FACT SHEET: President Biden to Announce New Actions to Strengthen U.S. Energy Security, Encourage Production, and Bring Down Costs – The White House

by | Oct 18, 2022 | Energy

President Biden is committed to doing everything in his power to respond to Putin’s Price Hike at the pump, and he is delivering. Gas prices fell at the fastest rate in over a decade this summer, with average prices down by about $1.15 per gallon since their peak in June – and just about 30 cents above levels on February 24, when the war in Ukraine began. In fact, gas prices have fallen 15 out of the last 18 weeks. According to an industry analyst, the most common price across the country today is $3.39.President Biden is directing his Administration to take additional action to strengthen energy security, address the supply crunch, and lower costs.First, the Department of Energy (DOE) is issuing a Notice of Sale tomorrow morning for 15 million barrels from the Strategic Petroleum Reserve (SPR) to be delivered in December. This sale will complete the historic, 180-million-barrel drawdown the President announced in the spring, which has helped to stabilize crude oil markets and reduce prices at the pump. The President is also calling on DOE to be ready to move forward with additional significant SPR sales this winter if needed due to Russian or other actions disrupting global markets.Se …

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