More Oil, Please – Biden’s Plan for Fossil Fuels 🛢

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More Oil, Please – Biden’s Plan for Fossil Fuels

As the U.S. 2022 midterm elections are three days away, President Biden released statements regarding petroleum and the plan to combat lowering supplies. In a bid to bring down gasoline prices, Biden announced the Strategic Petroleum Reserve has sold an additional 15 million barrels. Alongside Russia’s war on Ukraine affecting oil supply, U.S. drillers have had a tough time in production growth during recent years. Since 2017-2020, production growth has decreased by around 30% following environmentally friendly pressures and other factors.

With the SPR, each barrel has been sold at $70, allowing oil producers to sell their barrels back to the government to replenish the reserve at the same price floor. This can allow their profit margins to be higher if the market value for each barrel of oil is lower than $70. On the flip side, the fossil fuel-friendly gesture may also send environmental activists in a frenzy. Although Biden had promised a commitment to renewable energy at the start of his presidential term, current unstable oil markets may have warranted a change, especially considering election cycles are coming into play. Nevertheless, the strategic move by the POTUS has hopes that it can facilitate more production by allowing the oil and gas industry sure confidence that they can sell their oil at a profit in the future.

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