Biden Spurs Record Emergency Oil Release to Offset Losses from Russia

Biden also called on Congress to make energy companies pay fees on wells from leases they have not used in years, for U.S. oil companies to drill more and for boosts in production of electric vehicles and batteries.

Alexandra Alper and Timothy Gardner, Reuters
Biden Spurs Record Emergency Oil Release to Offset Losses from Russia

The oil release will “serve as bridge until the end of the year when domestic production ramps up,” the White House said. (Source: Image of US President Joe Biden BiksuTong / Shutterstock.com)

President Joe Biden on March 31 launched the largest release ever from the U.S. emergency oil reserve and challenged oil companies to drill more in an attempt to bring down gasoline prices that have soared during Russia’s war with Ukraine.

Starting in May, the U.S. will release 1 million bbl/d of crude oil for six months from the Strategic Petroleum Reserve (SPR), he said.

“This is a moment of consequence and peril for the world, and pain at the pump for American families,” Biden said at an event at the White House.

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