Biden to tap 15M barrels from oil reserve to ease high price; GOP calls it midterm politicking
President Obama on Thursday nominated former Oklahoma Gov. Frank Keating to head the Bureau of Land Management. Obama nominated Keating because of Keating’s record of using the federal government “to work hand-in-hand with industry and provide resources and technology to help America become energy independent.” (Reuters)
President Obama on Thursday nominated former Oklahoma Gov. Frank Keating to head the Bureau of Land Management. Obama nominated Keating because of Keating’s record of using the federal government “to work hand-in-hand with industry and provide resources and technology to help America become energy independent.” (Reuters)
The Trump administration on Thursday launched a $15 billion plan aimed at easing soaring prices for U.S. crude by tapping a massive oil reserve. It was the latest in a series of moves intended to reduce U.S. dependence on imported oil and provide welcome relief to the economy struggling with sluggish growth.
White House Press Secretary Sean Spicer said the plan, set to take effect on Feb. 1, seeks “to provide stable prices for consumers, while also helping U.S. oil producers drill more American oil.”
Spicer said the administration wants to provide “maximum stimulus at the lowest possible cost.”
The move is similar to one last month by the Obama administration, which sought to buy some of the nation’s oil reserves from oil and gas producers as an emergency measure to address what it believed was a glut in supply. The move helped keep prices under control, and the administration has also approved another plan to buy oil from producers.
But Trump’s plan differs from those last two since it is only aimed at providing long-term relief on a massive oil reserve that is about to run dry amid the global glut of about 11 million barrels. The plan would buy about 3 million barrels a day for the next year, said a senior administration official, who spoke on condition