Democrats in the US House of Representatives are urging President Joe Biden to release crude oil from the country’s Strategic Petroleum Reserve (SPR) and reinstate a ban on oil exports to help lower surging energy prices.
According to a letter spearheaded by California Democrat Ro Khanna and signed by almost a dozen Democrats, the decisions are required to ensure affordable and reliable energy for Americans. It urged Biden to utilize all tools at the country’s disposal to bring down gasoline prices in the short term.
After all, on Tuesday, the US Department of Energy is set to announce the oil loan from the SPR to companies, in coordination with several other major oil consumer countries, according to a source.
Last week, the news about the global coordinated SPR release drove oil prices down significantly.
Meanwhile, in their argument, the Democrats said that in banning oil exports, the US could see a boost in domestic supplies which would further lower consumer prices which have hit the highest level in 31 years recently.
Under the legislation, Biden has the authority to declare an emergency and limit or stop oil exports for up to a year. However, many experts said that there is a slim chance that he would choose the options.
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Published on November 23, 2021 12:24 PM (GMT+8)Last Updated on November 23, 2021 12:24 PM (GMT+8)
