Biden looks set to tap oil reserves, as he reacts to rises in gasoline prices and blames Putin

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President Joe Biden looks poised to announce more releases from the US Strategic Petroleum Reserve on Thursday, as his administration makes an effort to address rises for gasoline prices and pin those increases on Russian President Vladimir Putin’s invasion of Ukraine.

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Biden is slated to speak at 1:30 pm Eastern about his administration’s “actions to reduce the impact of Putin’s price hike on energy prices and lower gas prices at the pump for American families,” the White House said in a statement.

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His comments are coming after reports late Tuesday said he’s preparing to order the release of up to 1 million barrels of oil per day from the strategic petroleum reserve.

Biden set to release up to 1 million barrels a day from oil reserve to tame gas prices

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Biden has tapped the reserve twice already in recent months, with a November release of 50 million barrels and a release of 30 million barrels in early March, both in coordination with other countries.

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Credit: www.marketwatch.com /

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