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Biden’s Desperate Move To Lower Gas Prices

by Market FinancePosted onNovember 23, 2021November 23, 2021

Here’s what Biden just did.

After being warned not to by leading gas and petroleum experts, President Biden took the advice of fellow Democrats and went ahead and tapped into the U.S. Strategic Petroleum Reserve and is going to release 50 million barrels of oil.

Biden is attempting to lower gas prices but experts have already warned him that this move will only be temporary and could only result in a decease of just a few cents.

Following the decision the White House said in a statement, “The President stands ready to take additional action, if needed, and is prepared to use his full authorities working in coordination with the rest of the world to maintain adequate supply as we exit the pandemic.”

According to Fox News, Biden in the past has begged OPEC and Russia to please produce more oil to help him lower gas prices in America but Biden’s begging resulted in little change.

Furthermore, Biden’s Energy Secretary Jennifer Granholm applauded the decision by Biden to tap into the Strategic Petroleum Reserve and said, “As we come out of an unprecedented global economic shutdown, oil supply has not kept up with demand, forcing working families and businesses to pay the price. This action underscores the President’s commitment to using the tools available to bring down costs for working families and to continue our economic recovery.”

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Published by Market Finance

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