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President Biden taps oil reserves to control US gas prices

President Biden
Posted at 7:18 PM, Mar 30, 2022
and last updated 2022-03-31 13:53:29-04

President Joe Biden has ordered the release of up to 1 million barrels of oil per day from the nation's strategic petroleum reserve in a bid to control energy prices.

On Thursday, the White House announced the effort is part of a bid to control energy prices that have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.

According to a schedule of planned remarks released by the White House late on Wednesday, President Biden is set to deliver remarks on actions the White House plans to take on reducing the price of energy and lowering gas prices on Thursday afternoon.

As the New York Times reported, if fully enacted, the White House plan could release up to 180 million barrels from reserves. There are currently about 550 million barrels in the reserve, and it has a reported total capacity of 714 million barrels.

The White House says Biden will also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy.