Donald Trump, who refused to exit the stage after his defeat, has spent months raging against Joe Biden, reshaping down ballot campaigns that normally function as a straightforward referendum on the incumbent
Read more »
Biden admin talks with energy firms as it seeks to balance oil prices-sources - BusinessWorld OnlineWASHINGTON — The Biden administration has spoken with energy companies as it considers a plan to use the Strategic Petroleum Reserve to both push down oil prices for consumers and support longer-term demand for producers, two sources familiar with the matter said.
Read more »
Inflation takes toll on daily lifeThe high prices of petroleum products as well as the elevated inflation have made it difficult for Filipino workers to make ends meet, despite the minimum wage hike that took effect on June 1, according to a local think-tank. READ:
Read more »
Transport groups seek ‘surge’ charge on fares during rush hour - BusinessWorld OnlineJEEPNEY and bus operators want to impose a “surge” charge on top of base fares during rush hour, amid worsening traffic conditions and rising oil prices in Metro Manila. READ:
Read more »