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Biden authorizes release of 1M barrels of oil per day from US strategic reserve to tame gas prices

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U.S. President Joe Biden announced Thursday that he is authorizing the release of one million barrels of oil per day for six months from the United States Strategic Petroleum Reserves, in a bid to control energy prices that have spiked after the U.S. and its allies imposed sanctions on Russia over the latter's invasion of Ukraine.

Biden said the record release would increase the supply of oil until production ramps up later in the year and is “by far the largest release of our national reserves in our history.”

Biden said he is coordinating the release with allies in order to boost supply on the international market.

He also called on Congress to make oil and gas companies pay fees on unused wells, stating that there are approximately 9,000 “unused but approved permits” for production on federal lands.

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Category
U.S. & Canada
Tags
global news, Joe Biden, Strategic Petroleum Reserve
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