President Biden is reportedly preparing to release oil from strategic US oil reserves, according to sources close to it, as energy prices rise worldwide due to sanctions imposed on Russia. The announcement is expected on Thursday, as the President suffers a downgrade of his approval rating and his highest inflation rise in 40 years.
Washington Senior Correspondent for Bloomberg Saleha Mohsin shared the news on Twitter.
He wrote: “SCOOP: Admin Biden weighing plans to release 1 million barrels of oil per day over several months.
“The total release is probably 180 million barrels.
“The White House said Biden would speak tomorrow about efforts to ‘lower gas prices at the pump for American families’.”
It’s not known exactly how long the release will last, but it could be several months, reports CNBC.
Oil and gas costs have risen sharply since Russia’s invasion of Ukraine in February, with crude on Wednesday trading at nearly $105 a barrel.
Last November, President Biden announced 50 million barrels of oil would be released from reserves in “coordination with other countries”.
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Britain has joined the US and several other countries in imposing tough sanctions on Russian gas and oil.
The US is banning all imports of Russian gas and oil, while the UK will phase out Russian oil by the end of 2022.
The EU, which is much more dependent on Russian energy, has pledged to stop all imports of Russian energy “well before 2030”, the BBC says.