Biden to open oil reserves, jump-start critical minerals

Mar 31, 2022

President Biden is expected to announce a major ongoing release of oil from America’s Strategic Petroleum Reserve on Thursday, in response to high gas prices and oil companies’ refusal to increase production while oil and gas prices remain high.

The plan, which the president is scheduled to reveal later today at the White House, would release one million barrels of oil a day for several months—a significant supply boost considering America’s daily oil consumption of roughly 20 million barrels. Within hours of the news, the international benchmark oil price fell by more than five percent.

The New York Times reports that if the plan is fully put in place, the U.S. would release 180 million barrels from the reserve, which currently holds about 550 million barrels, and has a total capacity of 714 million barrels.

Jump-starting critical minerals

President Biden is also preparing to invoke the Defense Production Act as soon as this week in an effort to increase production of batteries and reduce America’s long-term oil dependence. A source told CNN that the order would “in no way” bypass environmental reviews or permitting requirements for new mines. The determination would fund feasibility studies for new production, as well as productivity and safety upgrades at existing facilities.

Quick hits

LNG exports are raising heating and electricity prices for Americans

Wall Street Journal

White House budget signals offshore oil leasing delay in Gulf


White House prepares to open Strategic Petroleum Reserve

Bloomberg | New York Times | Financial Times | CNBC | Washington Post | CNN

Biden could invoke Defense Production Act for critical minerals

CNN | The Hill | Yahoo News | Associated Press | E&E News | Washington Post

BLM director says sage-grouse changes, grazing rule coming soon

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Quote of the day

”Maybe, by playing good cop-bad cop, the outdoor gear industry can have an influence on Utah that it could never have by being all in or all out. But what’s more likely is that the anti-public lands faction that controls state government will feel like the other fellow just blinked and there’s no need to agree to anything.”

—George Pyle, The Salt Lake Tribune

Picture this

close up of buffalo grazing

The BLM issued a proposed grazing decision and final EA/FONSI, today, for the American Prairie’s bison-grazing proposal involving seven grazing allotments in Phillips County, Montana. Read more – 📸 BLM photo

(featured image: A pumpjack in the Permian Basin. Sharon Sperry BloomCC-BY-ND 2.0)