KDRTV News: US President Joe Biden has ordered the release of 1 million barrels per day to cool the price of the oil.
The barrels will be released from the US`s strategic petroleum reserve as the Russin invasion of Ukrain e hike the pieces of oil and gas.
This follows after the US and other Western countries barred the imports of Russian oil and gas after the country invaded Ukraine.
“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.
Americans are feeling Putin’s gas price hike at the pump.
That’s why today, I’m authorizing the release of 1 million barrels a day from our Strategic Petroleum Reserve — and taking steps to lay a new foundation for lasting American energy independence through clean energy. pic.twitter.com/aRQgofiryK
— President Biden (@POTUS) March 31, 2022
The US officials however declined to comment about how soon the oil and gas prices would go down even after the implementation of Biden`s order.
However, the president sent a stern warning to various oil companies in the United States not to take advantage of the situation to increase their profits
“No American company should take advantage of a pandemic or Vladimir Putin’s actions to enrich themselves at the expense of American families. Investing those profits in production and innovation, that’s what they should do. Invest in your customers,” Biden said.
The president revealed that the next step of his administration is to ensure that America creates long-term energy independence.
The scope of Biden`s oil release will put more oil on the global market
The US state government had already started implementing various strategies to reduce oil and gas prices.
President Biden also announced that he put up policies to allow the domestic production of oil and gas.
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