Biden Team Weighs a Massive Release of Oil to Combat Inflation
U.S. explores releasing one million barrels per day for months
President to speak on efforts to reduce energy prices Thursday
WATCH: The Biden administration is mulling a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months to combat inflation.Source: Bloomberg
The Biden administration is weighing a plan to release roughly a million barrels of oil a day from U.S. reserves, for several months, to combat rising gasoline prices and supply shortages following Russia’s invasion of Ukraine, according to people familiar with the matter.
The total release may be as much as 180 million barrels, the people said, speaking on condition of anonymity ahead of an official move.
