NEWYou can now listen to Fox News articles!
President Biden insisted Tuesday that the country’s rising gas prices are not a result of his administration’s climate change policies.
“I also want to briefly address one myth about inflated gas prices,” Biden said. “They’re not due to environmental measures. My effort to combat climate change is not raising the price of gas or increasing its availability. What it’s doing is increasing the availability of jobs. Jobs building electric cars, like the one I drove at the GM factory in Detroit last week.”
Biden’s comments came during a speech about the economy, during which he also delivered a Thanksgiving message.
U.S. President Joe Biden announces the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve. REUTERS/Evelyn Hockstein
“Joe Biden’s failed leadership caused skyrocketing prices, and now American families are paying more for gas, groceries, and everything this Thanksgiving,” said Republican National Committee (RNC) Chairman Ronna McDaniel in a statement in response to Biden’s remarks.
FILE – In this Oct. 5, 2021, file photo, cargo vessels are seen anchored offshore, sharing space with oil platforms, before heading into the Los Angeles-Long Beach port. (AP Photo/Eugene Garcia, File)
“Biden’s Build Back Broke agenda does not cost $0 – it would pump trillions of dollars in reckless spending into the economy, further increasing prices and raising taxes on hardworking Americans. In Biden’s America, you have to empty your wallet to fill your plate this Thanksgiving.”
Biden’s move to tap the U.S. Strategic Petroleum Reserve is expected to supply Chinese and Indian oil needs as gasoline demand has led to global shortages, reports said Tuesday. The White House said the Department of Energy will release 50 million barrels of oil held in U.S. reserves, 18 million of which have already been congressionally approved for sale.
FILE PHOTO: U.S. President Joe Biden announces the nomination of Federal Reserve Chair Jerome Powell for a second four-year term, and Federal Reserve board member Lael Brainard to serve as vice chair, in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., November 22, 2021. REUTERS/Kevin Lamarque/File Photo
China and India have been actively purchasing U.S. sour crude oil produced in the Gulf of Mexico, first reported Bloomberg.
Sour crude oil contains high levels of sulfur, which reportedly makes it more expensive to process and traditionally turns buyers away.
Fox News’ Caitlin McFall contributed to this report.