Fighting gas prices, US to release 50 million barrels of oil
WASHINGTON – President Joe Biden on Tuesday ordered a record 50 million barrels of oil released from America’s strategic reserve, aiming to bring down gasoline and other costs, in coordination with other major energy consuming nations including India, the United Kingdom and China.
The U.S. action is focused on helping Americans coping with higher fuel and other prices ahead of Thanksgiving and winter holiday travel. Gasoline prices are at about $3.40 a gallon, more than 50% higher than a year ago, according to the American Automobile Association.
“While our combined actions will not solve the problems of high gas prices overnight, it will make a difference,” Biden promised in remarks at the White House. “It will take time, but before long you should see the price of gas drop where you fill up your tank.”
The government will begin to move barrels into the market in mid- to late-December. Gasoline usually responds at a lag to changes in oil prices, and administration officials suggested this is one of several steps toward ultimately bringing down costs.
Oil prices had dropped in the days ahead of the announced withdrawals, a sign that investors were anticipating the moves that could bring a combined 70 million to 80 million barrels of oil onto global markets. But in trading after the announcement, prices shot up roughly 2% instead of falling.
The market was expecting the news, and traders may have been underwhelmed when they saw the details, said Claudio Galimberti, senior vice president for oil markets at Rystad Energy.
“The problem is that everybody knows that this measure is temporary,” Galimberti said. “So once it is stopped, then if demand continues to be above supply like it is right now, then you’re back to square one.”
Shortly after the U.S. announcement, India said it would release 5 million barrels from its strategic reserves. The British government confirmed it will release up to 1.5 million barrels from its stockpile. Japan and South Korea are also participating, and U.S. officials said it’s the biggest coordinated release from global strategic reserves.
British Prime Minister Boris Johnson’s spokesman, Max Blain, said it was “a sensible and measured step to support global markets” during the pandemic recovery. Blain added that the country’s companies will be authorized but not compelled to participate in the release.
Despite all the optimistic statements, the actions by the U.S. and others risk counter moves by Gulf nations, especially Saudi Arabia, and by Russia. Saudi Arabia and other Gulf countries have made clear they intend to control supply to keep prices
high for the time being.
As word spread in recent days of a coming joint release from U.S. and other countries’ reserves, there were warnings from OPEC interests that those countries may respond in turn, reneging on promises to increase supplies in coming months.
Wyoming Sen. John Barrasso was among Republicans who criticized Biden’s announcement. The No. 3 Senate Republican said the underlying issue is restrictions on domestic production by
when they said they saw Arbery running but were unsure if he had committed a crime.
“You can’t make a citizen’s arrest because someone’s running down the street and you have no idea what they did wrong,” Dunikoski said.
Once the prosecution wrapped up, Superior Court Judge Timothy Walmsley gave instructions to the disproportionately white jury on how to apply the law before the panel started deliberations at the Glynn County courthouse in the port city of Brunswick.
Arbery’s killing became part of a larger national reckoning on racial injustice after a graphic video of his death leaked online two months later.
Father and son Greg and Travis McMichael grabbed guns and pursued Arbery in a pickup truck after spotting him running through their subdivision on Feb. 23, 2020. A neighbor, William “Roddie” Bryan, joined the chase and recorded the video of Travis McMichael opening fire as Arbery threw punches and grabbed for McMichael’s shotgun.
No one was charged in the killing until Bryan’s video leaked and the Georgia Bureau of Investigation took over the case from local police. All three men are charged with murder and other offenses.
Dunikoski said Tuesday that the McMichaels and Bryan threatened Arbery both with their pickup trucks and by pointing a shotgun at him before the final confrontation in which Arbery threw punches and grabbed for the gun.
She noted that Bryan told police he used his truck to run Arbery into a ditch and cut off his route, while Greg McMichael told officers they had him “trapped like a rat.” The actions of both men, she said, directly contributed to Arbery’s death.
“It doesn’t matter who actually pulled the trigger,”
Dunikoski said. “Under the law, they’re all guilty.”
She also said there was no evidence Arbery had committed crimes in the defendants’ neighborhood. She said he was never seen stealing anything the five times he was recorded by security cameras in an unfinished home under construction from which he was seen running.
“You’ve got lumber, you’ve got all this stuff,” Dunikoski said. “Mr. Arbery never shows up with a bag. He doesn’t pull up with a U-haul . ... All he does is wander around for a few minutes and then leave.”
The prosecutor told jurors someone can only make a citizen’s arrest in “emergency situations” where a crime is happening “right then and there.”
Defense attorneys objected to Dunikoski’s explanation of citizen’s arrest because they contend the McMichaels had reason to suspect Arbery had stolen items from the home. They said the owner discovered the items missing before he installed security cameras.
“This is a misstatement of the law and the argument is improper,” Franklin Hogue, an attorney for Greg McMichael, told the judge. “There’s no way we can fix it” before the jury, he said, because defense attorneys finished their closing arguments Monday.
Attorney Jason Sheffield said his client, Travis McMichael, fired his shotgun in self-defense after Arbery charged at him, threw punches and tried to grab the weapon. Sheffield called Arbery’s death a tragedy, but one that was his own fault.
Attorneys for the other two defendants blamed Arbery as well. Laura Hogue, an attorney for Greg McMichael, said Arbery “chose to fight.” Kevin Gough, who represents Bryan, questioned why Arbery didn’t call for help if he was in danger.
“Maybe that’s because Mr. Arbery doesn’t want help,” Gough said.
Arbery had enrolled at a technical college and was preparing at the time to study to become an electrician like his uncles.