Photo: ANP
American oil companies should increase production and lower gas prices for consumers. To this end, US President Joe Biden has called for a new launch of the Strategic Petroleum Reserves in an effort to lower fuel prices. That was 15 million barrels.
Like Europe, the United States is experiencing a sharp rise in inflation. This puts a brake on the US economy, although it can still be refueling for dollars per liter.
Biden is very careful not to allow gasoline prices to rise further. Constantly rising fuel prices are eroding his popularity as president. With the House and Senate midterm elections looming, Biden can’t use that right now.
The fact that he is now asking oil companies in the United States to extract more oil from the ground is also a kind of last resort. The Organization of Petroleum Exporting Countries, together with its ally Russia, among others, recently decided to pump less oil. Those countries want to support oil prices. It was against Biden’s sore leg, but the president was unable to prevent this move with diplomacy.
