President Biden announced on Wednesday that 10 million barrels of oil will be released from the United States Strategic Oil Reserves in November to keep gasoline prices down after OPEC+ decided to cut oil production by 2 million barrels a day this week. The White House criticized the decision calling it a “mistake” and “short-sighted.”
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Biden had visited Saudi Arabia in July, and even shared a fist-bump with Crown Prince Mohammed bin Salman before calling the country a “pariah.” With the recent cutback in oil production, the Saudis seem apathetic toward America’s need for more affordable gasoline.
When asked about the cut, White House press secretary, Karine Jean-Pierre told reporters onboard Air Force One on Wednesday, “Look, it’s clear that OPEC+ is siding with Russia by cutting oil production.”
Jean-Pierre did not discuss the possibility of increasing domestic oil production in the future, but she did reference Biden’s push towards green energy, “With the inflation Reduction Act, we are making a historic investment in accelerating the transition to clean energy.”
The question that lingers though is how will the U.S. keep gas prices down and fill the gap between now and when the country is able to utilize more green energy?