A man checks gas prices at a gas station in Buffalo Grove, Ill., Saturday, March 26, 2022. OPEC and allied oil producers including Russia are deciding how much crude to pump to the world Thursday, March 31, 2022, with expectations for a modest increase despite pleas for more. (AP Photo/Nam Y. Huh, File)
Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Biden tapping oil reserve for 6 months to control gas prices
- President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices
- The White House said Biden would also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing. He also intends to invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles.
- Americans on average use about 21 million barrels of oil daily, with about 40% of the consumption devoted to gasoline, according to the U.S. Energy Information Administration.
- The U.S. is producing on average 11.7 million barrels daily, down from 13 million barrels in early 2020.
- The Biden administration in November announced the release of 50 million barrels from the strategic reserve in coordination with other countries. And after the Russia-Ukraine war began, the U.S. and 30 other countries agreed to an additional release of 60 million barrels from reserves, with half of the total coming from the U.S.
- According to the Department of Energy, which manages it, more than 568 million barrels of oil were held in the reserve as of March 25.
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