Biden announces ' historic ' oil reverse release amid elevated gas price
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US President Joe Biden announced that his administration will release 1 million barrels of oil per day for the next six months from its strategic reserve in an effort to tame the el evated gas prices.
The authorisation of releasing over 180 million barrels from the US Strategic Petroleum Reserve is the "largest" release from national reserve in the country's history, Biden said in a speech from the Eisenhower Executive Office Building on Thursday. The latest move came weeks after the US and other major oil-consuming nations announced in early March that they would release 60 million barrels from their emergency stockpiles. In an attempt
to boost domestic supply, Biden pushed American companies to produce more oil, accusing some companies of exploiting the current situation to earn massive profits.
The President proposed a "use it or lose it" policy which makes companies pay fees on wells on fed eral leases they haven't used in years and acres of public land they're hoarding without production. "Look, the ac. tion I'm calling for will make a real difference over time. But the truth is it takes months, not days, for companies to in crease production," he said on Thursday.
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