Biden withdraws one million barrels per day from oil reserves to calm fuel prices

The White House said that President Joe Biden will announce today, Thursday, the withdrawal of one million barrels of oil per day during the next six months from the strategic reserve in an effort to reduce gasoline prices.

Biden aims to reduce gasoline prices, which have risen in the past few months, especially after the Russian invasion of Ukraine.

Biden will announce the decision at 1:30 pm EST (1730 GMT) at the White House.

"After consulting with allies and partners, the president will announce the largest withdrawal of oil reserves in history by pumping an additional 1 million barrels per day into the market, on average, over the next six months," the White House said.

The White House described the volume of withdrawals from the Strategic Petroleum Reserve as unprecedented.

"The world has never before seen a withdrawal of oil reserves at a rate of one million barrels per day for this period of time. This record withdrawal will provide a historical amount of supplies that will serve as a bridge until the end of the year when domestic production will rise," he said.

The White House said that the Department of Energy will use the revenues generated from the withdrawal process to compensate for SPR stocks in the coming years.

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