The Biden administration will release 1 million barrels of oil each day for the next six months from the U.S. Strategic Petroleum reserve in an effort to combat soaring gasoline prices.
Biden formally announced the move at a White House event Thursday afternoon, saying that his plan would release around 180 million additional barrels from the reserve. That would leave the already-depleted SPR down to around 388 million barrels, the lowest level since March 1984.
The White House said ahead of the president’s remarks that “This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up.”
During his speech, Biden also called on Congress to force oil companies to pay fees for unused leases, accusing energy producers of “hoarding” wells on federal lands. He said that companies “sitting on unused leases and idle wells will either have to start producing or pay the price for their inaction.”
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