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Senate Democrats Urge Biden to Consider Tapping Emergency Oil Reserves or Even Ban Oil Exports to Combat High Gas Prices
Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation's emergency oil stockpile, or even taking the more extreme step of banning oil exports.
The culprit behind the latest jump in oil prices isn’t soaring natural gas prices or even OPEC+’s limits on output but rather what is happening at America’s largest oil storage hub in Oklahoma.
Oil dropped more than $1 a barrel to around $74 on Monday as rising risk aversion weighed on stock markets and boosted the U.S. dollar, while more U.S. Gulf oil output came back online in the wake of two hurricanes.