Biden expected to announce massive release of oil reserves in bid to combat high gas prices
The White House’s plan is expected to call for the release of 1 million barrels per day from the nation’s Strategic Petroleum Reserve on an ongoing basis for several months, the people said. The people spoke on the condition of anonymity to discuss a matter not yet made public. The SPR currently holds roughly 570 million barrels of crude oil.
The White House has scrambled in recent days to respond to elevated gas prices, which rose markedly after the Russian invasion of Ukraine. Russia is the world’s third-largest producer of oil, and fears of a disruption of its supply to global markets has sent energy prices skyward. As of Wednesday, the average price of a gallon of gasoline was $4.24,Story continues below advertisement
The U.S. is coordinating the release with the International Energy Agency and has told allies and partners about the measure, one of the people said.A release of the nation’s oil reserves of this magnitude would be “unprecedented in size and duration,” said Bob McNally, consultant and president of Rapidan Energy Group, an energy market research firm. McNally stressed it will be crucial to see if the Europeans and Japanese join the U.S. in tapping oil reserves.
“I would like to see the details, but it is not surprising — given that the sizable Russian supply risk has not gone away — that the administration is extending the releases from the SPR drawdown,” McNally said. “This would be the first ever, sequential, historic move if he made it.”
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