President to release up to 1m barrels of oil a day from the strategic reserve for the next six months
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.”