Biden tapping oil reserve for 6 months to control gas prices

Biden

President Joe Biden speaks about his administration’s plans to combat rising gas prices in the South Court Auditorium on the White House campus, Thursday, March 31, 2022, in Washington. (AP Photo/Patrick Semansky)

WASHINGTON (AP) — President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices.

Those prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.

Biden is also calling on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy. Plus, he says he’ll encourage the mining of critical minerals for batteries in electric vehicles.

Biden says he expects gasoline prices could drop “fairly significantly.” And he’s calling out oil companies that he says are focused on profits instead of putting out more barrels.

Categories: National News