"The administration’s move comes amid political pressure to combat high prices at the pump"
"President Biden is expected to announce a massive release of the nation’s strategic oil reserves Thursday as the administration tries to combat high prices at the pump, according to two people familiar with the matter.
The White House’s plan is expected to call for the release of 1 million barrels per day from the nation’s Strategic Petroleum Reserve on an ongoing basis for several months, the people said, speaking on the condition of anonymity to discuss a matter not yet made public. The reserve currently holds roughly 568 million barrels of crude oil.
The White House has scrambled in recent days to respond to elevated gas prices, which rose markedly after the Russian invasion of Ukraine. Russia is the world’s third-largest oil producer, and fears of a disruption of its supply to global markets have sent energy prices skyward. As of Wednesday, the average price of a gallon of gasoline in the United States was $4.24, according to AAA, up dramatically from $3.60 per gallon last month and $2.90 per gallon last year."
Tyler Pager and Jeff Stein report for the Washington Post March 20, 2022.
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