Biden Announces "Three Critical Steps To Reduce Gas Prices At The Pump"

US President Joe Biden has outlined three steps that the Biden administration is taking to reduce gas prices.

• Biden's plan: "First, the DOE will release another 15 million barrels from the strategic petroleum reserve, extending our previously announced release to the month of December."
• • Biden says the reserve is more than half full "more than enough for any emergency drawdown."
• Biden: "Second, we need to responsibly increase American oil production without delaying or deferring our transition to clean energy."
  • Biden says that, contrary to what the GOP says, his administration has not stopped or slowed oil production.
• Biden says the US will look to replenish the SPR when the price of oil falls to USD$70per/barrel. Biden claims that refilling the reserve at this level is good for energy companies and will turn a profit for taxpayers.
• Biden: "Third, I'm calling for oil companies to pass the saving onto consumers."
• Biden claims that oil companies are using record profits to buy back stock but should be using profits to invest back into industry.
• Finally, Biden says that Congress must pass permitting reform. A permitting reform bill proposed by Senator Joe Manchin (D-WV) was blocked by the GOP and progressive Democrats last month.