President Biden Planning To Tap Oil Reserve To Control Gas Prices
Newsy
The president is expected to announce the release of 1 million barrels of oil per day from the country's strategic petroleum reserve.
President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve, according to two people familiar with the decision, in a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
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The announcement could come as soon as Thursday, when the White House says the president is planning to deliver remarks on his administration's plans to combat rising gas prices. The duration of the release hasn't been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision.
