President Biden on Wednesday rejected criticism that his latest release of oil from the Strategic Petroleum Reserve was politically motivated as the White House aims to bring down gas prices with just a few weeks until the midterm elections.
“It’s not politically motivated at all,” Biden told reporters after announcing plans to release another 15 million barrels of fuel from the country’s reserves.
“It’s motivated to make sure I continue to push on what I’ve been pushing on, and that’s 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, and at the same time keep moving in a direction of providing for alternative energy,” he continued.
Biden chided Republicans, arguing they had not been paying attention to his efforts to lower gas prices.
“Where have they been the last four months? That’s my response,” Biden said.
Biden’s announcement is the latest drawdown from the Strategic Petroleum Reserve after he originally authorized in March the release of 180 million barrels over several months. Wednesday’s announcement marked the completion of that release.
The president also outlined plans to refill the reserve by buying more oil once prices fall to $70 a barrel. And he reiterated the need for oil companies to pass savings onto consumers at a time when major refiners and producers are seeing massive profits.
“You should be using these record-breaking profits to increase production and refining. Invest in America for the American people. Bring down the price you charge at the pump to reflect what you pay for the product,” Biden said.
The president and his team have been focused on lowering the price of gas for months as fuel costs have been one part of inflation that has hampered the economy this year. Polls have shown the economy is the most pressing issue for many voters as they prepare to head to the polls next month.
The average price for a gallon of gas soared over the summer to more than $5 per gallon before dropping steadily to closer to $3 per gallon. But prices have started ticking back up in some parts of the country, with the average price up roughly 20 cents over the past month to $3.85 per gallon, according to AAA.