Biden to announce ‘largest release of oil reserves’ in effort to curb gasoline prices

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Joe Biden has announced plans to release up to 1m barrels of oil a day from the strategic reserve, in an attempt to contain high gasoline prices and curb inflation exacerbated by the war in Ukraine.

In a statement, the White House said: “After consultation with allies and partners, the president will announce the largest release of oil reserves in history, putting 1m additional barrels on the market per day on average – every day – for the next six months.”

The White House indicated Biden will speak later on Thursday about how he intends to lower gas prices for Americans. Global oil prices dropped sharply when news broke earlier of Biden’s expected announcement.

The administration is reportedly considering extending the release for as long as six months, with a potential limit of 180m barrels drawn from the current national reserve of 568m barrels.


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