The White House says President Joe Biden will announce a record release from US strategic oil reserves in an attempt to curb a politically damaging surge in domestic fuel prices following Russia’s attack on Ukraine.
The white house says the scale of this release is unprecedented adding that the record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up.”
A senior US official told reporters that the US oil would be coming to market very soon and that with other countries making their own coordinated releases of reserves, the total addition to daily supply will be well in excess of the one million barrels.