Breaking: President Joe 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.
President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
The move by Biden shows that oil remains a key vulnerability for the U.S. at home and abroad. Higher energy prices have crushed Biden’s approval ratings domestically, while also adding billions of dollars to the Russian war chest as it wages war on Ukraine. The release of reserves would create market pressures that could reduce oil prices, though Biden has already twice ordered releases from the strategic reserves without causing a meaningful shift in prices.
Republican lawmakers have said the problem rests with the Biden administration being hostile to oil permits and the construction of new pipelines such as the Keystone XL. Democrats have countered that the country needs to move to renewable energy such as wind and solar that could reduce the dependence on fossil fuels and Russia President Vladimir Putin’s leverage.
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