Biden In State Of Union Speech Says Oil Will Be Needed In US For At Least Another Decade

WASHINGTON (UrduPoint News / Sputnik - 08th February, 2023) US President Joe Biden in his State of the Union speech said the United States will need oil for at least another ten years.

"We're going to need oil for at least another decade," Biden said on Tuesday night.

Biden pointed out that he conveyed that message to US oil and gas leaders during a meeting where he discussed the need for oil firms to increase domestic production in order to try to bring gasoline prices down in the United States.

However, Biden mentioned that the United States also has to work to curb the climate change.

Prices of gasoline for US consumers fell to below $3 a gallon at the pump in some parts of the United States by late last year from a mid-June record high of $5 as the Strategic Petroleum Reserve releases by the Biden administration flooded the domestic marketplace for crude.

Gasoline at US pumps now averages just below $3.50 a gallon, according to recent data from the American automobile Association.

The Biden administration said late last year that it was preparing to wind down its dependence on the SPR and was ready to add to its inventory. The administration is negotiating purchases with US energy firms to refill the reserve, starting with a base offer of $70 per barrel.