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President Joe Biden taps oil reserves for 6 months to control gas prices

WASHINGTON DC — President Joe Biden is ordering the release of 1 million barrels a day of oil from the country’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to stem energy prices that have been skyrocketing as the US and allies imposed harsh sanctions on Russia for its invasion of Ukraine.

Biden made the formal announcement later Thursday in comments on his administration’s plans to combat soaring gas prices.

The White House says Biden will also ask Congress to impose financial penalties on oil and gas companies that lease public land but don’t produce energy.

The video shown above is from a previous report.

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https://abc13.com/us-oil-reserve-release-1-million-barrels-joe-biden-announcement/11696428/ President Joe Biden taps oil reserves for 6 months to control gas prices

Dais Johnston

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