CNN correspondent, Rahel Solomon has said that the U.S. President, Joe Biden has exhausted his short-term solutions for high gas prices, including tapping into the petroleum reserve.
Biden Has Done All He Can Do About Oil Prices
On CNN’s New Day Show, Solomon alleged that there was not much Biden could do about the rising oil prices because all of the available alternatives appeared to be grim. She went on to say that Biden had already done everything he could in the near term to address the high costs, citing the president’s release of one million barrels from the Strategic Petroleum Reserve as one example.
Prioritizing Shareholder Oil Investment
Furthermore, when pressed by the host to offer some possible solutions, Solomon revealed that Biden’s appeals to Saudi Arabia to up global supply had been unsuccessful, adding that the petroleum crisis is a global issue. She continued that Mark Finley, an energy and global oil fellow at Rice University, had advised asking oil investors and shareholders to prioritize investment, although he conceded that it would be difficult.
The host, John Berman, was upbeat about the oil situation, stating that it was a global issue that demanded a worldwide solution. Other oil-producing countries, he concluded, would have to increase their output to address the problem.
Source: Fox News