Independent news has never been so important.

Did you know that you can get Democracy Now! delivered to your inbox every day? Sign up for our Daily News Digest today! Don't worry, we'll never share or sell your information.

Biden Says U.S. Oil & Gas Producers Should Pump or Face Fines

HeadlineApr 01, 2022

President Biden has ordered the National Strategic Petroleum Reserve to release 1 million barrels per day for the next six months in order to drive down the cost of fuel. It’s an unprecedented release from the U.S. stockpile — representing about 5% of all U.S. demand. Biden also warned U.S. oil producers they could face fines if they don’t pump on land they’ve leased from the federal government.

President Joe Biden: “Right now oil and gas industry is sitting on nearly 9,000 unused but approved permits for production on federal lands. There are more than a million unused acres they have a right to pump on. Families can’t afford that companies sit on their hands.”

In response, the Center for Biological Diversity said Biden’s moves “will only deepen our dependence on fossil fuels and open the floodgates to more oil and gas extraction when we should be going in the opposite direction.” Biden also accused U.S. oil companies of raking in record profits while gouging consumers at the gas pump. A new report by Oil Change International projects U.S. oil and gas companies could collect as much as $126 billion in windfall profits this year.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation