Biden planning to tap oil reserve to control gas prices
By ZEKE MILLER and JOSH BOAK
Associated Press
WASHINGTON (AP) — President Joe Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve in a bid to control energy prices. That’s according to two people familiar with the decision who spoke on the condition of anonymity to preview it. Prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine. The announcement could come Thursday, when the White House says Biden intends to speak about plans to combat rising gas prices. The markets reacted quickly to the likely oil release with crude oil prices dropping 6% to $101 a barrel.
