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U.S. to release oil from reserves in coordination with other countries to lower gas prices

Pippa Stevens of CNBC reports that the U.S. will tap oil reserves in an effort to lower prices.

The C3 Take
  • The U.S. will release 50 millions barrels of crude from the Strategic Petroleum Reserve in an effort to lower gas prices.
  • Rather than looking to the Petroleum Reserve to lower prices, the Biden administration should reduce barriers for American producers to allow them to flourish.
  • This is what happens when an “everything but” energy policy displaces an “all of the above” strategy.

“Prices at the pump have followed the ascent, and are currently hovering around their highest level in seven years. The national average for a gallon of gas stood at $3.409 on Monday, according to AAA, up from $2.11 one year ago. Crude prices make up between 50% and 60% of what consumers pay to fill up their tanks, AAA said.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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