President Joe Biden on Thursday will launch the largest release ever from the US emergency oil reserve to try to bring down gasoline prices that have soared during Russia’s war with Ukraine, the White House said.
Starting in May, the United States will release 1 million barrels per day of crude oil for six months from the Strategic Petroleum Reserve, a senior administration official told reporters.
The 180 million barrels is equivalent to about two days of global demand, and marks the third time Washington has tapped the SPR in the past six months.
