Josie Taylor | November 24, 2021
President Joe Biden on Tuesday authorized the release of 50 million barrels of oil from the Strategic Petroleum Reserve, which is complicating his administration’s goal to transition to cleaner energy sources.
Biden said he coordinated the release from the reserve, a complex of four sites along the Louisiana and Texas Gulf Coasts, with leaders in Japan, South Korea, India and the United Kingdom, which would also release their own reserves.
He clarified that this would not affect gas prices over night.
The president said the release from the reserve was intended to relieve high prices in the short term, but a strategy to transition to other fuel sources would be more effective in the long term.
Energy Secretary Jennifer Granholm echoed the president to reporters at a press briefing following Biden’s remarks. She said the administration was aiming to provide short-term relief from oil prices that are at a seven-year high.
She said the White House hoped to see domestic oil producers return to their pre-pandemic levels, even as Biden has made climate action a central part of his agenda, which would mean more reliance on clean energy rather than oil.