WASHINGTON (AP) – President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices.
Those prices have spiked as the U.S. and allies have imposed steep sanctions on Russia over its invasion of Ukraine.
Biden is also calling on Congress to impose financial penalties on oil and gas companies that lease public lands but aren’t producing energy. Plus, he says he’ll encourage the mining of critical minerals for batteries in electric vehicles.
Biden says he expects gasoline prices could drop “fairly significantly.” And he’s calling out oil companies that he says are focused on profits instead of putting out more barrels.
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