President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices
President Joe Biden speaks about status of the country's fight against COVID-19 in the South Court Auditorium on the White House campus, Wednesday, March 30, 2022, in Washington. WASHINGTON — — President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked after the U.S.
Part of Biden's concern is that high prices have not — so far — coaxed a meaningful jump in oil production. The planned release is a way to increase supplies as a bridge until oil companies ramp up their own production, with administration officials estimating that domestic production will grow by 1 million barrels daily this year and an additional 700,000 barrels daily in 2023.
Domestic oil production is equal to more than half of U.S. usage, but high prices have not led companies to return to their pre-pandemic levels of output. The U.S. is producing on average 11.7 million barrels daily, down from 13 million barrels in early 2020. “Biden needs to stop appeasing the woke green activists and get oil and gas leases going again,” Daines said.
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