Finally: Biden Expected to Release 1 Million Barrels of Oil Per Day to Decrease Prices
By Yehudit Garmaise
President Joe Biden is expected to announce today that he will order the release of 1 million barrels of oil per day, for the next several months, from the nation's Strategic Petroleum Reserve, in an attempt to drive down gas prices, officials report.
President Biden, who is often blamed for the rising costs of gas and other consumer goods, blames Russian President Vladimir Putin’s invasion of Ukraine for disrupting and reducing the world's supply of gas and therefore increasing its prices.
Although quite popular when first elected, President Biden’s public approval ratings have dropped as inflation rises to levels not seen since 1982.
After news was leaked last night that the president would likely release up to 180 million barrels from the US Strategic Reserve, the markets reacted quickly, and crude oil prices dropped by 6% this morning: to roughly $101 a barrel, which is dramatically higher than the $60 per barrel at which oil was priced one year ago.
In November, President Biden announced the release of 50 million barrels from the US Strategic Reserve, and after Russia invaded Ukraine, the US and 30 other countries agreed to an additional release of 60 million barrels from reserves, however, gas prices continue to rise.
Some say Biden’s latest plan to steadily release 1 million barrel of oil from the reserves could return the country’s supply back up where the level the US had in February 2020, just before Covid and other factors decreased oil production.