Biden taps oil reserves, with a helping hand from Republicans

Politico (USA) | Nov 23, 2021 at 9:43 AM
  • Republicans were quick to slam President Joe Biden’s decision on Tuesday to open the taps on the nation’s oil reserves, accusing him of misusing a national security stockpile for the politically expedient goal of lowering gasoline prices just before Thanksgiving.
  • Legislation enacted under the Republican-controlled House during the Trump administration ordered the government to sell more than 100 million barrels from the Strategic Petroleum Reserves by 2027 to raise money for the Treasury.
  • Under legislation dating back to 2017 to help pay for the Trump administration tax cuts and fill budget gaps, Republicans joined with Democrats to require the Energy Department to sell off 107 million barrels of crude oil from fiscal 2022 through 2027.