![]() The problem in the production chain, he continued, is that there aren’t enough oil refineries - a problem driven by pandemic shutdowns.īiden maintained Wednesday that the federal gas tax holiday wouldn’t take any money away from the Highway Trust Fund, the coffer the government pulls from for highway and mass transit projects. He added that he is releasing a record 1 million barrels of oil per day from the Strategic Petroleum Reserve onto the market and encouraging oil companies to amp up production in order to increase supply.Īs to Republicans’ claim that he’s blocking oil production on federal lands, Biden said Wednesday that the industry has more approved permits for production on federal lands and they can possibly use. and we’re on track to set a new record for production next year.” ![]() That’s higher than the average under my predecessor. Just this month, America produced 12 million barrels of oil per day. “Quite frankly, that’s nonsense,” the president said. Together, they are still far below than the 44% that comes from the 13 OPEC countries.īiden on Wednesday cut through criticism from Republican lawmakers that his administration should encourage more domestic oil production in light of gas prices. Russia accounts for 13.1% of the world’s oil, but that is still less than the 14.5% of global oil production that comes from U.S. ![]() “The price of gas wouldn’t have spiked the way it has, but I believe that would have been wrong.” “We could have turned a blind eye to Putin’s murderous ways,” Biden said. The price of gas has gone up by roughly $2 throughout the United States, to around $5 per gallon in the three months since the Biden administration banned the import of Russian oil to retaliate against the country’s invasion of Ukraine. “Remember how we got here,” he continued. “This is no time now for profiteering,” Biden said, telling the companies that run gas stations who to focus on. Biden termed the measure as one that will benefit all Americans, and he further pushed oil and gas station companies to “pass this along every penny” of the tax break consumers.
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