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Biden must tap oil reserves to lower gasoline prices, Schumer says

PoliticsNov 14, 2021 01:15PM ET
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© Reuters. FILE PHOTO: Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, U.S. November, 9, 2021. REUTERS/Mike Blake/File Photo

(Reuters) -President Joe Biden's administration should tap into emergency petroleum reserves to lower rising gasoline prices as Americans go into the holiday season, Senate Majority Leader Chuck Schumer said on Sunday.

"We're here today because we need immediate relief at the gas pump and the place to look is the Strategic Petroleum Reserve," Schumer, a Democrat, said at a news conference in New York.

Soaring gas prices and car sales drove a solid increase in U.S. producer prices in October as oil prices hit more than $80 a barrel, with OPEC and its allies rebuffing U.S. pleas for the producers to pump more crude.

Energy Secretary Jennifer Granholm said last Monday Biden could act, but there was still no word on whether he would authorize a sale from the U.S. Strategic Petroleum Reserve, which is held in a series of caverns on the Texas and Louisiana coasts.

Analysts have warned a release from the Strategic Petroleum Reserve would only produce a short-term effect, as it would not increase U.S. production capacity.

As the U.S. economy reawakens after the coronavirus pandemic, supply and demand cannot keep up, especially with supply chain disruptions, Schumer said.

"No industry is spared. But fuel gasoline is the worst of all," Schumer said. "Let's get the price of gas down right now. And this will do it."

Last week, 11 Senate Democrats urged Biden in a letter to tap the SPR and ban crude oil exports to lower gas prices, citing OPEC constraints on supplies and U.S. exports.

"Continued U.S. exports and overseas supply collusion could be devastating to many in our states, contributing to higher bills for American families and businesses," the senators, from New England states and Pennsylvania, wrote on Nov. 8.

Biden must tap oil reserves to lower gasoline prices, Schumer says
 

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Comments (8)
taylor jason
taylor jason Nov 15, 2021 11:48AM ET
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a few months ago, China trade to lower copper prices by releasing their copper reserve to domestic manufacturers which only temporarily dropped the price for about a month or so. same holds true here, us dumping oil reserves will only be temporarily. rather the biden administration should repeal all those new oil/gas company regulation so domestic producers can pump more. this administration is only going to cause oil prices to go higher. oh and good luck trying to convince opec to produce more
Catholic Man
CatholicMan Nov 15, 2021 9:04AM ET
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How about we drill more and build more pipelines?
Michael Mcdonough
Michael Mcdonough Nov 14, 2021 6:40PM ET
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Absolutely ludicrous idea. ..by incompetent people
pcg upstate
pcg upstate Nov 14, 2021 6:35PM ET
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don't give in now, we're not all on board with this green new deal yet. let us feel the real pain
pcg upstate
pcg upstate Nov 14, 2021 6:35PM ET
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and shut down that canadian pipeline that feeds those Michigan and surrounding areas what's needed to heat their homes and businesses. Please please shut it down.
Bill Melton
Bill Melton Nov 14, 2021 5:27PM ET
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A band-aid proposal to counter a green unicorn ideology.
Dan Pickens
Dan Pickens Nov 14, 2021 3:48PM ET
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How about restoring Keystone and lifting restrictions for drilling on Federal land? Way cleaner process than you get from OPEC+.
Alan Rice
Alan Rice Nov 14, 2021 2:28PM ET
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So the World Oil Glut can get "Gluttier". (BIG MISTAKE gets BIGGER.) Tic-.....
Felipe Daniel
Felipe Daniel Nov 14, 2021 1:43PM ET
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First thing Brandon did after taking office stop Keystone Pipeline. Socialism only benefits the top.
Benjamin USA
Benjamin USA Nov 14, 2021 1:43PM ET
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