(Fwrd Axis) — President Joe Biden is preparing to order the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve in an attempt to control energy prices that have spiked as a result of Russia’s war with Ukraine.
The announcement could come as early as Thursday afternoon with Biden scheduled to deliver remarks at the White House on his administration’s efforts to lower gas prices at the pump for American families. High oil prices have not resulted in higher production, causing a problem for the President.
Inflation saw a 40-year high in February, leading to Biden’s approval ratings tanking when asked how he is handling the economy despite several positives such as job growth and the unemployment rate at a low. Democrats are hoping to reduce inflation and the high gas prices with the midterm elections looming in November and their party facing an uphill battle.
The Biden administration announced the release of 50 million barrels from the strategic reserve in coordination with other countries back in November. According to the Department of Energy, over 568 million barrels of oil were held in the reserve as of March 25.
Despite Russia being one of the top producers of oil, contributing about 10% to the global market, earlier this month, Biden announced the ban on Russian oil and energy products as a result of Vladimir Putin’s war in Ukraine.
“Make no mistake: The current spike in gas prices is largely the fault of Vladimir Putin,” Biden said at the time.
The news comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+), which includes Saudi Arabia and Russia, plan to meet. The administration is also considering temporarily removing curbs on any summer sales of higher-ethanol gasoline as a way to lower fuel costs for Americans.
The story has been updated with more information.