Name: CEO Warns Biden Put US in a 'Very Precarious Position' After More Oil Is Released
Uploaded: 2025-01-04T20:47:26.000Z
Description: An oil CEO said the White House put the United States in a "very precarious position" after another significant release of oil from U.S. reserves.

NTD Newsroom comprises teams of reporters, editors, and producers assigned to cover breaking news and other stories.


NTD Newsroom

NTD Plus

News

News you can trust from the U.S. and around the world. Critical information and insight. We cover the stories that others don’t. NTD News Today airs Monday–Friday at 11 a.m. ET.

NTD News Today

Meta Expands Teen Content Controls Globally

Andrew Thomas is a reporter for NTD News primarily covering business, the economy, and technology. 

Andrew Thomas

Amazon to Hold Annual Prime Day Sales in June

US, UK Soldiers Die During Training Exercise in Iraq

Draft Bill Bars US Troops From Prediction Market Bets

Trump Administration Proposes New Tariff on Brazilian Imports

Jack Phillips is a breaking news reporter with 15 years experience who started as a local New York City reporter. Having joined The Epoch Times' news team in 2009, Jack was born and raised near Modesto in California's Central Valley. 

Jack Phillips

Iris Tao is NTD's White House correspondent based in Washington. Prior to her work at the White House, Iris reported on U.S. politics and U.S.–China relations from NTD’s New York headquarters. She holds degrees in journalism and economics from Boston University.

Iris Tao

US News

Politics

Donald Trump

Trump Disputes Media Reports Iran Negotiations Were Cut Off

US Hosts Latest Round of Israeli-Lebanese Peace Talks

Court Hears Arguments Over Efforts to Halt Trump’s Mail-In Voting Executive Order

Britain's Silk Ribbon Weaving Industry Is Fading Away

Supreme Court Rules Florida Can't Sue California Over Business Tax Policy

Stefania Cox is an NTD News anchor and national correspondent based at the network's global headquarters in New York City. Stefania anchors "NTD Newsroom," and co-anchors "NTD News Today" weekdays at 10:00 am ET.

Stefania Cox

NTD News Today Full Broadcast (June 3)

NTD News Today Full Broadcast (June 2)

NTD News Today Full Broadcast (June 1)

NTD News Today Full Broadcast (May 29)

NTD News Today Full Broadcast (May 28)

Kevin Hogan is an NTD News data reporter and national correspondent based at the network's global headquarters in New York City. Kevin covers breaking news, as well as U.S. and global current events. He conveys the news through data visualizations and investigates pressing issues.

Kevin Hogan

NTD News Today Full Broadcast (May 27)

NTD News Today Full Broadcast (May 26)

NTD News Today Full Broadcast (May 25)

NTD News Today Full Broadcast (May 22)

NTD News Today Full Broadcast (May 21)

The Associated Press is an American not-for-profit news agency headquartered in New York City. 

The Associated Press

State News

California

More Than 17,000 Under Evacuation Orders as Southern California Wildfire Threatens Homes

Rudy Blalock is a Southern California-based daily news reporter for NTD. Originally from Michigan, he moved to California in 2017 and the sunshine and ocean have kept him here since. In his free time, he may be found underwater scuba diving, on top of a mountain hiking or snowboarding, or at home meditating—which helps fuel his active lifestyle.

Rudy Blalock

40,000 Ordered to Evacuate as Chemical Tank Leaks, Threatens Explosion in California

Video of US Fighter Jet Shooting Down UFO Over Lake Huron Emerges in New Pentagon Files

Ryan Morgan is a reporter for The Epoch Times focusing on military and foreign affairs. He was previously a news writer for NTD. 


Ryan Morgan

Mari Otsu is NTD's White House correspondent based in Washington. 

Mari Otsu

World News

Middle East

Iran

3 US Warships Fend Off Iranian Attacks, Trump Says Ceasefire Still Holds

US Government Sues Chick-fil-A Over Religious Rights

Sports News

Kyle Busch, Two-Time NASCAR Champion, Dies at 41

Haika Mrema

Medical Plane Crash in New Mexico Mountains Kills 4, Sparks Wildfire

Daniel Monaghan is a reporter for NTD News covering culture, social issues, and education. He holds a BA in Political Science and Government.

Daniel Monaghan

California Mayor Resigns, Will Plead Guilty to Acting as Chinese Agent

Jackson Richman is a Washington correspondent for The Epoch Times. In addition to Washington politics, he covers the intersection of politics and sports/sports and culture. He previously was a writer at Mediaite and Washington correspondent at Jewish News Syndicate. His writing has also appeared in The Washington Examiner. He is an alum of George Washington University.

Jackson Richman

Iranian Strikes on UAE, Ships Amid US Operation to Open Hormuz Strait Test Ceasefire

Reuters is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages.

Reuters

Trump Calls Iran's Response to Latest US Ceasefire Proposal 'Totally Unacceptable'

An oil CEO said the White House put the United States in a "very precarious position" after another significant release of oil from U.S. reserves.

After President Biden announced an additional 15 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) would be released to combat rising gas prices just weeks before the midterm elections, one American oil industry leader is now calling it the "strategic political reserve."

"This is a very precarious position we're in today at a time of dramatic geopolitical upheaval," American Petroleum Institute president and CEO Mike Sommers <a href="https://www.foxbusiness.com/energy/biden-put-us-very-precarious-position-another-sale-reserve-oil-ceo-warns">told</a> Fox News on Thursday. "We need to have that SPR in place and at the right levels dealing with the current geopolitical situation we're in today."

In the coming months, the United States could again see record-high gas prices, he warned.
<h2>Criticism</h2>
After receiving criticism from GOP lawmakers that he's misusing the SPR, Biden said the release of oil is not being done for political reasons. Some Republicans and oil industry officials have alleged that the Biden administration is only releasing oil in a bid to keep gas prices relatively low before the 2022 midterms.

"It's not politically motivated at all," Biden <a href="https://www.whitehouse.gov/briefing-room/speeches-remarks/2022/10/19/remarks-by-president-biden-on-actions-to-strengthen-energy-security-and-lower-costs/">said</a>. "It's motivated to make sure that I continue to push on what I've been pushing on, and that is making sure there's enough oil that's being pumped by the companies so that we have the ability to be able to produce enough gas that we need here at home, oil we need here at home and at the same time keep moving in a direction of providing for alternative energy."

But in Thursday's interview, Sommers disagreed with that assertion. Instead, he argued that the Biden administration's policies have clamped down on U.S. oil production since he took office last year.

"We're currently at a point where we have less federal leasing from this administration than we've had in any administration since World War II," Sommers said. "We're at record-level lows. At this point in the Obama administration, they'd done 60 leases in the offshore. So far, [Biden's] only done six."

This week, the White House <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/18/fact-sheet-president-biden-to-announce-new-actions-to-strengthen-u-s-energy-security-encourage-production-and-bring-down-costs/">released</a> a fact sheet saying it would refill the SPR when oil prices fall below $72 per barrel.

“As part of its commitment to ensure replenishment of the SPR, the [Department of Energy] is finalizing a rule that will allow it to enter fixed price contracts through a competitive bid process for product delivered at a future date,” a White House statement said, while again alleging that the high gas prices are due to the Russia-Ukraine war.
<h2>Laws</h2>
Meanwhile, House Minority Leader Kevin McCarthy (R-Calif.) called for legal safeguards to prevent the SPR from being used for political purposes after the latest release of oil.

“The Strategic Petroleum Reserve was designed for an emergency time period. He’s using it trying to manipulate an election,” McCarthy said.

The stockpile, he added, should only be used after natural disasters and during times of war.

“He has just jeopardized the American people,” McCarthy <a href="https://www.theepochtimes.com/mccarthy-calls-for-legal-curbs-on-using-spr-oil-releases-for-political-purposes_4808970.html">said</a> during a radio interview. “So, we’re going to have to safeguard that [so] that you cannot use that for your political gain.”

During its peak in 2010, the SPR held approximately 726 million barrels. Around 400 million barrels remain after the latest release.

According to <a href="https://gasprices.aaa.com/">data</a> from the automotive club AAA, the nationwide average price of a gallon of regular gas is $3.83, down about 8 cents from the previous week.

<em>From <a href="https://www.theepochtimes.com/ceo-warns-biden-put-us-in-a-very-precarious-position-after-more-oil-is-released_4810247.html">The Epoch Times</a></em>

Videos

Business News

04_Top Stories

joe biden

Latest Clips

Latest and breaking news, documentaries, movies, and lifestyle content on NTD+.
 
Empower your knowledge and elevate your spirit with NTD+, your go-to destination for truthful news, insightful documentaries, and captivating lifestyle content that enriches your life.