Biden emits 1 million barrels of oil per day from its weight reserves

An announcement could come by Thursday.

President Joe Biden is considering releasing about 1 million barrels of oil per day from the country’s strategic petroleum reserves over the next few months, according to sources familiar with the announcement, in response to news of falling oil prices on Thursday morning.

Biden could unveil the move on Thursday afternoon to discuss his administration’s move to rein in rising gas prices following Russia’s invasion of Ukraine.

According to the International Atomic Energy Agency, about 3 million barrels of Russian oil will arrive on the market in April due to Western sanctions, and the plan could help alleviate the pain at the pump by helping to offset that loss.

This is the third time Biden has had to tap into a strategic petroleum reserve. In November, he approved the release of 50 million barrels as gas prices rose before the holidays, and the United States, along with 30 other countries, released 30 million barrels after the start of the war in Ukraine, although this did little to ease skyrocketing prices. .

As of Friday, the reserves contained more than 568 million barrels of oil, according to the Department of Energy.

Given the complexity and volatility of the oil market, many geopolitical and economic factors are involved with oil prices and there is no guarantee that this release will keep prices down for an extended period of time.

Overnight, the price of crude oil fell by about 5% in response to this plan, which means that the price of gas pumps may also come down in the coming days.

The current national average for one gallon of gas is 23 4.23, অনুযায়ী 1.35 higher than the same period last year, according to the AAA.

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