Energy

Biden to invoke Defense Production Act for EV battery materials

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U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., March 31, 2022.

Kevin Lamarque | Reuters

President Joe Biden will invoke the Defense Production Act to encourage domestic production of minerals required to make batteries for electric vehicles and long-term energy storage. It will also help the U.S. minimize dependence on foreign supply chains.

The president’s order could help companies receive government…



Source cnbc.com

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