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News > U.S.

US: One Million Oil Barrels Released per Day

  • The U.S. President ordered the distribution of one million barrels of oil per day across the country. Mar. 31, 2022.

    The U.S. President ordered the distribution of one million barrels of oil per day across the country. Mar. 31, 2022. | Photo: Twitter/@CaptG2

Published 31 March 2022
Opinion

The U.S. President ordered to release one million oil barrels per day to ease the rising prices in the sector.

Intended to cool prices in the oil sector aimed at the sharp rise resulting from the sanctions imposed on Russia in response to the special military operation last February, Joe Biden, U.S. President, ordered to release of one million oil barrels to be distributed directly from the U.S. strategic petroleum reserve.

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The U.S. is among the countries that have banned Russian oil and gas imports as a coercive measure against Moscow for the ongoing conflict in Ukraine. "Today, I'm authorizing the release of one million barrels per day for the next six months – over 180 million barrels," announced U.S. President in the White House on Thursday afternoon.

"This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history." According to the reporters, this decision is Biden's attempt to reduce the consequences of Ukraine's military conflict on American consumers, as gas prices have surged in the country over the past year.

"This is having an immense political impact on President Biden, who is eyeing those midterm elections later this year," said a reporter from Al Jazeera, Mike Hanna said. "This release of the stockpile could have the consequence of relieving gas prices within the United States, adding to the global stockpile, of reducing the price of oil, which has been soaring in terms of the shortages that have occurred in the wake of Russia's invasion of Ukraine."

The President urged U.S. oil producers to have as the main priority to increase production over the potential benefits from the crisis in Ukraine. "If we want lower gas prices, we need to have more oil supply right now," he said during the press conference.

Biden added that "some companies have been blind. I say enough. Enough of lavishing excessive profits on investors with payouts and buybacks. The American people are watching; the world is watching. U.S. oil companies made nearly 80 billion dollars in profit last year."

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