Biden orders unprecedented use of oil stockpile

April 01, 2022 / 11:24 AM
Sharjah24 – AFP: President Joe Biden announces a record release of 1 million barrels per day from US strategic oil reserves in an attempt to curb a politically damaging surge in domestic fuel prices following Russia's attack on Ukraine. During his remarks, Biden also says Russian President Vladimir Putin may be "isolated" and could have placed some of his advisors under "house arrest."
He said, "Today, I'm authorizing the release of 1 million barrels per day for the next 6 months over 180 million barrels for the strategic -- from the Strategic Petroleum Reserve. This is a wartime bridge to increase oil supply until production ramps up later this year, and it is by far the largest release of our national reserve in our history. It will provide a historic amount of supply for a historic amount of time, a six-month bridge to the fall." 

President Joe Biden continued, “There's a lot of speculation, but he seems to be, I'm not saying this with a certainty, he seems to be self-isolating, and there's some indication that he has fired or put under house arrest some of his advisors. But I don't want to put too much stock in that at this time, because we don't have that much hard evidence." 
April 01, 2022 / 11:24 AM

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