Biden Releases 30 Million Barrels of Oil to Reduce Gas PricesThe move is intended to help protect Americans from the surging fuel costs resulting from Russia’s invasion of Ukraine.
By Main Street Sentinel Staff
The Biden administration is taking steps to shield American consumers from surging fuel costs stemming from Russian President Vladimir Putin’s invasion of Ukraine.
President Joe Biden has ordered the release of 30 million barrels of oil from the United States Strategic Petroleum Reserve, a stockpile of crude oil intended to protect the US from disruptions in the global energy supply. The move is designed to help reduce the high gasoline prices Americans are facing as a result of Putin’s “weaponization of oil and gas.”
“We stand prepared to take additional measures if conditions warrant,” said US Secretary of Energy Jennifer Granholm.
Granholm added that the US would also continue to invest in clean energy as part of a long-term effort to decrease American dependence on foreign oil and gas, calling the strategy an “available and cost-effective” way to ensure that “energy supply cannot be used as a means of political coercion or a threat to national security” and “families and businesses are protected from volatile prices and markets.”