President Biden is weighing the release of about 1 million barrels of oil a day from the Strategic Petroleum Reserve for about 6 months, a source familiar with the matter says.
Biden plans to outline his administration's actions to lessen the impact of Russia's invasion of Ukraine on domestic energy and gas prices.announced the U.S. was banning the import of Russian energy products
, including oil, liquified natural gas and coal, as part of an effort to increase pressure on Russia's economy through a range of sanctions. The president and other administration officials made clear that they anticipated the move would lead to a rise in already-high gas prices.
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