Last updated on July 18th, 2023 at 01:49 pm
President Biden is considering releasing 1 million barrels a day of oil for months from the Strategic Reserve to fight inflation.
The Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.
The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move.
Biden is releasing about one-twentieth of what the U.S. uses in a day, but the goal isn’t to add more oil to the market to lower prices. Word of the potential announcement sent oil prices tumbling on Wednesday, as more supply is bad news for the Big Oil price gougers.
President Biden isn’t going to sit back and allow inflation to wreck the economy, and his move is likely to help ease the pain at the pump that Americans are feeling.
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Member of the Society of Professional Journalists and The American Political Science Association
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