Biden spurs record emergency oil release in 'moment of peril' for world

WASHINGTON (REUTERS) - President Joe Biden on Thursday (March 31) launched the largest release ever from the US emergency oil reserve and challenged oil companies to drill more in an attempt to bring down gasoline prices that have soared during Russia's war with Ukraine.

The announcement comes as part of a broad effort by Biden to tackle raging inflation that has hurt US consumers and threatens Biden's fellow Democrats as they seek to maintain control of Congress in the November elections.

Starting in May, the United States will release one million barrels per day (bpd) of crude oil for six months from the Strategic Petroleum Reserve (SPR), he said.

https://www.straitstimes.com/world/united-states/biden-spurs-record-emergency-oil-release-in-moment-of-peril-for-world