Biden Invokes Defense Production Act, IEA to Meet Today

Yesterday, President Biden issued a directive that invokes the Defense Production Act which the administration hopes will kickstart the production and mining of critical minerals needed to manufacture batteries for electric vehicles and long-term energy storage. The order also adds lithium, nickel, graphite, cobalt and manganese to the list of items covered by the 1950’s Defense Production Act which allows the President to use emergency authority to make large orders of certain types of products or expand productive capacity and supply. According to the White House, the goal is to move the country toward renewable and electric vehicles. Along with that, he announced that the U.S. will be releasing 180 million barrels of oil to combat rising gas prices. The International Energy Agency is planning to hold an emergency meeting today to discuss ‘what kind of steps we can take in order to provide stability to the oil markets.’