Following Axne Letter, President Biden Agrees to Tap Oil Reserves to Lower Gas Prices
Following a letter sent by Rep. Cindy Axne (IA-03) President Biden announced today plans to release oil from the Strategic Petroleum Reserve in a bid to lower gas prices in the U.S.
Earlier this week, Rep. Axne and eight other House members wrote to President Biden to urging such a move, emphasizing the burden that higher fuel prices have placed on their constituents.
“I appreciate President Biden for heeding my concerns and the concerns of those around the country who are feeling the burden of higher gas prices every time they fill up their tank,” said Rep. Axne. “I will continue to work with the Biden Administration and my colleagues to implement solutions that lower costs for Iowans.”
Today, President Biden announced a release of 50 million barrels of oil from the U.S. petroleum reserve and complementary actions from other strategic reserves in Japan, India, the United Kingdom, China, and South Korea.
The letter sent by Rep. Axne was also signed by Ro Khanna (CA-17), Darren Soto (FL-9), Angie Craig (MN-2), Chrissy Houlahan (PA-6), Jared Huffman (CA-2), Barbara Lee (CA-13), Katie Porter (CA-45), and Abigail Spanberger (VA-7).
“We know ensuring affordable and reliable energy is a top priority for your administration. We must use all tools at our disposal to bring down gasoline prices in the short term. We agree with Senator Reed and our other colleagues in the Senate that have called for a ban on crude oil exports and a release from the Strategic Petroleum Reserve,” the Representatives wrote.
Full text of their letter can be found here.