In gas-guzzling America, steep charges at the pump are a political liability. The highest US gasoline prices since 2014 have sunk the approval rating for President Joe Biden to an all-time low and cast a shadow over the country’s economic recovery.
Desperate times call for a drastic yank on the oil valves. The White House on Tuesday announced releases from the country’s emergency stockpile in an attempt to combat spiralling energy prices. About 50m barrels of oil will flow from the Strategic Petroleum Reserve in coming months. Other big consumers, including China, India and the UK, will contribute too.
The move gives Biden much-needed action credentials. But it will do little to help drivers in the near term.
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