To cool prices, US President Biden releasing one million barrels of oil per day to cool prices

Washington: US President Joe Biden has ordered the release of up to one million barrels of oil per day from the United States’ strategic petroleum reserve, as it moves to lessen the impact of rising gas prices amid Russia’s invasion of Ukraine.

The US and other nations have barred imports of Russian oil and gas over the country’s ongoing invasion of its neighbour, while European countries have pledged to wean themselves off energy supplies from Moscow.

“Today I’m authorising the release of one million barrels per day for the next six months – over 180 million barrels,” Biden told reporters from the White House on Thursday afternoon.

“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.”