WASHINGTON, RAW – President Joe Biden’s administration is considering releasing one million barrels of oil a day for several months from the Strategic Petroleum Reserve to reduce petrol prices, two senior US officials say.
Biden will give remarks on Thursday on his administration’s actions, the White House says, after Russia’s invasion of Ukraine and sanctions on Moscow drove up the price of oil.
High petrol prices have become a political liability for Biden and his Democratic Party as they seek to retain control of Congress in November elections.
The White House said Biden would deliver remarks on “his administration’s actions to reduce the impact of Putin’s price hike on energy prices and lower gas prices at the pump for American families”.
The Biden administration was considering another release of oil from the reserve to help stabilise global energy markets that, if carried out, could be bigger than the sale of 30 million barrels earlier this month, a US source said.
Top Australian Brokers
- eToro - Social and copy trading platform - Read our review
- IC Markets - Experienced and highly regulated - Read our review
- Pepperstone - Trading education - Read our review
International Energy Agency member states agreed to release more than 60 million barrels of oil reserves earlier in March, with 30 million barrels coming from US reserves.
