[ad_1]
The president is disappointed by OPEC+’s short-sighted decision to cut production quotas as the world economy faces the continued negative impact of Putin’s invasion of Ukraine. At a time when maintaining global energy supplies is of utmost importance, this decision will have the most negative impact on lower and middle-income countries that are already struggling with higher energy prices.
The president’s work here at home, and with allies around the world, has helped lower gas prices in the U.S.: Since the start of the summer, gas prices have dropped $1.20 – and the most common price at gas stations today is $3.29 a gallon. Under the president’s order, the Department of Energy will deliver another 10 million barrels from the strategic oil reserve to the market next month, continuing the historic releases the president ordered in March. The President will continue to direct SPR announcements to protect American consumers and promote energy security, and directs the Secretary of Energy to investigate any additional responsible actions to continue increasing domestic production in the immediate term.
The president is also calling on U.S. energy companies to continue lowering pump prices by closing the historically large gap between wholesale and retail gas prices — so American consumers pay less at the pump.
In light of today’s action, the Biden administration will also consult with Congress about additional tools and powers to reduce OPEC’s control over energy prices.
Finally, today’s announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels. With the passage of the Inflation Reduction Act, the US is now poised to make the most significant investment ever in accelerating the clean energy transition while increasing energy security by increasing our reliance on clean energy and American-made energy technologies.
###
[ad_2]
Source link