President Joe Biden wants to move past fossil fuels but he's looking to increase oil supplies ahead of next month’s midterm elections.
The prospective loss of 2 million barrels a day — 2% of global supply — has had the White House saying that Saudi Arabia sided with Russian President Vladimir Putin and pledging that there will be consequences for supply cuts that could prop up energy prices.contains roughly 400 million barrels of oil, and Biden could order an additional release as early as Wednesday, when chief of staff Ron Klain said he is set to deliver remarks on his administration's efforts to lower gas prices.
Jared Bernstein, a member of the White House Council of Economic Advisers, said that a past release of oil from the U.S. strategic reserve contributed to a decline in prices at the pump this summer. That decline ended last month as prices began to rise again, though they've eased somewhat in the past week.
Biden still faces political headwinds because of gas prices. AAA reports that gas is averaging $3.87 a gallon, up from a month ago when falling prices at the pump suggested that the president and his fellow Democrats were faring better in surveys. The hard math for Biden is that oil production has yet to return to its pre-pandemic level of roughly 13 million barrels a day. It's about a million barrels a day shy of that level. The oil industry would like the administration to open up federal lands for drilling, approve pipeline construction and reverse its recent changes to corporate taxes.
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