The White House says President Biden will also call on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy
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 as the U.S. and allies imposed steep sanctions on Russia over its invasion of Ukraine.
The announcement is expected Thursday when Biden delivers remarks on his administration’s plans to combat rising gas prices. The duration of the release hasn’t been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision. Americans on average use about 21 million barrels of oil daily, with about 40% of the consumption devoted to gasoline, according to the U.S. Energy Information Administration.
“I think the administration’s anti-fossil fuel views are sort of like a religion,” Senate Republican Leader Mitch McConnell told Punchbowl News in a Thursday interview. “They’re kind of unconnected with the needs of not only our country but the world. This policy is driven by the hard left, which the president almost never crosses. And, until that policy changes, we’re gonna have a problem.”
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