Biden announces historic oil reserve release, along with other steps, to reduce gas prices
CNN
President Joe Biden is announcing an unprecedented release of oil from US reserves and taking steps to punish oil companies for not increasing production from unused leases on federal land, the White House says.
The steps are an attempt to reduce gas prices while also putting an onus on oil companies to increase supply. The dramatic step confronts what has become a looming political problem months ahead of the midterm elections.
"After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average -- every day -- for the next six months," the White House said. "The scale of this release is unprecedented: The world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up."
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