One million barrels per day of oil from the Strategic Petroleum Reserve for six months. This is for a total period of 180 days. This is the measure to allow Joe Biden (the president of the United States) to be freed if he helpsControl the dramatic increase in global gas prices.
Biden, who already released50 million barrels were taken from the reserve in November, and another 30 in March.According to an anonymous high-ranking official of his Administration, the decision could be made in coordination with other countries around the globe.
One of the “actions” announced by the United States Government as part of Wednesday’s Democratic president’s public program to combat rising prices is a mention of the Russian president.New measures by the Biden Administrationto “reduce Putin’s price rises on energy prices” and “lower gas pump prices for American families”.
The Biden plan would see the release of 180 million barrels from the nation’s reserve. This would help to prevent oil prices from exploding and counter the strong declines in supply and peak demand. The US reserves contain 550 million barrels and a reported total capacity of 714 million barrels.
The average cost of a gallon gasoline has risen to $4.17 from $4.11 in 2008. Already, the inflation rate has been rising rapidly as a result the five-week-long war in Ukraine. There have also been dramatic increases in the prices of gasoline around the world.
Two years of the pandemic, and Putin’s recent Russian invasion of Ukraine, have increased domestic political pressure on Joe Biden. This will result in President Joe Biden facing an end to his election year with Republicans in November’s decisive legislative races, where the majority of both houses of Congress will also be at risk.