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Biden Embraces Oil as Ukraine War Overwhelms His Climate Agenda

  • Biden’s record oil release is a big bet on lowering gas prices
  • Gambit risks undermining the president’s green credentials
Bloomberg business news
WATCH: President Joe Biden plans to release a million barrels of oil a day from U.S. reserves for six months.Source: Bloomberg

President Joe Biden delivered his strongest endorsement of oil on Thursday, ordering an unprecedented release of emergency U.S. crude in a move that gambled his climate-saving credentials on lowering gasoline prices in an election year.

If the strategy works, Biden may help stave off both a recession and crushing defeats for his party in midterm elections, while drawing the ire of climate activists and potentially derailing his green goals. If it fails -- and it very well might -- he risks looking like Jimmy Carter, snubbed by oil-rich Mideast nations and powerless to rein in prices at the pump.