President Biden is preparing to order the release of up to 1 million barrels of oil a day from the strategic petroleum reserve in a bid to tame energy prices, two people familiar with the decision say. Gas costs have spiked since Russia invaded Ukraine.
President Joe Biden speaks about status of the country's fight against COVID-19 in the South Court Auditorium on the White House campus, Wednesday, March 30, 2022, in Washington.
President Joe Biden speaks about status of the country's fight against COVID-19 in the South Court Auditorium on the White House campus, Wednesday, March 30, 2022, in Washington. WASHINGTON — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine
The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices. The duration of the release hasn’t been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision.
High oil prices have not coaxed more production, creating a challenge for Biden. The president has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and gasoline climbed after Russia invaded Ukraine. Crude oil on Wednesday traded at nearly $105 a barrel, up from about $60 a year ago.Still, oil producers have been more focused on meeting the needs of investors, according to a survey released last week by the Dallas Federal Reserve.
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