3/31, 7:58 PM (Source: TeleTrader)
more TeleTrader news

Biden: Oil companies to pay fees for idle wells, unused leases

United States President Joe Biden said on Thursday that he will try to make all American oil companies boost production with a "use it or lose it policy" in an effort to tackle "Putin's price hike."

Biden stressed he will urge Congress to make companies pay fees on "unused leases" and "idle wells." He slammed companies that are using the current situation in the oil market to boost profits for investors, rather than investing in increasing production with the goal of providing relief to customers.

The US president also announced he will use the Defense Production Act to build batteries for electric vehicles and thus end long-term reliance on China "for imports to power the future." Earlier, Biden announced the US and its allies will release 1 million barrels per day from oil reserves for the next six months to help balance the global oil market.

Baha Breaking News (BBN) / NP