In a written statement made by the White House, it was announced that Biden decided to release 1 million barrels of oil per day from the US strategic reserve for 6 months in order to combat the rising oil prices due to the Russia-Ukraine War, and Biden made this decision officially in the following hours. was declared to be announced.
“After consultation with Allies and partners, the President will announce the largest release of oil reserves in history, with an average of one million more barrels released per day for the next six months. The scale of this edition is unmatched. This record release will provide a historical amount of supply that will act as a bridge until the end of the year when domestic production will increase.
WHITE HOME NAMES PUTIN AS A “DICTATTOR”
In the statement, which stated that the USA is the world’s largest oil producer and net energy exporter, Russian President Vladimir Putin was described as a “dictator” and said, “Despite this, the actions of a dictator half a world away can still affect the wallets of US families. “The president will announce his commitment to achieving true energy independence, focused on reducing our dependence on oil completely.”
ENERGY COMPANIES WHO DO NOT EXTRACT OIL AND GAS MAY BE PENALIZED
The statement also said that Biden will call on Congress to impose financial penalties on energy companies that lease public lands but do not extract oil and gas.
Biden has twice previously released oil from strategic reserves.
Biden has twice ordered the release of oil from strategic reserves in an effort to suppress rising oil prices. The Biden administration ordered the release of 50 million barrels of oil from its strategic reserves in coordination with other countries in November last year, and 30 million barrels of oil after the start of the Russia-Ukraine War.
According to the U.S. Energy Information Management Administration, an average of 21 million barrels of oil is used per day in the United States, and about 40% of this consumption is gasoline. According to the U.S. Department of Energy, as of March 25, there are more than 568 million barrels of oil in U.S. reserves.
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