U.S. President Joe Biden last night announced plans for what is said to be the largest release from the strategic petroleum reserves in American history of 1 million barrels a day for six months to lower gas prices at the pump.
In his speech, Biden revealed a two-point plan, which includes immediate action through the release of reserves and a call to reduce the dependence on fossil fuels altogether and speed up the transition to clean energy.
On Thursday, Biden authorized the release of 1 million barrels per day for the next six months – over 180 million barrels – from the Strategic Petroleum Reserve. This is the biggest release from the reserves since its creation in 1975, in the midst of the Cold War, and the second since the war in Ukraine started.
There are currently 568 million barrels in the reserve in four locations across Southern Louisiana and Texas.
As a reminder, the U.S. and 30 other countries that are members of the International Energy Agency (IEA) in early March committed to releasing a total of 60 million barrels of oil from strategic reserves in an effort to stabilize the global energy markets. Of the total of 60 million, the U.S. committed to releasing 30 million barrels of oil from the Strategic Petroleum Reserve.
(With inputs from agencies)
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