General Discussion
In reply to the discussion: People are getting angrier and angrier [View all]CentralMass
(16,928 posts)cut oil production when demand cratered to keep the price/barrel from dropping more. As the world started to recovery at the start of Biden's term demand spiked but production lagged. The ear in Ukraine caused another disruption in supply. He went through some great lengths to stabilize the market to help with prices.
"President Biden took several measures to address high gas prices during his term (20212025), primarily focusing on increasing global supply and proposing tax relief:
Strategic Petroleum Reserve (SPR) Releases: He ordered the largest release in U.S. history, totaling 180 million barrels in 2022, to stabilize markets following the invasion of Ukraine.
Domestic Production: Under his administration, U.S. crude oil production reached record highs, surpassing 13 million barrels per day by late 2023.
Gas Tax Holiday Proposal: In 2022, he called on Congress to suspend the 18.4-cent federal gas tax for 90 days, though the measure did not pass.
E15 Expansion: He issued emergency waivers allowing the year-round sale of E15 gasoline (15% ethanol blend), which is typically cheaper than standard fuel.
International Diplomacy: He pressured OPEC+ nations to increase their production targets to lower global crude costs."