WRITTEN BY KYLE MORRIS ON MAR 31, 2022. POSTED IN LATEST NEWS
Groundhog Day: Biden To Release 1M Barrels Of Oil Daily From US Reserves
biden gas pricesThe Biden administration will release 1 million barrels of oil each day for the next six months from U.S. reserves amid high gasoline prices.
The plan announced Thursday is an effort to relieve some inflation associated with rising gasoline prices and combat other supply shortages that partly stem from Russia’s invasion of Ukraine. [bold, links added]
“This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up,” the White House said.
President Biden is expected to formally announce the move at a White House event Thursday afternoon.
And Biden will also call for Congress to force oil companies to pay fees for unused leases, accusing energy producers of “hoarding without producing.”
https://climatechangedispatch.com/groundhog-day-biden-to-release-1m-barrels-of-oil-daily-from-us-reserves/
