biden-administration-is-preparing-to-release-a-million-barrels-of-oil-a-day-to-try-to-reduce-gasoline-prices

The Biden Administration is evaluating the release of approximately one million barrels of crude oil daily from an emergency reserve as a means of reducing the high cost of gasoline.

It is expected that this Thursday, the president make the official announcement from the White House as a measure to ease the pockets of consumers. Since Russia’s invasion of Ukraine began, gasoline prices have skyrocketed, reaching a record high of $4.33 a gallon in early March.

The CNN network report specifies that the fuel that the Government is preparing to make accessible to consumers comes from the Strategic Petroleum Reserve (SPR) managed by the Fossil Energy Management Office and Coal.

The SPR is the emergency reserve of largest oil company in the world created to reduce the impact of interruptions in supplies of petroleum products and to comply with the obligations of the United States under the international energy program.

Early last month, Biden announced a coordinated release of oil with other countries.

In addition, the Government released some 60 million barrels in November, which, according to what it said , is the largest amount in the history of E USA

The provision of 600 million barrels that the SPR has stored under salt caverns in Louisiana and Texas, usually have a limited effect on gasoline prices, in part because of the amount of oil that can be released at once.

However, at the level of public opinion, it raises the image of the Government in terms of its attention to the problem.

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By Scribe