![]() government will restock the strategic reserve when oil prices are at or lower than $67 to $72 a barrel, which administration officials said will support domestic production by guaranteeing a baseline level of demand. But administration officials would not detail how much the president would be willing to tap, nor by how much they want domestic production to increase to end the withdrawals.īiden said the U.S. Prices began to rise again toward the end of September, only to drift down slightly in recent weeks.īiden also wants to open the door to additional oil releases this winter in an effort to keep prices down. That period largely overlapped with a decline in prices from record levels. In AP-NORC Center for Public Affairs polling, support for Biden recovered from a low of 36% in July to 45% in September. The president’s political fortunes do appear to be tied to gas prices. “They exist to help this country in an emergency or in the midst of a storm.” “Our oil reserves do not exist to win midterms,” Rubio said. is “begging” other countries for oil and depleting its own reserves to help Democratic candidates. Val Demings, Rubio complained that the U.S. The reserve now contains roughly 400 million barrels of oil, a level that opponents say has more to do with Biden’s attempts to help his fellow Democrats than spur more oil production in the U.S.ĭuring Tuesday night’s Florida Senate debate between Republican Sen. The withdrawals have sent the nation’s strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased. Biden also had ordered the release of 50 million barrels in November 2021 and promised to investigate the possibility of price gouging. Wednesday’s announcement completes the release of 180 million barrels authorized by Biden in March that was initially supposed to occur over six months. Yet a gallon of gas still averages $3.85, up from a year ago when Biden called $3.35 a gallon a strain on families and from roughly $2.40 a gallon during his 2021 inaugural. Biden’s announcement comes as gas prices have declined over the past two weeks. The open question is whether the announcement makes a difference with voters in Senate and House races in November that could be decided by razor-thin margins. ![]() “It’s not politically motivated at all,” Biden said Wednesday in response to reporters’ questions. Biden denied his latest move was about the upcoming elections, even though he told The Associated Press in an interview earlier this year that his approval ratings seem to move in the opposite direction from gas prices. You’ve heard me say it before, but I get it.”īiden has consistently said that high prices are the fault of Russia invading Ukraine at the start of this year. Any declines in gas prices - no matter their magnitude - the president attributes to his policies. “They’re not falling fast enough,” Biden said in remarks at the White House. But the issue has clear political implications as the president’s approval rating has moved inversely with changes in gasoline prices, which remain high despite coming down since a June peak. He rejected the notion that politics played a role in his latest action. strategic reserve and consider additional withdrawals this winter, he’s telling frustrated voters ahead of the midterm elections that the White House hasn’t given up. With Biden’s latest push Wednesday to release 15 million barrels from the U.S. WASHINGTON (AP) - High gasoline prices are the problem that President Joe Biden keeps trying to fix - and roughly a year’s worth of extraordinary efforts have done little to significantly lower costs.
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