The White House on Thursday announced that the U.S. will release 1 million barrels of oil per day from strategic reserves.
Highlights
- President Joe Biden plans to tap the nation’s Strategic Petroleum Reserve for the next six months.
- Oil prices dropped Thursday after reports surfaced Wednesday evening suggesting such a move was imminent.
- The announcement comes as the White House looks for ways to combat a spike in energy prices caused by Russia’s invasion of Ukraine.
- The White House also used Thursday’s announcement to criticize the domestic energy industry for “sitting on” more than 12 million acres of federal land and 9,000 unused but already approved permits for production.
- The national average price of a gallon of gas at $4.23, up from $2.87 a year ago, according to the administration.