The U.S. will be releasing one million barrels of oil a day from the country's Strategic Petroleum Reserve for the next six months, in an effort to mitigate high gas prices, President Biden announced Thursday.
WASHINGTON, D.C. — The U.S. will be releasing one million barrels of oil a day from the country’s Strategic Petroleum Reserve for the next six months, in an effort to mitigate high gas prices, President Biden announced Thursday.
The move comes as Americans face gas prices north of $5 in some parts of the country, due to factors like low domestic oil production and Russia’s invasion of Ukraine.The president said he can’t offer firm answers on how much gas prices will dip, or how soon, but estimates prices could come down between 10 and 35 cents a gallon. The White House hopes the release from the reserves will help bridge the gap until U.S. oil producers ramp up production later this year.
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