Biden announced Thursday that the United States would release 180 million barrels from the Strategic Petroleum Reserve over the next six months, use the revenue from the sales to refill the stockpile, and called on Congress to pass legislation fining oil companies with unused federal drilling permits or dormant wells on federally leased land.
Collin Rees, a spokesman for Oil Change International expressed frustration with Biden's action, calling the decision a"small bandage on a gaping wound" in a statement. A better solution would be to pass the windfall profits tax proposed in Congress which guarantees immediate relief to Americans without undermining the administration’s climate goals. Big Oil should pay for the problem they've created.
"We want to invest in renewables. We want to invest in the technologies that decarbonize the fossil fuel industry," Granholm said."That's why the second part to become energy independent with clean energy is the medium to long term strategy."