Biden orders release of millions of barrels from strategic reserve
WASHINGTON – President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices.
Those have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
The White House says Biden will make the formal announcement later Thursday in remarks on his administration’s plans to combat rising gas prices.
The White House says Biden will also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy.
According to the Energy Information Administration, the U.S. consumed an average of about 19.78 million barrels of petroleum per day in 2021.