President Biden announces oil release while declaring the way to the future will be with clean energy – that could be kick started with a bill in the Congress

March 31, 2022

Highlighted passages from President Joe Biden’s speech about releasing oil reserves and accelerating clean energy availability and production with the clean energy provisions of what was formally called the Build Back Better Act that could be passed by the Senate immediately.

“Today, I’m authorizing the release of 1 million barrels per day for the next six months — over 180 million barrels — from the Strategic Petroleum Reserve. This is a wartime bridge to increase oil supply until production ramps up later this year.  And it is by far the largest release from our national reserve in our history. It will provide a historic amount of supply for a historic amount of time — a six-month bridge to the fall.

“And we’ll use the revenue from selling the oil now to restock the Strategic Petroleum Reserve when prices are lower so we’ll be ready — we’ll be ready for future emergencies.

“Folks, I’ve coordinated this release with allies and partners around the world.  Already, we have commitments from other countries to release tens of millions of additional barrels into the market. Together, our combined efforts will supply well over a million barrels a day — nations coming together to deny Putin the ability to weaponize his energy resources against American families, and families and democracies around the world.

“Now, for the first part of my plan is about meeting an immediate crisis.  The second part is about declaring real American energy independence in the long term so that we never have to deal with this problem again. 

Ultimately, we and the whole world need to reduce our dependence on fossil fuels altogether.  We need to choose long-term security over energy and climate vulnerability.  We need to double down on our commitment to clean energy and tackling the climate crisis with our partners and allies around the world. 

And we can do that by passing my plan that is literally before the Senate right now — the United States Congress right now — it’s been there for well over a month — to speed the transition to a clean energy future that is made in America with American products and American values. 

“We need to embrace all the tools and technologies that can help us free us from our dependence on fossil fuels and move us toward more homegrown clean energy technologies made by American companies and American workers so we can bolster domestic supply chains here at home and export those technologies around the world to reduce greenhouse gases. 

“That’s why, today, I am issuing a directive to strengthen our clean energy economy.  I’m going to use the Defense Production Act to secure American supply chains for the critical materials that go into batteries for electric vehicles and the storage of renewable energy: lithium, graphite, nickel, and so much more. 

“We need to end our long-term reliance on China and other countries for inputs that will power the future.  And I’ll use every tool I have to make that happen.

“Yes, building a made-in-America clean energy future will help safeguard our national security.  Yes, it will help us tackle climate change.  Yes, it’s going to help us ensure that America creates millions of good-paying jobs for generations to come. 

“But most important — the most important thing my plan will do right away is save your family money.  And here’s what I mean: Under my plan, which is before Congress now, we can take advantage of the next generation of electric vehicles that a typical driver will save about $80 a month from not having to pay gas at the pump.

“If your home is powered by safer, cheaper, cleaner electricity, like solar or heat pumps, you can save about $500 a year]on average. 

“Don’t take my word for it.  The CEOs of 11 of America’s largest utility companies came to see me at the White House several weeks ago.  They told me if we pass my plans before the Congress now, typical families will see savings show up in their utility bills immediately.  And costs will come down even more as we innovate and develop cutting-edge energy storage technologies, clean hydrogen technology, advanced nuclear technology, carbon capture- and sequestration technologies. 

“And, by the way, this weeks, the benefit I included in the Bipartisan Infrastructure Law to help families weatherize their homes are being delivered. 

“My administration is making $3.2 billion available from this legislation to provide up to $6,500 direct payment for working-class families to be able to weatherize their homes, to save them money, to keep them warm in the winter and cool in the summer.  It’s a direct grant. 

“This program has been around for a while, and in the past, it’s delivered to families — average families another $372 in savings when they weatherize.  But now we have the ability to reach 10 times as many families because of the legislation that we already passed in the legislation.  But now we have the ability to reach 10 times as many families because of the legislation that we already passed in the legislation.

“In addition to that, we’re also setting new standards to boost fuel economies for new vehicles sold in America.  Within five years, we’re going to travel 10 miles more on every single gallon we have, because the average fuel economy of 49 miles to the gallon is going to be required.  That means hundreds of dollars in savings for families at the pump. 

“We’re also setting similar standards for appliances — from your air conditioner to your microwave to your refrigerator, washers, dryers.  It’s just one of a hundred actions we’re taking to save the average family $100 per year in utility bills.

“Look, the bottom line is this: Between rapping up — ramping up production in the short term and driving down demand in the long term, we can free ourselves from our dependence on imported oil from across the world.” 

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