Joe Biden Usa Washington city Washington Russia Ukraine president Coronavirus Remark Joe Biden Usa Washington city Washington Russia Ukraine

Biden planning to tap US oil reserve to control surging gas prices

Reading now: 376

WASHINGTON - President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S.

and allies have imposed steep sanctions on Russia over its invasion of Ukraine.The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration's plans to combat rising gas prices.

The duration of the release hasn't been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision.High oil prices have not coaxed more production, creating a challenge for Biden.

The Democratic president has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and gasoline climbed after Russia invaded Ukraine.The markets reacted quickly to the likely release from the strategic reserve with crude oil prices dropping 6% on Thursday morning to roughly $101 a barrel.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News