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

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

Joe Biden is planning to release up to one million barrels of oil a day from the strategic reserve, in an attempt to contain spiraling gasoline prices and curb inflation exacerbated by the war in Ukraine.

The US president could announce that he is ordering the release as early as Thursday, when the White House has indicated Biden will speak about how he intends to lower petrol prices. 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.

The possible injection into the market of oil reserves, first reported by Bloomberg, comes as the Biden administration is wrestling with the political fallout of high petrol prices and rising inflation. According to the American Automobile Association, the US average now stands at $4.23 a gallon, up from $2.87 a year ago.