Biden tapping oil reserve for 6 months to control gas prices

President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices

WASHINGTON -- President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.

Biden was to formally announce the release in remarks on his administration’s plans to combat rising gas prices.

The White House said Biden would also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing. He also intends to invoke the Defense Production Act to encourage the mining of critical minerals for batteries in electric vehicles.

The White House characterized the release of the petroleum as a bridge until output increases from domestic producers. Administration officials estimate that average production will grow by 1 million barrels daily this year and an additional 700,000 barrels daily in 2023.