Ukraine war: Joe Biden orders historic emergency oil release in ‘moment of peril’ for world
- From May, the US will release 1 million barrels per day for six months from its Strategic Petroleum Reserve, as fuel prices soar amid Russia’s invasion
- Biden also called for increased US oil production and boosts in production of electric vehicles and batteries, as well as a move to clean energy policies
US President Joe Biden on Thursday launched the largest release ever from the country’s emergency oil reserve and challenged oil companies to drill more in an attempt to bring down fuel prices that have soared during Russia’s war with Ukraine.
Starting in May, the United States will release 1 million barrels per day (bpd) of crude oil for six months from the Strategic Petroleum Reserve (SPR), he said.
“This is a moment of consequence and peril for the world, and pain at the pump for American families,” Biden said at an event at the White House.
“It’s also a moment of patriotism,” Biden said, as he asked oil company executives to serve their customers and American families, instead of the investors they have rewarded with billions of dollars in dividends.
02:11
Oil prices skyrocket around the world as result of Russia-Ukraine conflict, sanctions
He also called on Congress to make companies pay a fee if they are sitting thousands of unused oil and gas leases and wells on public lands.