Biden to release a million barrels of oil per day to cool prices

President Joe Biden is preparing to order the release of up to one million barrels of oil per day from the United States’ strategic petroleum reserve, two people familiar with the decision told the Associated Press, in a bid to control energy prices that have spiked as the US and allies have imposed steep sanctions on Russia over its invasion of Ukraine

The announcement could come as soon as Thursday, when the White House says Biden is planning to deliver remarks on his administration’s plans to combat rising petrol prices. The duration of the release hasn’t been finalised, but could last for several months. The people spoke to the Associated Press on the condition of anonymity to preview the decision.

High oil prices have not coaxed more production, creating a challenge for Biden. The president has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and petrol climbed after Russia invaded Ukraine. Crude oil on Wednesday traded at nearly $105 a barrel, up from about $60 a year ago.

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