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News

Biden Tapping US Petroleum Reserve To Relieve Pump Prices

Gas station
Gas station Photo Credit: Pixabay/Skitterphoto

US President Joe Biden will be tapping the country's petroleum reserves in an effort to save American drivers some cash.

One million barrels of oil a day will be released for six months, totaling180 million barrels, from the Strategic Petroleum Reserve (SPR).

The soaring gas prices are in part caused by the US ban on oil imports from Russia due to its Ukrainian invasion.

The national average for a gallon of gas had fallen to $4.18 as of April 4.

“The upward push on oil prices caused by Russia’s war in Ukraine is meeting stronger downward pressure from the planned SPR oil release and increased COVID fears in China,” said Andrew Gross, AAA spokesperson. “And lower global oil prices are reflected in falling pump prices for consumers in the U.S.”

Both Republicans and Democrats in Congress called for and supported the ban.

"But, as the President said, Russian oil coming off the global market would come with a cost," the White House said in a statement, "and Americans are seeing that at the pump."

As of Friday, the SPR had 564.6 million barrels of oil. That number will be 384.6 million following the final sale.

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