Biden announces ‘historic’ oil reserve release amid elevated gas prices
US President Joe Biden announced that his administration will release 1 million barrels of oil per day for the next six months from its strategic reserve in an effort to tame the elevated gas prices.
The authorisation of releasing over 180 million barrels from the US Strategic Petroleum Reserve is the “largest” release from national reserve in the country’s history, Biden said in a speech from the Eisenhower Executive Office Building on Thursday.
The latest move came weeks after the US and other major oil-consuming nations announced in early March that they would release 60 million barrels from their emergency stockpiles.
