(CNN Business) Nearly a dozen Senate Democrats called on President Joe Biden on Monday to fight high gas prices by considering a release of barrels from the nation's emergency oil stockpile, or even taking the more extreme step of banning oil exports. In the letter, Senators Elizabeth Warren, Sherrod Brown, Jack Reed and others warned that the seven-year high in gas prices has "placed an undue burden on families and small businesses trying to make ends meet." "In light of these pressing concerns, we ask that you consider all tools available at your disposal to lower US gasoline prices. This includes a release from the Strategic Petroleum Reserve and a ban on crude oil exports," the lawmakers wrote. Industry experts are skeptical that tapping the SPR would deal a lasting blow to gas prices, and they have warned banning oil exports could backfire on US consumers.

Source: CNN November 09, 2021 09:39 UTC