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Biden Plans To Act On Surging Gas Prices

A gas pump hozzle is shown in Wednesday, Aug. 4, 2010, in Portland, Ore. Oil prices slipped toward $82 a barrel Thursday, pausing from a rally that lifted the commodity to a three-month high this week amid a weakening dollar and positive corporate earnings. (AP Photo/Rick Bowmer)

Surging gas prices are spurring presidential action. President Biden is reportedly poised to release oil stored in the strategic petroleum reserve as a way to lower surging gas prices. Texas energy industry economist Bud Weinstein says this is pure politics. Moving more oil on the market would reduce costs, and he says that will eventually lower the price at the pump. But Weinstein predicts that would likely be temporary, and he says it takes weeks to process.