Economy & Business, Politics

Biden to Continue Depleting US Oil Reserves

The Biden White House on Wednesday lambasted OPEC and its allies for what it called a “shortsighted decision” to cut oil production by two million barrels per day. The move could lead to even higher gas prices in the United States.

National security adviser Jake Sullivan and economic advisor Brian Deese released a statement on Wednesday criticizing the decision by OPEC. The US Strategic Oil Reserves are nearly half empty already due to Biden’s continued release of barrels in order to offset costs, while his administration hinders domestic oil production.

“At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” Sullivan and Deese said in a joint statement. They also said that President Biden was “disappointed” by OPEC’s decision. Read more…

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