Posts

Showing posts with the label energy department

Biden announces sale of 15 million barrels of reserve oil

Image
WASHINGTON — President Joe Biden announced Wednesday that he would authorize the sale of more oil from the country’s Strategic Petroleum Reserve as his administration scrambles to rein in high gas prices before the midterm elections. Speaking at the White House, Biden said the Energy Department would sell the remaining 15 million barrels of the 180 million barrels that were authorized for sale in March — a move that he argued would help drive down the price of gas and give families a bit of “breathing room.” “I have been doing everything in my power to reduce gas prices since Putin’s invasion of Ukraine caused these prices to spike and rattled international oil markets,” Biden said, referring to Russian President Vladimir Putin. A contractor works on a crude oil pipeline at the Energy Department's Bryan Mound Strategic Petroleum Reserve in Freeport, Texas, in 2016. Luke Sharrett / Bloomberg via Getty Images Biden said the administration will adopt a “ready and release plan” that wo...

U.S. households await winter with dread due to high energy costs

Image
Across the U.S., families are looking to the winter with dread as energy costs soar and fuel supplies tighten. The Department of Energy is projecting sharp price increases for home heating compared with last winter and some worry whether heating assistance programs will be able to make up the difference for struggling families. The situation is even bleaker in Europe, with Russia’s continued curtailment of natural gas pushing prices upward and causing painful shortages. In Maine, Aaron Raymo saw the writing on the wall and began stocking up on heating oil in 5-gallon increments over the summer as costs crept upward. He filled a container with heating oil as he could afford it, usually on paydays, and used a heating assistance program to top off his 275-gallon oil tank with the arrival of colder weather. His family is trying to avoid being forced into a difficult decision — choosing between food or heating their home. “It’s a hard one,” he said. “What are you going to choose for food, o...