- White House Energy Secretary Jennifer Granholm on Sunday said that the US will hit record oil production next year.
- Granholm said that Russia's invasion of Ukraine shook the global market.
- To make up for the loss of Russian oil, Granholm said that Biden had released millions of barrels of oil from the strategic reserves.
White House Energy Secretary Jennifer Granholm on Sunday said the U.S. will see "record" oil production starting next year and that Biden has moved in "dramatic ways " to increase supplies — making up for the loss of Russian oil.
"We are at the whim, if you will, of what happens globally; however, this president has moved in dramatic ways to increase supplies by releasing a million barrels per day from our strategic petroleum reserve as well as calling on our domestic producer as well as our international producers," Granholm told Fox News Sunday. "We will be at record amount of production next year."
Granholm told Gallagher that the US Energy Information Administration has projected that by the fourth quarter, gas prices will be around $3.87 on average.
Granholm added that the Biden administration's strategy of releasing millions of barrels from the reserves to make up for Russia pulling out of the global market during the invasion of Ukraine was helpful in lowering gas prices.
"The release of a million barrels per day is the biggest tool at our disposal," Granholm said. "When Russia invaded Ukraine, that pulled millions of barrels off of the global market, since oil is traded globally, we have to make up for that lost amount of fuel."