After reports said President Joe Biden was preparing to order the release of up to 1 million barrels of oil per day from the strategic petroleum reserve, the president looks poised to make an official announcement.
President Joe Biden on Thursday will announce more releases from the U.S. Strategic Petroleum Reserve, according to senior administration officials.
The Biden administration is making an effort to address rises for gasoline prices and pin those increases on Russian President Vladimir Putin’s invasion of Ukraine. The president has tapped the petroleum reserve twice already in recent months, with a November release of 50 million barrels and a release of 30 million barrels in early March after Russia’s war on Ukraine began, both in coordination with other countries.
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