The US will release a million barrels of oil daily
US President Joe Biden announced that he will release one million barrels of oil daily due to the war between Russia and Ukraine
Joe Biden, President of the United States, ordered the release of one million barrels of oil per day for the next six months, in order to replicate the increase in energy prices as a result of the war between Russia and Ukraine.
This is the largest release of oil in US history. Biden said the plan to release up to 180 million barrels of oil is part of a “strategy to lessen the impact of the Russian invasion of Ukraine on domestic energy and gas prices.”
The price of gasoline is currently registering a record increase of almost 5 dollars a gallon compared to 3 dollars at the beginning of the year.
Record profits
On the other hand, the president of the United States referred to the oil companies and sent them a definitive message. In Biden’s opinion, in 2021 the oil companies made record profits equivalent to “80 billion dollars in profits last year and they are driving high prices right now. This is not the time to be stuck with record profits, this is the time to step up for the good of your country,” Biden said.
US consumption is currently around 20 million barrels of oil per day, while global consumption reaches 100 million barrels. With President Biden’s releases, more oil will be placed on the world market, impacting prices and costs.
According to the Department of Energy, US reserves have a “storage capacity of 714 million barrels in underground salt caverns at four sites along the coast of the Gulf of Mexico.”
M. Rodríguez
Source: El Carabobeño
