President Biden is reportedly preparing to release oil from the US’s strategic petroleum reserve, according to a close source, as energy prices rise all over the world due to sanctions imposed on Russia. The announcement is expected to come on Thursday, as the President suffers from falling approval ratings and the highest inflation climb for 40 years.
Senior Washington Correspondent for Bloomberg Saleha Mohsin shared the news on Twitter.
She wrote: “SCOOP: Biden admin weighing plan to release 1 million barrels of oil a day for several months.
“Total release may be 180m barrels.
“White House said Biden will speak tomorrow about efforts to ‘lower gas prices at the pump for American families’.”
It is not known exactly how long the release will last for, but it could be several months, reported CNBC.
The cost of oil and gas has risen sharply since the Russian invasion of Ukraine in February, with crude oil on Wednesday trading at nearly $105 per barrel.
Last November, President Biden announced 50 million barrels of oil would be released from the reserve in “coordination with other countries”.
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The UK has joined the US and multiple other countries in imposing tough sanctions on Russian gas and oil.
The US is banning all Russian gas and oil imports, while the UK will phase out Russian oil by the end of 2022.
The EU, which is much more dependent on Russian energy, has vowed to stop all Russian energy imports by “well before 2030”, said the BBC.