Report: Biden expected to announce plan for massive release of oil
President Biden could announce as early as Thursday a plan to release 1 million barrels of oil a day from the Strategic Petroleum Reserve for as long as 180 days, a person familiar with the matter told The New York Times late Wednesday.
The White House has been considering ways to lower gasoline prices across the nation, which skyrocketed in the wake of the Russian invasion of Ukraine; in March, the average price of a gallon of gas hit a high of $4.17, six cents higher than the previous record set in 2008.
Biden's public schedule for Thursday states he is scheduled to deliver remarks in the afternoon on his administration's "actions to reduce the impact of [Russian President Vladimir] Putin's price hike on energy prices and lower gas price at the pump for American families." The price of the American crude oil benchmark dropped about 4 percent Wednesday evening once reports began surfacing about Biden's plan.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The Strategic Petroleum Reserve was created after the 1973 energy crisis, and comes into use when the United States experiences an increase in demand or low supply, the Times says. It currently holds about 550 million barrels, with a capacity of roughly 714 million barrels.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.
-
5 ballsy cartoons about the new White House ballroomCartoons Artists take on the White House Disneyland, a menu for the elites, and more
-
‘Congratulations on your house, but maybe try a greyhound instead’Instant Opinion Opinion, comment and editorials of the day
-
How climate change poses a national security threatThe explainer A global problem causing more global problems
-
The Baltic ‘bog belt’ plan to protect Europe from RussiaUnder the Radar Reviving lost wetland on Nato’s eastern flank would fuse ‘two European priorities that increasingly compete for attention and funding: defence and climate’
-
How should Nato respond to Putin’s incursions?Today’s big question Russia has breached Nato airspace regularly this month, and nations are primed to respond
-
Russia’s war games and the threat to NatoIn depth Incursion into Poland and Zapad 2025 exercises seen as a test for Europe
-
The mission to demine UkraineThe Explainer An estimated quarter of the nation – an area the size of England – is contaminated with landmines and unexploded shells from the war
-
Ottawa Treaty: why are Russia's neighbours leaving anti-landmine agreement?Today's Big Question Ukraine to follow Poland, Finland, Lithuania, Latvia and Estonia as Nato looks to build a new ‘Iron Curtain' of millions of landmines
-
How drone warfare worksThe Explainer From Ukraine to Iran, it has become clear that unmanned aircraft are rapidly revolutionising modern warfare
-
How far would Russia go for Iran?Today's Big Question US air strikes represent an 'embarrassment, provocation and opportunity' all rolled into one for Vladimir Putin
-
Are the UK and Russia already at war?Today's Big Question Moscow has long been on a 'menacing' war footing with London, says leading UK defence adviser
