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Biden cracks into nation’s petroleum reserves, offers grants to strengthen domestic energy supply chains

The president is hoping to rein in U.S. consumer costs ahead of the midterm elections.
Joe Biden
Posted at 10:38 PM, Oct 19, 2022
and last updated 2022-10-20 02:20:16-04

WASHINGTON DC (KERO) — In Washington DC, President Joe Biden formally announced the sale of an additional 15 million barrels of oil from the Strategic Petroleum Reserve on Wednesday. The president is hoping to rein in U.S. consumer costs ahead of the midterm elections.

The president also delivered some strongly-worded comments at the energy companies he has identified as the reason for the current price fluctuations for fuel.

“My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while the war is raging. You should be using these record-breaking profits to increase production and refining. Invest in America for the American people,” Biden said.

“Bring down the price you charge at the pump to reflect what you pay for the product. You still make a significant profit. Your shareholders will still do very well, and the American people will catch a break they deserve and get a fair price at the pump as well,” the president continued.

Biden also recently announced grants totaling $2.8 billion dollars for domestic battery supply chains. Officials say the goal is to strengthen the supply chain and move the U.S. away from dependence on China.

The formation of the American Battery Minerals Initiative was also announced as a new effort to secure critical minerals used for power, electricity, and the construction of electric vehicles.