Biden to release 1 million barrels of oil a day
It has been announced that US President Joe Biden will release 1 million barrels of oil a day from the US's strategic reserves to combat the rising oil prices due to the Russia-Ukraine War.
As tensions between Russia and Ukraine continue, rising oil prices on a global scale are hurting.
US President Joe Biden also took action for rising oil prices.
1 MILLION BARREL OF OIL DAY WILL BE RELEASED DURING 6 MONTHS
In a written statement made by the White House, it was announced that Biden decided to release 1 million barrels of oil per day from the US strategic reserve for 6 months to combat the rising oil prices due to the Russia-Ukraine War.
It was stated that Biden will officially announce this decision in the coming hours. “After consultation with Allies and partners, the President will announce the largest release of oil reserves in history, with an average of one million more barrels released per day for the next six months. The scale of this edition is unmatched. This record release will provide a historical amount of supply that will act as a bridge until the end of the year when domestic production will increase.” it was said.
