Biden to release US oil reserves to control gas prices
ABC News
President Joe Biden is planning to release roughly 1 million barrels of oil per day from the nation's strategic petroleum reserve for the next several months.
Oil prices are dropping Thursday morning in response to news that President Joe Biden is moving forward with a plan to release roughly 1 million barrels of oil per day from the nation's strategic petroleum reserve over the next six months, the White House has confirmed.
Biden is expected to announce this step on Thursday afternoon during a scheduled event to discuss actions his administration is taking to rein in soaring gas prices that have spiked even further following Russia’s invasion of Ukraine.
Biden will also call on "Congress to make companies pay fees on wells from their leases that they haven’t used in years and on acres of public lands that they are hoarding without producing," the White House said in a release.
About 3 million barrels a day of Russian oil will come off the market in April due to Western sanctions, according to the International Energy Agency, and this plan could help alleviate pain at the pump by helping to replace that loss.
