NEW: Biden is ordering an average of 1 million barrels of oil per day be released from the nation's strategic reserves for the next 6 months.
President Biden is ordering the release from the Strategic Petroleum Reserve of 1 million barrels per day on average for the next six months, the White House said Thursday.The historic release size underscores how much Russia's war is causing havoc in energy markets — and how the White House hopes to limit political fallout from high gas prices.The release is expected to "shore up global supplies," per senior administration officials, who also say that it will lower gas prices.
"This record release will provide a historic amount of supply to serve as bridge until the end of the year when domestic production ramps up," the White House said. Biden, set to deliver remarks later on Thursday, is also expected to authorize the use of the Defense Production Act to support the production and processing of minerals and materials used for large capacity batteries, including lithium, nickel, cobalt and graphite.
Biden on Thursday will also urge Congress to charge oil and gas companies if they are sitting on wells that are not producing oil and leases that they are not developing, per the White House."It is hard to overstate the scale of this intervention if it bears out. It would be the largest drawdown volume announced in the 45-year history of the SPR by a factor of 3.6x," the research firm ClearView Energy Partners said in a note.
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