Joe Biden’s administration will release one million barrels of oil a day in a “wartime bridge,” NBC News reports.
In an effort to lower oil prices, Biden plans on dumping about one million barrels of oil from a Strategic Petroleum Reserve into what he referred to as a “wartime bridge.”
This move would reportedly be the largest release of U.S. reserves in history. It could free up as much as 180 million barrels of oil. This would also help with the current rise in gas prices that has resulted in major inflation.
“I know how much it hurts, as you’ve heard me say before, I grew up in a family like many of you, where when the price of a gallon gasoline went up it was discussion at the kitchen table,” Biden said. “Our family budgets, your family budgets to fill a tank, none of it should hinge on whether a dictator declares war.”
NBC News reports that releasing the oil will “bridge” the gap that’s been left in the market, which will allow domestic oil companies to increase production.
