President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday.
President Joe Biden announced the release of 1 million barrels of oil per day from the U.S. strategic petroleum reserve for the next six months in an effort to fight off the climbing energy prices. The spike in prices comes amid Russia's war with Ukraine, leading the U.S. and other world leaders to sanction Russia for their assault on its neighbor.
Tapping the stockpile would create pressures that could reduce oil prices, though Biden has twice ordered releases from the reserves without causing a meaningful shift in oil markets. Biden said Thursday he expects gasoline prices could drop "fairly significantly." Biden has been in talks with allies and partners to join in additional releases of oil, such that the world market will get more than the 180 million barrels total being pledged by the U.S.
Sen. Steve Daines, R-Mt., blasted Biden’s action to tap the reserve without first taking steps to increase American energy production, calling it "a Band-Aid on a bullet wound.″
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