The White House said Biden would also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing.
He also intends to invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles.
The release of reserves in the U.S. would create pressures that could reduce oil prices, though Biden has already twice ordered releases from the strategic reserves without causing a meaningful shift in oil markets. Domestic oil production is equal to more than half of the country’s usage, but high prices have not led companies to return to their pre-pandemic levels of output. The U.S. is producing on average 11.7 million barrels daily, down from 13 million barrels in early 2020.
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