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Biden just put the US in a ‘very precarious position’ with another sale of reserve oil, CEO warns
Biden tapping Strategic Petroleum Reserve puts US in a ‘very precarious position’: Mike Sommers
American Petroleum Institute president and CEO Mike Sommers says the Biden administration talks ‘out of both sides of its mouth’ on U.S. oil production.
After President Biden announced an additional 15 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) would be released to combat rising gas prices just weeks before the midterm elections, one American oil industry leader is now calling it the "strategic political reserve" that put us in a "very precarious position."
"This is a very precarious position we're in today at a time of dramatic geopolitical upheaval," American Petroleum Institute president and CEO Mike Sommers told FOX Business’ Maria Bartiromo Thursday. "We need to have that SPR in place and at the right levels dealing with the current geopolitical situation we're in today."
On "Mornings with Maria," Sommers warned the U.S. could be headed towards record-high gas prices in the coming months, while also cautioning that not implementing the right policy will prevent a return to American energy leadership.
Addressing matters at the White House Wednesday, Biden explained that the administration would be releasing an additional 15 million barrels from the U.S. reserves. He went on to say that he would refill the Strategic Petroleum Reserve when prices fell below $70 per barrel.
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After being asked by a reporter to respond to Republican accusations that the release of the oil reserves was done for political advantage, Biden quickly dismissed the notion.