US President Joe Biden on Thursday said his plan to release 1 million barrels of oil per day from US 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.”
He also said that US oil companies have been reluctant to increase production and called for the US Congress to charge fees to firms that have unused drilling leases on federal lands.
Photo: EPA-EFE
“It’s time to deliver true long-term energy independence to America once and for all,” Biden said.
The US has been mostly a net exporter of petroleum products, which includes crude oil, refined petroleum and other products, since late 2019 amid a fracking boom that made the country one of the top producers of oil and natural gas.
The US still imports millions of barrels of oil per day better suited to certain refineries and other refined products.
Photo: Bloomberg
Biden said that he expects allies would agree to release 30 million to 50 million more barrels of oil from their own reserves.
As much 180 million barrels might be released from the stockpile over the next several months, an amount that the White House and oil market analysts called unprecedented.
The move underscores concern in the Biden administration about rising gasoline prices and supply shortages following Russia’s invasion of Ukraine.
Despite the administration’s assurances last year that gasoline prices would fall this year, they have instead risen dramatically.
The White House has blamed the increase on Russia’s invasion of Ukraine, saying in its statement that gasoline prices have spiked nearly US$1 a gallon since the start of the year.
The administration is also to push the International Energy Agency to coordinate releases from reserves by other oil-consuming nations.
The agency is to meet within days, two people familiar with the matter said.
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