Biden: Release the Barrels! Oil Executives: Stop Making Us Richer! ...Middle East

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Biden: Release the Barrels! Oil Executives: Stop Making Us Richer!
source : The New Republic ( Middle East ) () 21
Prices are ticking up again at the pump. The cost of gas is nowhere near the $5 per gallon national average of mid-June, but it has risen half a dollar in the past month, to nearly $4. So on Tuesday, the White House announced that it would release another 15 million barrels from the Strategic Petroleum Reserve to “bring down costs.” But more importantly, the administration pledged to replenish the reserves when prices are at or below $67 to $72 per barrel, to “help create certainty around future demand for crude oil.”This pledge effectively amounts to a subsidy from the executive branch to the fossil fuel industry—and yet the industry and Republicans alike are throwing a hissy fit about it.T

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