Biden Orders “Unprecedented” Release Of Oil Reserves

CNN reports:

President Joe Biden is announcing an unprecedented release of oil from US reserves and taking steps to punish oil companies for not increasing production from unused leases on federal land, the White House says.

The steps are an attempt to reduce gas prices while also putting an onus on oil companies to increase supply. The dramatic step confronts what has become a looming political problem months ahead of the midterm elections.

“After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average — every day — for the next six months,” the White House said. “

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BREAKING: President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices. https://t.co/v5j6jNB2ve

— The Associated Press (@AP) March 31, 2022