Oct 20, 2022
President Biden shares plan to balance gas prices nationwide Transcript
President Joe Biden detailed his administration’s new plans to combat what you pay at the pump. Read the transcript here.
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Speaker 1 (00:00):
Well, President Joe Biden today detailed his administration’s new plans to combat what you pay at the pump. Ivan Rodriguez joins us right now from Washington DC to break down the administration’s moves and what this could mean for your wallet heading into the holiday season. Ivan
Speaker 2 (00:18):
Lay. President Biden announced that he will be releasing 15 million more barrels of oil from the nation’s stockpile. Now, this is the White House’s latest step when it comes to trying to ease global markets and decrease the cost of gas by releasing in total in this year 180 million barrels. President Joe Biden announcing new steps in his administration’s ongoing plan to balance the volatile global oil market amid the raging war in Ukraine, while looking to ease soaring gas prices at
Speaker 3 (00:47):
Home, gas prices hit almost every family in this country and they squeeze their family budgets.
Speaker 2 (00:53):
The administration hopes the release of an additional 15 million barrels of oil from the strategic petroleum reserve will be enough to dampen the high prices, but is leaving the door open to releasing an additional supply if necessary.
Speaker 3 (01:05):
We’re calling it a ready and release plan. This allows us to move quickly to prevent oil price spikes and respond to international events.
Speaker 2 (01:15):
Wednesday’s announcement also detailed plans to replenish the nation’s emergency reserve when prices fall to $70 per barrel, which is now at a 40 year low.
Speaker 3 (01:24):
That means oil companies can invest to ramp up production now with confidence they’ll be able to sell their oil to us at that price in the future.
Speaker 2 (01:33):
And put pressure on oil companies to cut cost to consumers.
Speaker 3 (01:37):
… bring down the price you charge of the pump to reflect what you pay for the product.
Speaker 2 (01:42):
While these moves will take some time to be implemented, AAA says drivers are making adjustments.
Speaker 4 (01:47):
Well, instead of going to the grocery store and maybe going to pick up the kids, you’re doing everything at once to try to save on the gas you have.
Speaker 2 (01:55):
But will likely be undeterred from making those upcoming holiday road trips.
Speaker 4 (01:59):
The desire to get back out there is definitely strong.
Speaker 2 (02:04):
The administration’s goal is that Americans get relief heading in to the holiday season, but it’s just too soon to tell just how much of an impact it’s going to be on people’s wallets. Lay.
Speaker 1 (02:14):
Well, Ivan, before you go, just a quick question. How is the President responding to criticism leveled at him over the timing of this announcement, given that it’s just three weeks before the midterm elections?
Speaker 2 (02:26):
We heard the President after the announcement address that, and he says very firmly that he’s pushing back against that criticism, that it’s not tied whatsoever when it comes to the midterms. Of course, now those are less than three weeks away, but he says that this has nothing to do with it and that his administration has been working on this since March.
Speaker 1 (02:46):
Ivan Rodriguez live from us from the Nation’s capital today. Ivan, thank you so much.