Muristek
Biden orders release of 1 million barrels of oil per day from US strategic reserve for six months
Washington, April 1
US President Joe Biden on Thursday announced to release 1 million barrels of oil per day from the nation's strategic petroleum reserve for the next six months as part his efforts to keep the oil prices under control which have been spiralling in the aftermath of the Russian invasion of Ukraine.
"I'm authorising the release of 1 million barrels per day for the next six months - over 180 million barrels from the Strategic Petroleum Reserve," Biden said making the announcement in this regard.
"This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history," he said.
The revenue generated from selling the oil would be used to restock the Strategic Petroleum Reserve when prices are lower so that the country is ready for future emergencies, he said.
Biden said he has been talking to other allies and partners around the world.
"Already, we have commitments from other countries to release tens of millions of additional barrels into the market. Together, our combined efforts will supply well over a million barrels a day - nations coming together to deny Putin the ability to weaponise his energy resources against American families, and families and democracies around the world," he said.
The president also announced plans about declaring real American energy independence in the long term so that the US never has to deal with this problem again.