Schumer urges Biden to tap oil reserves in order to lower gas prices

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Senate Majority Leader Chuck Schumer (DNY) on Sunday urged the Biden administration to tap the country’s emergency petroleum reserves to curb rising gas prices. Reuters informed of.

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why it matters: US gas prices have risen to a seven-year high and complicating the Biden administration’s push for a clean energy transition.

  • Energy Deputy Secretary David Turk told Nerdshala last week that discussions on exploiting reserves were underway at the highest level of government.

big picture: Schumer said at the press conference that consumers needed “immediate relief at the gas pump” and urged the administration to approve the sale from Strategic Petroleum Reserve.

  • Asked if President Biden would be willing to open the Strategic Petroleum Reserve, National Economic Council director Brian Deez told CNN’s “State of the Union” on Sunday that “all options are on the table.”
  • “We are very committed to doing everything we can to ensure that American consumers do not have to bear the brunt of higher gas prices and price tile energy prices,” Deez said.
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