Biden Asks Asian Countries to Release Oil Reserves as Administration Scrambles to Combat High Gas Prices: Report

Joe Biden
by Thomas Catenacci

 

The Biden administration asked China, Japan, South Korea and India to tap into their emergency oil reserves as the president continues to grapple with rising gasoline prices, Reuters reported.

The effort to simultaneously release oil reserves represents a rebuke of the Organization of the Petroleum Exporting Countries (OPEC), the cartel that controls oil production throughout the Middle East, several anonymous sources familiar with the request told Reuters on Wednesday. OPEC has repeatedly rejected requests from President Joe Biden and other top administration officials to increase oil production amid rising gasoline prices.

The four Asian nations the president appealed to represent some of the largest energy consumers and greenhouse gas emitters, according to a University of Oxford database.

“We’re talking about the symbolism of the largest consumers of the world sending a message to OPEC that ‘you’ve got to change your behavior,’” one of the sources told Reuters.

China confirmed that it is “carrying out crude oil release work,” Bloomberg reported. However, a Chinese National Food and Strategic Reserves Administration spokesperson wouldn’t comment on whether the action was in response to a U.S. request.

A South Korean official confirmed that it had been approached by American counterparts with a request for the release, but said the nation is still reviewing the request, according to Reuters. The official noted, however, that it is the nation’s policy not to release reserves in response to increasing prices.

A Japanese official wouldn’t confirm the U.S. requested a coordinated release, but added that the law prohibits the government from taking such action to lower gasoline prices, Reuters reported.

In 2011, the U.S. coordinated a similar release of petroleum from reserves during the civil war in Libya, an OPEC nation, according to Reuters.

On Wednesday, Biden penned a letter to Federal Trade Commission Chair Lina Khan asking her to conduct an investigation into whether U.S. gasoline providers are engaging in price gouging. Gas prices are currently at their highest in eight years, according to the Energy Information Administration.

The White House didn’t immediately respond to the Daily Caller News Foundation’s request for comment.

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Thomas Catenacci is a reporter at Daily Caller News Foundation.
Photo “Joe Biden” by Gage Skidmore CC BY-SA 2.0.

 

 

 

 

 


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4 Thoughts to “Biden Asks Asian Countries to Release Oil Reserves as Administration Scrambles to Combat High Gas Prices: Report”

  1. Sim

    If you think Biden is “Retarded” and destroying the Country you should look in the mirror at that person who doesn’t have the “Sense” to realize that it’s their country and the future of them and their Children that Biden is destroying as well.

    Americans have become as “low life” as the Democrats, Without the “Morals” or “Integrity” to standup for any kind of “Righteousness”.

    Isa 59:14 And judgment is turned away backward, and justice standeth afar off: for truth is fallen in the street, and equity cannot enter.

  2. 83ragtop50

    Brandon should hire Hunter’s consulting firm to arrange a deal with America’s enemies to get an increase in oil production. Maybe the “Big Guy” could even get his standard 10% cut of the action.

  3. William Belcher Jr

    Hey Joe!
    When you do everything in your power to restrict domestic supply, prices go up. There is no mystery here.

  4. Dr Ken

    Biden, I believe lacks the cognitive abilities today to make decisions either pro or con fossil fuel usage. These decisions ostensibly are being made by behind the scene lackies who have no accountability to the American people. The US was energy independent under President Trump’s leadership. So much has fallen within one short year. Hopefully the mid-term elections will return common sense to Congress. In the interim I suppose Biden could assign his son Hunter to the task given the latter’s professed expertise in energy and foreign relations. It would be financially rewarding for the “Big Guy”. Biden could also assign Cackling Kamala to the task but we all know she accomplishes nothing aside from photo ops.

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