Biden to Approve Release of Oil From Strategic Petroleum Reserve to ‘Protect’ Americans From Rising Prices
Amid concerns that Russia’s invasion of Ukraine could send gas prices even higher, President Joe Biden will approve a release of oil from the Strategic Petroleum Reserve. In a statement on Tuesday, White House Press…
Amid concerns that Russia’s invasion of Ukraine could send gas prices even higher, President Joe Biden will approve a release of oil from the Strategic Petroleum Reserve.
In a statement on Tuesday, White House Press Secretary Jen Psaki said, “President Biden was clear from the beginning that all tools are on the table to protect American businesses and consumers, including from rising prices at the pump.”
“After intensive around-the-clock coordination and consultation by President Biden, the Administration and our Allies and partners, the International Energy Agency (IEA) Member countries, supported by the European Commission, agreed to a collective release of an initial 60 million barrels of crude oil from our strategic petroleum reserves,” she continued.
Psaki added, “As part of this agreement, President Biden will authorize the Department of Energy to release 30 million barrels from the U.S. Strategic Petroleum Reserve… We are prepared to use every tool available to us to limit disruption to global energy supply as a result of President Putin’s actions. We will also continue our efforts to accelerate diversification of energy supplies away from Russia and to secure the world from Moscow’s weaponization of oil and gas.”