LONDON, (Reuters) – The White House announced Tuesday that it will make 50 million barrels oil from U.S. Strategic Petroleum Reserves in a joint effort with major economies to cool oil prices.
After dropping to $78.55 to begin the day, futures rose 21c, or 0.26% to $79.91/barrel by 1229 GMT.
U.S. West Texas Intermediate’s crude futures dropped 33 cents to $76.42, or 0.4%.
RELEASE OF WHITE HOUSES OIL RESERVES
American consumers and businesses feel the consequences of rising gas prices, both at the pump, and when they heat their homes, as the world economy recovers from the pandemic. That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.
JENNIFER GRANHOLM, ENERGY SECURETARY
“As we come out of an unprecedented global economic shutdown, oil supply hasn’t kept up w/ demand, forcing families & businesses to pay the price. This action underscores @POTUS’ commitment to using the tools available to lower costs for families & continue our economic recovery.”
“President Biden’s policies are hiking inflation and energy prices for the American people. This problem will not be fixed by taping the Strategic Petroleum Reserve. The war against American energy is why we are seeing higher prices.
President Biden has severely limited or eliminated access to oil resources and oil on American federal lands. The investment banking industry withheld capital from U.S. companies that produce oil and natural gas at the request of Democrats and environmentalists. In desperate attempt to stop a Biden-caused tragedy, the bankers are now begging Russia and OPEC for more production. These are not alternatives to American energy production.
SENATE MAJORITY LARGE LEADER, CHARLES SCHUMER
“President Biden’s announcement is good news for American families and will strengthen our economy. Tapping the SPR at the pump will bring much-needed relief and signal to OPEC to not recklessly manipulate the supply in order to artificially raise gas prices. The only way to stop rising gas prices in the long-term is to end our dependency on fossil fuels, and to create an efficient green energy economy.
DONALD TRUMP, USPRESIDENT EMERGERAL
I understand Joe Biden will announce an “attack” on newly-brimming Strategic Oil Reserves in order to artificially lower the record-setting high prices for oil. We used to be energy independent a year ago. But now, we’re dependent on OPEC. Gasoline is currently selling at $7/gal in some parts of California. And they take oil from our Strategic Resources. How can this be a way for a Country to function?
REPUBLICAN REPRESENTATIVE BYRON DONALDS
“The absurdity of @POTUS’s energy policy is evident by the fact that he has released 50 million barrels from his strategic reserves. America had energy independence and was thriving. “Relying on OPEC so he could be the green deal president was stupid from the start.”
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