Biden plans to release 1 mln oil barrels a day from strategic reserves

Oil tanks

US President Joe Biden considers cooling soaring crude prices with the release of around 1 million barrels of oil per day from the country’s strategic petroleum reserve (SPR) for the coming months.

Biden is set to make the announcement later today, March 31, when he is scheduled to deliver remarks from the White House on gas prices, CNN reported. 

Earlier this month, Biden announced a coordinated release of oil from reserves jointly with other countries, after releasing about 60 million barrels in November.

Oil prices have surged to record highs on Russia’s invasion of Ukraine and subsequent supply concerns, driving spikes in inflation across the global economy.

However, this morning, gas prices tumbled on the back of the news, with Brent crude futures falling 4.54% to $108.30 a barrel, and NYMEX crude contracts for May delivery also slipping 5.29% to $102.12 a barrel.