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Biden Orders Huge Oil Release, Prods Drillers to Step Up Output

  • President calls gasoline price increases ‘Putin’s price hike’
  • Says oil companies should pay fees for unused leases
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WATCH: Biden says companies need to start producing oil from federal lands.Source: Bloomberg
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President Joe Biden said his plan to release a million barrels of oil a day from U.S. reserves for six months would lay a foundation for the country to achieve independence from foreign energy suppliers.

Biden blamed a spike in gasoline prices this year on Russian President Vladimir Putin and Russia’s invasion of Ukraine, calling it “Putin’s price hike.” But he also criticized U.S. oil companies that have been reluctant to increase production, and called for Congress to charge fees to firms that have unused drilling leases on federal lands.