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Biden Sets Million-Barrel-a-Day Oil Release to Tame Prices

  • OPEC+, co-led by Moscow, balks at ramping up production
  • President to speak on efforts to reduce energy prices Thursday
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WATCH: The U.S. will release roughly a million barrels of oil a day from its reserves for six months.Markets: European Close.”
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The U.S. will release roughly a million barrels of oil a day from its reserves for six months beginning in May, a historic drawdown underscoring White House concern about rising gas prices and supply shortages following Russia’s invasion of Ukraine.

President Joe Biden also will invoke Cold War powers to encourage domestic production of critical minerals for batteries for electric-vehicles and other uses, the White House said in a statement. Battery materials will join the list of items covered by the 1950 Defense Production Act.