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Tuesday, Jun 28th

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You are here News Energy Biden to release up to 180 million barrels of oil from reserve to drive down gas prices

Biden to release up to 180 million barrels of oil from reserve to drive down gas prices

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Gas prices cause Biden to release reservesPresident Joe Biden will order the release of up to 180 million barrels of oil from the nation's emergency reserves over the next six months in a bid to provide relief to Americans from high gas prices that have soared since Russia's invasion of Ukraine.

Biden's order, which he will formally announce later Thursday, calls for the release of 1 million barrels of oil per day over the next six months from the Strategic Petroleum Reserve. The action will represent the largest release from the reserve in its nearly 50-year history.

Gas prices at the pump have soared by nearly $1 per gallon in the month since Russia's invasion of Ukraine. The war means less Russian oil is getting to the market, and the reduction in supply is raising prices at the pump.

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