Washington Times: Biden to release 1M barrels of oil per day from strategic oil reserve.
President Biden will release a record 1 million barrels of oil per day from the Strategic Petroleum Reserve in a bid to contain soaring energy prices that are rapidly becoming a political headache for Democrats ahead of November’s midterm elections.
“This action will increase our immediate supply and meet our immediate energy needs and address our lack of supply as a result of [Russian President Vladimir] Putin’s actions,” a senior administration official told reporters.
The official called the scale of the release “unprecedented,” noting that the U.S. has never released more than 1 million barrels per day. The release will continue every day for six months, accounting for a total of 180 million barrels of oil.
It’s unclear if releasing 1 million barrels a day will make a major dent in rising oil prices. The U.S. consumes about 20 million barrels of oil a day, so the amount released by Mr. Biden will account for roughly 5% of the oil consumed per day.
So far, tapping the reserve has done little to bring down prices at the pump, which have spiked since the U.S. and its allies placed limits on Russian energy exports as punishment for Moscow’s invasion of Ukraine.
Mr. Biden also blamed Mr. Putin, while acknowledging earlier this month his executive order banning Russian energy imports will bring more pain at the pump for Americans.