Joe Biden calls for an increase in oil production in the United States

The US president is looking for measures to lower the price of gasoline

President Joe Biden called on American companies on Wednesday to increase their oil production and confirmed that the United States would continue to draw on its strategic reserves in an attempt to stabilize prices at the pump.

This announcement, in a tense electoral context, comes two weeks after the decision, experienced as a snub in Washington, by OPEC and its allies, including Russia, to lower their oil production quotas.

Fearing that this will result in a surge in fuel prices just before the November 8 ballot, crucial for the end of his first term, Mr. Biden insisted on the issue.

“Families are hurting,” he said gravely in an address to the White House, aware that high inflation is his Achilles’ heel, over-exploited by his Republican rivals.

Brandon Bell/GETTY IMAGES NORTH AMERICA/Getty Images via AFPThe Strategic Petroleum Reserve at the Bryan Mound site on October 19, 2022 in Freeport, Texas.

It is urgent to “reasonably increase American oil production”, therefore pleaded the president. An increase in domestic production which must take place “without delaying our transition to clean energies”, he however wished.

Mr. Biden also reiterated his criticisms of certain industrial players in the hydrocarbon sector.

“Refiner profits are double the usual. And distributor margins are more than 40% above the norm,” he tweeted in the wake of his press conference.

But the strongest measure is the confirmation on Wednesday that the United States was going to draw an additional 15 million barrels from its strategic reserves in an attempt to relieve the price of black gold.

This new puncture, which will be carried out in December, constitutes the last part of the program announced in the spring by the American head of state and which provided for the release of a total of 180 million barrels to cope with the soaring prices linked to the invasion. from Ukraine.

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