Biden planning to tap oil reserve to control gas prices
The announcement could come as soon as today
WASHINGTON (AP) – President Joe Biden is preparing to order 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. That’s according to two people familiar with the decision who spoke on the condition of anonymity to preview it.
Prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine. The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices.
COPYRIGHT 2022 THE ASSOCIATED PRESS. ALL RIGHTS RESERVED. THIS MATERIAL MAY NOT BE PUBLISHED, BROADCAST, REWRITTEN OR REDISTRIBUTED.