Biden to release a daily 1 million oil barrels from US reserves to ease gas prices

Russia’s invasion in Ukraine has ostracized them from the rest of the world, they even stopped sending oil barrels everywhere and president Joe Biden has a solution for that. As a result of Russia’s isolation from the rest of the world, gas prices have been soaring in the United States and many parts of the rest of the world where Russia usually sells oil. Germany is going through this issue as well, the United Kingdom too. But the United States does have a massive reserve that is only for emergencies, president Joe Biden made a massive decision about this reserve. He just announced a 1 million barrels per day going to the population of the country in order to lower gas prices on every state. That’s about 180 barrels for the next six months, meaning Biden expects Russia to be isolated from the rest of the world for that long.

Ever since the invason in Ukraine began, gas soared up to nearly $6 per gallon, which is an all-time high. Many Americans have been suffering from this increase in price and there has even been talk of a gas stimulus check that would help them with the crisis. In order to prevent prices from going further up, Prsident Biden made an unprecedented announcement about the reserves. Barred importsof not only oil but other Russian commodities are set to remain for a long time, at least until Vladimir Putin is no longer in power. President Biden also urged local producers to stop thinking about getting profit from the crisis in Ukraine and think about increasing local production for the citizens of the country. According to the president, this is a time to be united as if the country was going through a war against another country.

Biden’ts announcemtn about oil barrels.

This is the announcement president Joe Biden made about oil barrels: “Today I’m authorising the release of one million barrels per day for the next six months – over 180 million barrels. This is a wartime bridge to increase oil supply until production ramps up later this year. And it is by far the largest release from our national reserve in our history. If we want lower gas prices, we need to have more oil supply right now. But some companies have been blind. I say enough. Enough of lavishing excessive profits on investors with payouts and buybacks. The American people are watching, the world is watching. US oil companies made nearly $80 billion in profit last year.”


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