High gasoline prices are the problem that President Joe Biden keeps trying to fix — and roughly a year's worth of extraordinary efforts have done little to significantly lower costs.
He rejected the notion that politics played a role in his latest action. But the issue has clear political implications as the president’s approval rating has moved inversely with changes in gasoline prices, which remain high despite coming down since a June peak.
Wednesday’s announcement completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. Biden also had ordered the release of 50 million barrels in November 2021 and promised to investigate the possibility of price gouging. “Our oil reserves do not exist to win midterms,” Rubio said. “They exist to help this country in an emergency or in the midst of a storm.”
Biden said the U.S. government will restock the strategic reserve when oil prices are at or lower than $67 to $72 a barrel, which administration officials said will support domestic production by guaranteeing a baseline level of demand. At the same time, he renewed his criticism of the profits reaped by oil companies — repeating a bet made this summer that public condemnation would matter more to these companies than shareholders’ focus on returns.
Kevin Book, a managing director at ClearView, said in a follow-up analysis that the federal offer to buy oil for the reserve “could furnish at-risk Democrats in moderate districts with a modicum of oil-friendly political collateral. It also could give President Biden a pro-oil talking point before he goes to the producer state of Pennsylvania on Thursday.”
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