From the foreign scene…
US President Joe Biden has ordered the release of up to one million barrels of oil per day from the United States’ strategic petroleum reserve, as it moves to lessen the impact of rising gas prices amid Russia’s invasion of Ukraine.
The US and other nations have barred imports of Russian oil and gas over the country’s ongoing invasion of its neighbor, while European countries have pledged to wean themselves off energy supplies from Moscow.
In a statement credited to the United States President Biden, the Potts is authorizing the release of one million barrels per day for the next six months, meaning that over 180 million barrels will be sold.
He described the arrangements as a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from the American national reserve in history.
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