Biden to launch a million barrels of oil a day to ease pump costs

President Joe Biden on Thursday will announce the discharge of 1 million barrels of oil a day for the following six months from the US Strategic Petroleum Reserve to attempt to deliver down gasoline costs, the White House mentioned.

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Biden’s goal is to attempt to deliver down gasoline costs which have soared in current months notably after Russia’s invasion of Ukraine. Biden is to make the announcement at 1:30 p.m. EDT (1730 GMT) occasion on the White House.

“After consultation with allies and partners, the president will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months,” the White House mentioned.

In addition, the Defense Production Act might be licensed to assist the manufacturing and processing of minerals and supplies used for big capability batteries – resembling lithium, nickel, cobalt, graphite, and manganese, the White House mentioned.

The scale of the discharge of oil from the Strategic Petroleum Reserve was described by the White House as unprecedented.

“The world has never had a release of oil reserves at this 1 million per day rate for this length of time. This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up,” it mentioned.

The Department of Energy will use the income from the discharge to restock the SPR in future years, the White House mentioned.