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Tags: joe biden | strategic oil reserve | national security adviser | jake sullivan | brian deese | economic director | white house

In a Pivot, Biden to Draw More From Strategic Oil Reserve

(Newsmax)

Wednesday, 05 October 2022 12:27 PM EDT

President Joe Biden will continue to direct releases from the nation's Strategic Petroleum Reserve "as necessary," National Security Adviser Jake Sullivan and National Economic Council Director Brian Deese said in a statement.

Previously, the White House had committed to ending releases from the Strategic Petroleum Reserves in the coming weeks, but said Wednesday it will continue to release them "as appropriate." Earlier this year, Biden ordered up to 180 million barrels released from the reserve.

Biden is also calling on his administration and Congress to explore ways to boost U.S. energy production and reduce OPEC's control over energy prices after the cartel's "shortsighted" production cut, the White House said Wednesday.

OPEC+ at a Vienna meeting Wednesday ignored pleas from the White House to keep oil flowing and agreed to cut output by 2 million barrels per day, its deepest cuts in production since the 2020 COVID pandemic.

"The president is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of [Vladimir] Putin's invasion of Ukraine," the statement said.

© 2022 Thomson/Reuters. All rights reserved.


Newsfront
President Joe Biden will continue to direct releases from the nation's Strategic Petroleum Reserve "as necessary," National Security Adviser Jake Sullivan and National Economic Council Director Brian Deese said in a statement.
joe biden, strategic oil reserve, national security adviser, jake sullivan, brian deese, economic director, white house
181
2022-27-05
Wednesday, 05 October 2022 12:27 PM
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