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* Russia-Ukraine war
* Joe Biden
* Business
* Prices
* Europe

BIDEN TAPS OIL RESERVE FOR 6 MONTHS TO CONTROL GAS PRICES

By ZEKE MILLER and JOSH BOAK36 minutes ago

President Joe Biden speaks about status of the country's fight against COVID-19
in the South Court Auditorium on the White House campus, Wednesday, March 30,
2022, in Washington. (AP Photo/Patrick Semansky)

WASHINGTON (AP) — President Joe Biden is ordering the release of 1 million
barrels of oil per day from the nation’s strategic petroleum reserve for six
months, the White House said Thursday, in a bid to control energy prices that
have spiked as the U.S. and allies imposed steep sanctions on Russia over its
invasion of Ukraine.

Biden was making the formal announcement later Thursday in remarks on his
administration’s plans to combat rising gas prices.

The White House says Biden will also call on Congress to impose financial
penalties on oil and gas companies that lease public lands but aren’t producing
energy.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

WASHINGTON (AP) — President Joe Biden is preparing to order the release of up to
1 million barrels of oil per day from the nation’s strategic petroleum reserve,
according to two people familiar with the decision, in a bid to control energy
prices that have spiked as the U.S. and allies have imposed steep sanctions on
Russia over its invasion of Ukraine.

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The announcement is expected Thursday when Biden delivers remarks on his
administration’s plans to combat rising gas prices. The duration of the release
hasn’t been finalized but could last for several months. The people spoke on the
condition of anonymity to preview the decision.

The expected move by Biden shows that oil remains a key vulnerability for the
U.S. at home and abroad. Higher prices have crushed Biden’s approval
domestically, while also adding billions of dollars to the Russian war chest as
it wages war on Ukraine. The release of reserves would create pressures that
could reduce oil prices, though Biden has already twice ordered releases from
the strategic reserves without causing a meaningful shift in oil markets.

Part of Biden’s conundrum is that high prices have not coaxed a meaningful jump
in oil production. The planned release is a way to increase supplies. The
markets reacted quickly with crude oil prices dropping more than 3% on Thursday
morning to roughly $104 a barrel. Still, oil is up from roughly $60 a year ago
as supplies have not kept up with demand as the world economy began to rebound
from the coronavirus pandemic.

Americans on average use about 21 million barrels of oil daily, with about 40%
of the consumption devoted to gasoline, according to the U.S. Energy Information
Administration.

Domestic oil production is equal to more than half of the country’s usage, but
high prices have not led companies to return to their pre-pandemic levels of
output. The U.S. is producing on average 11.7 million barrels daily, down from
13 million barrels in early 2020.

Republican lawmakers have said the problem rests with the Biden administration
being hostile to oil permits and the construction of new pipelines such as the
Keystone XL. Democrats have countered that the country needs to move to
renewable energy such as wind and solar that could reduce the dependence on
fossil fuels and Russia President Vladimir Putin’s leverage.

“I think the administration’s anti-fossil fuel views are sort of like a
religion,” Senate Republican Leader Mitch McConnell told Punchbowl News in a
Thursday interview. “They’re kind of unconnected with the needs of not only our
country but the world. This policy is driven by the hard left, which the
president almost never crosses. And, until that policy changes, we’re gonna have
a problem.”

Oil producers have been more focused on meeting the needs of investors than
consumers, according to a survey released last week by the Dallas Federal
Reserve. About 59% of the executives surveyed said investor pressure to preserve
“capital discipline” amid high prices was the reason they weren’t pumping more,
while fewer than 10% blamed government regulation.

The steady release from the reserves would be a meaningful sum and come near to
closing the domestic production gap relative to February 2020, before the
coronavirus caused a steep decline in oil output.

The Biden administration in November announced the release of 50 million barrels
from the strategic reserve in coordination with other countries. And after the
Russia-Ukraine war began, the U.S. and 30 other countries agreed to an
additional release of 60 million barrels from reserves, with half of the total
coming from the U.S.

According to the Department of Energy, which manages it, more than 568 million
barrels of oil were held in the reserve as of March 25.

News of the administration’s planning was first reported by Bloomberg.

___

Associated Press writer Michael Balsamo contributed to this report.

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